Varian Medical Systems (VAR) Stock Rating Lowered by JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Varian Medical Systems (NYSE:VAR) from a neutral rating to an underweight rating in a research report report published on Thursday morning, MarketBeat reports. JPMorgan Chase & Co. currently has $105.00 target price on the medical equipment provider’s stock.

Several other analysts have also recently weighed in on VAR. ValuEngine upgraded shares of Varian Medical Systems from a hold rating to a buy rating in a report on Thursday, March 1st. Zacks Investment Research upgraded shares of Varian Medical Systems from a hold rating to a buy rating and set a $142.00 price target on the stock in a report on Tuesday, March 13th. Royal Bank of Canada set a $115.00 price target on shares of Varian Medical Systems and gave the company a hold rating in a report on Tuesday, April 10th. Finally, TheStreet upgraded shares of Varian Medical Systems from a c rating to a b rating in a report on Wednesday, April 25th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. Varian Medical Systems currently has a consensus rating of Hold and a consensus price target of $115.13.

Shares of Varian Medical Systems stock traded down $0.72 on Thursday, hitting $113.72. The stock had a trading volume of 983,800 shares, compared to its average volume of 725,412. The stock has a market capitalization of $10.61 billion, a price-to-earnings ratio of 31.59, a P/E/G ratio of 3.24 and a beta of 0.85. Varian Medical Systems has a one year low of $95.23 and a one year high of $130.29.

Varian Medical Systems (NYSE:VAR) last released its quarterly earnings results on Wednesday, April 25th. The medical equipment provider reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.11. The business had revenue of $729.90 million for the quarter, compared to analysts’ expectations of $685.86 million. Varian Medical Systems had a net margin of 4.77% and a return on equity of 27.99%. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.89 earnings per share. analysts forecast that Varian Medical Systems will post 4.48 earnings per share for the current year.

In other news, SVP John W. Kuo sold 1,329 shares of the business’s stock in a transaction on Friday, June 15th. The shares were sold at an average price of $122.55, for a total transaction of $162,868.95. Following the sale, the senior vice president now owns 30,950 shares in the company, valued at approximately $3,792,922.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Kolleen T. Kennedy sold 699 shares of the business’s stock in a transaction on Tuesday, April 10th. The shares were sold at an average price of $120.33, for a total transaction of $84,110.67. Following the sale, the executive vice president now owns 27,361 shares in the company, valued at approximately $3,292,349.13. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,382 shares of company stock worth $646,996. Company insiders own 0.78% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Ladenburg Thalmann Financial Services Inc. boosted its holdings in shares of Varian Medical Systems by 27.7% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,968 shares of the medical equipment provider’s stock valued at $218,000 after buying an additional 427 shares in the last quarter. Baird Financial Group Inc. boosted its holdings in shares of Varian Medical Systems by 5.7% during the 1st quarter. Baird Financial Group Inc. now owns 8,006 shares of the medical equipment provider’s stock valued at $981,000 after buying an additional 430 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Varian Medical Systems by 12.6% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 3,994 shares of the medical equipment provider’s stock valued at $444,000 after buying an additional 448 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Varian Medical Systems by 17.6% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 3,613 shares of the medical equipment provider’s stock valued at $402,000 after buying an additional 540 shares in the last quarter. Finally, IFM Investors Pty Ltd boosted its holdings in shares of Varian Medical Systems by 23.6% during the 1st quarter. IFM Investors Pty Ltd now owns 3,064 shares of the medical equipment provider’s stock valued at $376,000 after buying an additional 585 shares in the last quarter. Hedge funds and other institutional investors own 93.65% of the company’s stock.

Varian Medical Systems Company Profile

Varian Medical Systems, Inc designs, manufactures, sells, and services medical devices and software products for treating cancer and other medical conditions worldwide. It operates through two segments, Oncology Systems and Varian Particle Therapy. The Oncology Systems segment provides hardware and software products for treating cancer with radiotherapy, fixed field intensity-modulated radiation therapy, image-guided radiation therapy, volumetric modulated arc therapy, stereotactic radiosurgery, stereotactic body radiotherapy, and brachytherapy.

Analyst Recommendations for Varian Medical Systems (NYSE:VAR)

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