Solventum (NYSE:SOLV) Releases FY 2024 Earnings Guidance

Solventum (NYSE:SOLV) updated its FY 2024 earnings guidance on Friday. The company provided earnings per share guidance of 6.300-6.500 for the period, compared to the consensus earnings per share estimate of 6.240. The company issued revenue guidance of -.

Solventum Price Performance

Shares of SOLV traded up $1.93 during midday trading on Friday, reaching $60.59. The stock had a trading volume of 2,411,871 shares, compared to its average volume of 2,188,416. The company has a current ratio of 1.81, a quick ratio of 1.33 and a debt-to-equity ratio of 2.16. The business has a 50-day moving average price of $54.12. Solventum has a 12-month low of $47.16 and a 12-month high of $96.05.

Solventum (NYSE:SOLV) last issued its earnings results on Thursday, August 8th. The company reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.10. The firm had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.05 billion. The firm’s quarterly revenue was up .2% compared to the same quarter last year. Equities analysts predict that Solventum will post 6.25 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SOLV shares. Wells Fargo & Company dropped their target price on Solventum from $69.00 to $64.00 and set an equal weight rating for the company in a report on Friday. Bank of America cut their target price on shares of Solventum from $70.00 to $60.00 and set a neutral rating on the stock in a report on Tuesday, June 25th. The Goldman Sachs Group dropped their price target on shares of Solventum from $54.00 to $48.00 and set a sell rating for the company in a research report on Wednesday, July 10th. Morgan Stanley decreased their price objective on shares of Solventum from $70.00 to $55.00 and set an equal weight rating on the stock in a research report on Monday, July 15th. Finally, Argus began coverage on shares of Solventum in a report on Monday, June 24th. They set a hold rating for the company. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $56.75.

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.