Solventum ticks down after 3M's $648 mln stake sale

Shares of medical device maker Solventum SOLV.N down 0.1% on light premarket volume to $74.30 after secondary offering priced

Solventum late Wed announced 8.8 mln shares offloaded by 3M MMM.N for gross proceeds of approx $648 mln

Offering priced at $73.65, 1% discount to SOLV stock's last close

Sale takes 3M's holdings from ~34.37 mln shares to ~25.57 mln, or 14.75% stake, per the prospectus

In Apr 2024, 3M spun off its health care business and retained a 19.9% stake in what is now Solventum

With ~173.4 mln shares outstanding, Solventum has ~$12.9 bln market cap

Goldman Sachs and BofA are the underwriters for the secondary offering

SOLV shares rose ~3% on Wed, extending YTD gain to nearly 13%

Of 12 analysts covering SOLV, recommendation breakdown is 5 "strong buy" or "buy", 6 "hold" and 1 "sell"; median PT is $85.66, LSEG data reflects