3M's recent spin-off of its healthcare subsidiary, Solventum Corporation, signals a strategic shift aimed at streamlining its operations and unlocking potential value for shareholders.
The decision to spin off its healthcare business was announced by 3M two years ago. After completing the necessary preparations, Solventum Corp. debuted on the NYSE this week. Following the spinoff, Solventum replaced V.F. Corp. (NYSE: 3M's healthcare sales had been declining before the spinoff, with 2023 sales totaling $8.2 billion, down 2.8% from the previous year.
Despite this, the share price fell by nearly 14% after the results were announced and fell from $108 to $93 at that time. This was the biggest negative reaction after the earnings report in the last 5 years. However, if we take a look at the forecasts in the last 3-month period, 5 analysts revised their opinion downwards.
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