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 Price Performance

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

Solventum (NYSE:SOLV) last released its earnings results on Thursday, August 8th. The company reported $1.56 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 the consensus estimate of $2.05 billion. The firm’s quarterly revenue was up .2% on a year-over-year basis. Equities analysts predict that Solventum will post 6.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SOLV. The Goldman Sachs Group raised their price target on Solventum from $48.00 to $54.00 and gave the stock a “sell” rating in a research report on Monday, August 12th. Wolfe Research assumed coverage on shares of Solventum in a research report on Thursday, September 26th. They set a “peer perform” rating for the company. Wells Fargo & Company decreased their price objective 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. Stifel Nicolaus assumed coverage on Solventum in a report on Tuesday, October 8th. They set a “buy” rating and a $82.00 price target on the stock. Finally, BTIG Research started coverage on Solventum in a research report on Thursday, September 5th. They issued a “neutral” rating on the stock. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $64.33.

About Solventum

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.