Independence Bank of Kentucky Makes New $81,000 Investment in Solventum Co. (NYSE:SOLV)

Independence Bank of Kentucky purchased a new position in Solventum Co. (NYSE:SOLV) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,531 shares of the company’s stock, valued at approximately $81,000.

Several other hedge funds also recently made changes to their positions in the stock. Partnership Wealth Management LLC bought a new position in shares of Solventum in the 2nd quarter worth $26,000. Richard W. Paul & Associates LLC bought a new stake in Solventum in the 2nd quarter worth approximately $26,000. Family Firm Inc. purchased a new stake in Solventum in the second quarter worth approximately $26,000. M&R Capital Management Inc. bought a new position in Solventum during the second quarter valued at approximately $27,000. Finally, Beach Investment Counsel Inc. PA purchased a new position in shares of Solventum during the second quarter worth approximately $27,000.

Solventum Price Performance

Shares of SOLV stock traded up $1.63 during mid-day trading on Friday, reaching $61.40. The stock had a trading volume of 642,626 shares, compared to its average volume of 2,064,733. The company has a 50-day moving average price of $54.79. The company has a current ratio of 1.31, a quick ratio of 0.96 and a debt-to-equity ratio of 2.90. Solventum Co. has a 52-week low of $47.16 and a 52-week high of $96.05.

Solventum (NYSE:SOLV) last announced its quarterly earnings results on Thursday, August 8th. The company reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.10. The business had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.05 billion. The business’s revenue was up .2% on a year-over-year basis. As a group, equities analysts predict that Solventum Co. will post 6.4 earnings per share for the current year.

Analyst Ratings Changes

SOLV has been the subject of a number of research reports. Wells Fargo & Company cut their price objective on shares of Solventum from $69.00 to $64.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Bank of America cut their price target on shares of Solventum from $70.00 to $60.00 and set a “neutral” rating for the company in a research report on Tuesday, June 25th. Argus initiated coverage on Solventum in a report on Monday, June 24th. They issued a “hold” rating on the stock. The Goldman Sachs Group increased their target price on Solventum from $48.00 to $54.00 and gave the company a “sell” rating in a report on Monday, August 12th. Finally, Morgan Stanley decreased their price target on Solventum from $70.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Monday, July 15th. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $58.25.

Solventum Profile

Solventum Corporation, a healthcare company, engages in the developing, manufacturing, and commercializing a portfolio of solutions to address critical customer and patient needs. It operates through four segments: Medsurg, Dental Solutions, Health Information Systems, and Purification and Filtration.