Royal Bank of Canada Raises Varian Medical Systems (VAR) Price Target to $115.00

Varian Medical Systems (NYSE:VAR) had its price objective lifted by Royal Bank of Canada to $115.00 in a report published on Thursday, January 25th. The brokerage currently has a sector perform rating on the medical equipment provider’s stock.

A number of other brokerages also recently weighed in on VAR. Zacks Investment Research downgraded Varian Medical Systems from a hold rating to a sell rating in a report on Friday, October 27th. Citigroup raised their price objective on Varian Medical Systems from $119.00 to $121.00 and gave the company a neutral rating in a report on Monday, October 30th. Evercore ISI assumed coverage on Varian Medical Systems in a report on Wednesday, January 3rd. They set an underperform rating and a $100.00 price objective on the stock. BTIG Research reissued a hold rating on shares of Varian Medical Systems in a report on Sunday, October 29th. Finally, Goldman Sachs Group downgraded Varian Medical Systems from a neutral rating to a sell rating and set a $98.00 price objective on the stock. in a report on Thursday, January 25th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $108.44.

Shares of Varian Medical Systems (NYSE:VAR) opened at $116.70 on Thursday. The stock has a market capitalization of $10,690.00, a P/E ratio of 83.96, a P/E/G ratio of 3.32 and a beta of 0.81. Varian Medical Systems has a 12-month low of $79.64 and a 12-month high of $130.29.

Varian Medical Systems (NYSE:VAR) last issued its earnings results on Wednesday, January 24th. The medical equipment provider reported $1.06 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.06. The firm had revenue of $678.50 million for the quarter, compared to the consensus estimate of $633.96 million. Varian Medical Systems had a return on equity of 27.13% and a net margin of 4.27%. The company’s revenue was up 12.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.09 EPS. equities research analysts anticipate that Varian Medical Systems will post 4.31 earnings per share for the current fiscal year.

In other news, EVP Kolleen T. Kennedy sold 2,018 shares of Varian Medical Systems stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $111.97, for a total value of $225,955.46. Following the completion of the transaction, the executive vice president now directly owns 27,749 shares of the company’s stock, valued at approximately $3,107,055.53. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Kolleen T. Kennedy sold 1,089 shares of Varian Medical Systems stock in a transaction dated Friday, January 12th. The stock was sold at an average price of $108.19, for a total value of $117,818.91. Following the completion of the transaction, the executive vice president now directly owns 27,751 shares of the company’s stock, valued at $3,002,380.69. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 137,821 shares of company stock valued at $15,706,135. 0.78% of the stock is owned by corporate insiders.

Several hedge funds have recently bought and sold shares of the company. People s United Financial Inc. raised its position in shares of Varian Medical Systems by 0.6% in the 2nd quarter. People s United Financial Inc. now owns 6,279 shares of the medical equipment provider’s stock worth $648,000 after acquiring an additional 40 shares in the last quarter. Thrivent Financial For Lutherans increased its position in Varian Medical Systems by 1.5% in the 2nd quarter. Thrivent Financial For Lutherans now owns 3,480 shares of the medical equipment provider’s stock valued at $359,000 after buying an additional 50 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its position in Varian Medical Systems by 4.5% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 3,250 shares of the medical equipment provider’s stock valued at $335,000 after buying an additional 141 shares in the last quarter. Profund Advisors LLC increased its position in Varian Medical Systems by 4.1% in the 2nd quarter. Profund Advisors LLC now owns 4,025 shares of the medical equipment provider’s stock valued at $415,000 after buying an additional 159 shares in the last quarter. Finally, Veritable L.P. increased its position in Varian Medical Systems by 2.1% in the 2nd quarter. Veritable L.P. now owns 10,532 shares of the medical equipment provider’s stock valued at $1,087,000 after buying an additional 217 shares in the last quarter. 99.19% of the stock is owned by hedge funds and other institutional investors.

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Varian Medical Systems Company Profile

Varian Medical Systems, Inc is a manufacturer of medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, proton therapy and brachytherapy medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, proton therapy and brachytherapy.

Analyst Recommendations for Varian Medical Systems (NYSE:VAR)

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