Varian Medical Systems (NYSE:VAR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.
According to Zacks, “Varian Medical outperformed the industry in a year’s time. The company has been gaining consistently from its coveted Halcyon platform, which has also been started in centers across Africa. Solid revenue from Oncology, growing adoption of Particle Therapy and strong overseas presence, particularly in the emerging countries are positives. The recent display of brachytherapy solutions also deserve mention. Varian has also been going global in acquisitions and agreements. Recent acquisitions include, Sirtex of Australia and COOP of Taiwan, besides a partnership with the Ministry of Health, Brazil. A solid guidance for fiscal 2018 instills confidence. However, the company did not book any orders in the Particle Therapy unit. The company competes with large electronic companies as well as smaller and more specialized radiation therapy equipment manufacturers. Thus, competition is likely to mar revenues.”
Several other equities analysts have also recently commented on the stock. Royal Bank of Canada set a $115.00 target price on shares of Varian Medical Systems and gave the company a “hold” rating in a research note on Tuesday, April 10th. TheStreet upgraded shares of Varian Medical Systems from a “c” rating to a “b” rating in a research report on Wednesday, April 25th. Finally, JPMorgan Chase & Co. lowered shares of Varian Medical Systems from a “neutral” rating to an “underweight” rating and set a $105.00 price objective for the company. in a research report on Thursday. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $115.13.
Varian Medical Systems stock opened at $113.72 on Friday. The stock has a market cap of $10.41 billion, a price-to-earnings ratio of 31.59, a P/E/G ratio of 3.17 and a beta of 0.85. Varian Medical Systems has a 52 week low of $95.23 and a 52 week high of $130.29.
Varian Medical Systems (NYSE:VAR) last released its earnings results on Wednesday, April 25th. The medical equipment provider reported $1.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.04 by $0.11. The firm 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%. Varian Medical Systems’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter last year, the company earned $0.89 EPS. equities research analysts forecast that Varian Medical Systems will post 4.49 earnings per share for the current year.
In other Varian Medical Systems news, EVP Kolleen T. Kennedy sold 699 shares of the firm’s stock in a transaction dated Thursday, May 10th. The shares were sold at an average price of $118.20, for a total value of $82,621.80. Following the completion of the transaction, the executive vice president now directly owns 27,555 shares in the company, valued at $3,257,001. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP John W. Kuo sold 1,328 shares of the firm’s stock in a transaction dated Monday, April 16th. The stock was sold at an average price of $121.94, for a total transaction of $161,936.32. Following the completion of the transaction, the senior vice president now owns 30,708 shares of the company’s stock, valued at $3,744,533.52. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,382 shares of company stock valued at $646,996. Insiders own 0.78% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the business. Wells Fargo & Company MN boosted its holdings in shares of Varian Medical Systems by 1.3% in the first quarter. Wells Fargo & Company MN now owns 1,222,038 shares of the medical equipment provider’s stock worth $149,882,000 after buying an additional 16,202 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Varian Medical Systems by 4.2% in the fourth quarter. Geode Capital Management LLC now owns 1,186,042 shares of the medical equipment provider’s stock worth $131,599,000 after buying an additional 47,590 shares during the period. Schwab Charles Investment Management Inc. boosted its holdings in shares of Varian Medical Systems by 77.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 813,274 shares of the medical equipment provider’s stock worth $99,749,000 after buying an additional 353,938 shares during the period. Russell Investments Group Ltd. boosted its holdings in shares of Varian Medical Systems by 18.7% in the first quarter. Russell Investments Group Ltd. now owns 759,912 shares of the medical equipment provider’s stock worth $92,759,000 after buying an additional 119,924 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in shares of Varian Medical Systems by 438.0% in the fourth quarter. Renaissance Technologies LLC now owns 746,200 shares of the medical equipment provider’s stock worth $82,940,000 after buying an additional 607,500 shares during the period. 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.
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