3M to sell 8.8 million shares of Solventum in secondary offering

ST. PAUL, Minn. - Solventum Corporation (NYSE:SOLV), currently valued at $12.5 billion with shares trading at $74.38, announced today that 3M Company will sell 8.8 million shares of Solventum common stock in a secondary offering. According to InvestingPro data, the company’s stock has delivered a 23.82% return over the past year.

The offering involves only shares owned by 3M Company, with Solventum not receiving any proceeds from the transaction. Goldman Sachs & Co. LLC and BofA Securities, Inc. will serve as the underwriters for the offering.

According to a press release statement, the shares are being offered through Solventum’s shelf registration statement on Form S-3, which became effective upon filing with the U.S. Securities and Exchange Commission today.

Solventum, which was previously spun off from 3M Company, operates in the healthcare sector. The company describes itself as focusing on healthcare solutions at the intersection of health, material, and data science.

The offering comes as part of ongoing changes in the relationship between 3M and its former healthcare division following the separation of the businesses. The transaction represents a significant reduction in 3M’s ownership stake in Solventum.

The announcement did not specify the pricing of the shares or when the offering is expected to close. Potential investors are directed to review the preliminary prospectus supplement and accompanying prospectus for complete information about the company and the offering.

The offering will be conducted in compliance with securities regulations, with documents available through the SEC website or directly from the underwriters.

In other recent news, Solventum reported its second-quarter earnings, surpassing expectations with an adjusted earnings per share of $1.69, slightly above the analyst forecast of $1.68. The company achieved a revenue of $2.2 billion, reflecting a 3.9% growth. Piper Sandler responded to Solventum’s strong performance by raising its price target to $94 from $87, while maintaining an Overweight rating. Solventum’s second-quarter revenue was noted at $2,161 million, representing 2.8% organic growth. These results highlight another quarter of solid performance for Solventum. The company’s earnings per share exceeded consensus expectations, marking a positive development for investors.

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