Solventum Corp (NYSE: SOLV) lost about 3.0% as it debuted on the New York Stock Exchange on Monday. The healthcare name was separated from 3M & Co (NYSE: MMM) in March.
How much of Solventum is under 3M ownership?
The manufacturing giant based out of Saint Paul, Minnesota still has a near 20% stake in $SOLV. It, however, plans on unloading all of it over the next five years.3M first revealed plans of separating its healthcare unit that made up roughly a quarter of its annual sales in 2022. Spin offs tend to help accelerate growth and, therefore, have been fairly common with multinational conglomerates in recent years.Still, shares of parent 3M & Co opened nearly 15% down this morning related partially to a dovish note from Brett Linzey – a Mizuho analyst (read more).
3M stock is having a difficult Monday
Solventum – the healthcare spinoff of 3M ended last year with $8.2 billion in sales and a headcount of 22,000 globally. Bryan Hanson, the chief executive of $SOLV said in a press release today:
Solventum is now better positioned to create long-term value for shareholders through greater focus on our core business, enhanced ability to execute on industry-specific growth and market strategies and tailored capital allocation strategies.
Meanwhile, 3M stock is in trouble at writing after L. Roy Papp & Associates LLP as well as Patriot Financial revealed to have meaningfully trimmed their respective stakes in $MMM in Q4.The New York listed firm that currently pays a dividend yield of 6.60% is scheduled to report its quarterly financial results on April 23rd.More By This Author:Nio Deliveries Tank 40% In Q1: Former MI6 Chief Says Chinese EVs A ‘Serious Problem’ Bank Of America Stock Price Target Raised Ahead Of Q1 Earnings Those Who Missed On AI Rally Should Invest In This: Sylvia Jablonski
