Varian Medical Systems (VAR) Stock Price Up 0.4% After Analyst Upgrade

Varian Medical Systems, Inc. (NYSE:VAR)’s share price rose 0.4% during mid-day trading on Thursday after Citigroup raised their price target on the stock from $127.00 to $145.00. Citigroup currently has a buy rating on the stock. Varian Medical Systems traded as high as $122.55 and last traded at $119.82. Approximately 32,678 shares traded hands during trading, a decline of 96% from the average daily volume of 875,686 shares. The stock had previously closed at $119.37.

Several other brokerages have also issued reports on VAR. Zacks Investment Research lowered shares of Varian Medical Systems from a “hold” rating to a “sell” rating in a report on Tuesday, September 25th. Robert W. Baird initiated coverage on shares of Varian Medical Systems in a report on Friday, October 19th. They set a “neutral” rating and a $119.00 price objective on the stock. Royal Bank of Canada set a $115.00 price objective on shares of Varian Medical Systems and gave the company a “hold” rating in a report on Thursday, October 4th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Varian Medical Systems from $110.00 to $105.00 and set an “underweight” rating on the stock in a report on Wednesday, October 24th. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. Varian Medical Systems currently has a consensus rating of “Hold” and an average price target of $119.25.

In other Varian Medical Systems news, SVP John W. Kuo sold 962 shares of Varian Medical Systems stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $108.84, for a total value of $104,704.08. Following the transaction, the senior vice president now directly owns 30,848 shares of the company’s stock, valued at $3,357,496.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Gary E. Bischoping, Jr. sold 845 shares of Varian Medical Systems stock in a transaction on Wednesday, October 31st. The stock was sold at an average price of $120.24, for a total transaction of $101,602.80. Following the completion of the transaction, the senior vice president now directly owns 1,000 shares in the company, valued at $120,240. The disclosure for this sale can be found here. Insiders sold 20,061 shares of company stock worth $2,230,050 over the last ninety days. Corporate insiders own 0.78% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN lifted its stake in shares of Varian Medical Systems by 31.9% during the third quarter. Wells Fargo & Company MN now owns 1,768,464 shares of the medical equipment provider’s stock worth $197,943,000 after buying an additional 427,822 shares during the period. Stratos Wealth Partners LTD. acquired a new stake in shares of Varian Medical Systems during the third quarter worth $163,000. Engineers Gate Manager LP lifted its stake in shares of Varian Medical Systems by 2,601.7% during the third quarter. Engineers Gate Manager LP now owns 48,630 shares of the medical equipment provider’s stock worth $5,443,000 after buying an additional 46,830 shares during the period. US Bancorp DE lifted its stake in shares of Varian Medical Systems by 12.1% during the third quarter. US Bancorp DE now owns 56,789 shares of the medical equipment provider’s stock worth $6,357,000 after buying an additional 6,138 shares during the period. Finally, Speece Thorson Capital Group Inc. lifted its stake in shares of Varian Medical Systems by 45.3% during the third quarter. Speece Thorson Capital Group Inc. now owns 90,716 shares of the medical equipment provider’s stock worth $10,154,000 after buying an additional 28,302 shares during the period. 92.93% of the stock is currently owned by institutional investors and hedge funds.

The company has a market capitalization of $10.27 billion, a P/E ratio of 27.22, a price-to-earnings-growth ratio of 2.99 and a beta of 0.78.

Varian Medical Systems (NYSE:VAR) last posted its quarterly earnings data on Tuesday, October 23rd. The medical equipment provider reported $1.16 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.20 by ($0.04). Varian Medical Systems had a return on equity of 27.54% and a net margin of 5.14%. The company had revenue of $801.60 million for the quarter, compared to analyst estimates of $766.26 million. During the same quarter in the previous year, the firm posted $1.04 earnings per share. The company’s quarterly revenue was up 11.1% on a year-over-year basis. On average, analysts anticipate that Varian Medical Systems, Inc. will post 4.69 earnings per share for the current fiscal year.

About Varian Medical Systems (NYSE:VAR)

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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