Solventum (NYSE:SOLV) Updates FY24 Earnings Guidance

Solventum (NYSE:SOLV) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $6.50-6.65 for the period, compared to the consensus EPS estimate of $6.38.

Solventum Trading Up 1.3 %

Shares of SOLV traded up $0.93 during mid-day trading on Thursday, hitting $75.07. 1,592,966 shares of the stock were exchanged, compared to its average volume of 1,752,816. The firm has a 50-day moving average of $69.67 and a two-hundred day moving average of $61.86. The company has a quick ratio of 0.96, a current ratio of 1.31 and a debt-to-equity ratio of 2.90. Solventum has a 52-week low of $47.16 and a 52-week high of $96.05.

Solventum (NYSE:SOLV) last announced its earnings results on Thursday, August 8th. The company reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate 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% compared to the same quarter last year. Analysts forecast that Solventum will post 6.38 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SOLV. The Goldman Sachs Group lifted their price target on Solventum from $48.00 to $54.00 and gave the company a “sell” rating in a report on Monday, August 12th. Stifel Nicolaus began coverage on shares of Solventum in a report on Tuesday, October 8th. They issued a “buy” rating and a $82.00 price target on the stock. BTIG Research initiated coverage on Solventum in a research note on Thursday, September 5th. They set a “neutral” rating on the stock. Piper Sandler began coverage on shares of Solventum in a research report on Monday, October 7th. They issued a “neutral” rating and a $71.00 price objective for the company. Finally, Wells Fargo & Company dropped their target price on shares of Solventum from $69.00 to $64.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Solventum has a consensus rating of “Hold” and a consensus price target of $64.33.

Solventum Company 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.