Varian Medical Systems (NYSE:VAR) Upgraded to Buy by BTIG Research

BTIG Research upgraded shares of Varian Medical Systems (NYSE:VAR) from a neutral rating to a buy rating in a research report sent to investors on Monday, BenzingaRatingsTable reports. BTIG Research currently has $130.00 price objective on the medical equipment provider’s stock.

A number of other brokerages also recently issued reports on VAR. Robert W. Baird set a $158.00 price target on Varian Medical Systems and gave the company a buy rating in a research report on Friday, July 26th. TheStreet downgraded Varian Medical Systems from a b rating to a c+ rating in a research report on Monday, August 5th. ValuEngine downgraded Varian Medical Systems from a buy rating to a hold rating in a research report on Tuesday, August 20th. Barrington Research lifted their price target on Varian Medical Systems from $142.00 to $146.00 and gave the company an outperform rating in a research report on Monday, September 23rd. Finally, Zacks Investment Research downgraded Varian Medical Systems from a strong-buy rating to a hold rating and set a $139.00 price target for the company. in a research report on Saturday, July 27th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. Varian Medical Systems currently has an average rating of Buy and an average price target of $140.50.

Shares of NYSE VAR opened at $112.82 on Monday. Varian Medical Systems has a 52 week low of $101.42 and a 52 week high of $142.50. The business has a 50-day simple moving average of $112.45 and a two-hundred day simple moving average of $125.58. The company has a market cap of $10.09 billion, a P/E ratio of 25.52, a P/E/G ratio of 2.65 and a beta of 0.87.

Varian Medical Systems (NYSE:VAR) last issued its earnings results on Wednesday, July 24th. The medical equipment provider reported $1.32 EPS for the quarter, topping the consensus estimate of $1.14 by $0.18. The business had revenue of $825.80 million during the quarter, compared to the consensus estimate of $762.29 million. Varian Medical Systems had a return on equity of 24.91% and a net margin of 10.75%. The firm’s revenue was up 16.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.04 EPS. On average, equities research analysts predict that Varian Medical Systems will post 4.63 EPS for the current fiscal year.

In other Varian Medical Systems news, SVP John W. Kuo sold 465 shares of Varian Medical Systems stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $116.30, for a total value of $54,079.50. Following the transaction, the senior vice president now directly owns 35,411 shares of the company’s stock, valued at approximately $4,118,299.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.74% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. FMR LLC increased its stake in shares of Varian Medical Systems by 245.7% during the first quarter. FMR LLC now owns 1,300,060 shares of the medical equipment provider’s stock valued at $184,244,000 after buying an additional 923,949 shares during the period. Nuveen Asset Management LLC increased its stake in shares of Varian Medical Systems by 14,499.7% during the second quarter. Nuveen Asset Management LLC now owns 378,862 shares of the medical equipment provider’s stock valued at $51,574,000 after buying an additional 376,267 shares during the period. BlackRock Inc. increased its stake in shares of Varian Medical Systems by 4.0% during the second quarter. BlackRock Inc. now owns 8,316,444 shares of the medical equipment provider’s stock valued at $1,132,117,000 after buying an additional 319,325 shares during the period. Wells Fargo & Company MN increased its stake in shares of Varian Medical Systems by 19.7% during the second quarter. Wells Fargo & Company MN now owns 1,889,170 shares of the medical equipment provider’s stock valued at $257,171,000 after buying an additional 311,004 shares during the period. Finally, First Trust Advisors LP increased its stake in shares of Varian Medical Systems by 4,724.5% during the first quarter. First Trust Advisors LP now owns 316,002 shares of the medical equipment provider’s stock valued at $44,784,000 after buying an additional 309,452 shares during the period. 91.31% of the stock is currently owned by institutional investors and hedge funds.

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 Proton Solutions. The Oncology Systems segment offers 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, as well as related quality assurance equipment.

Further Reading: Fundamental Analysis

Analyst Recommendations for Varian Medical Systems (NYSE:VAR)

Receive News & Ratings for Varian Medical Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Varian Medical Systems and related companies with MarketBeat.com's FREE daily email newsletter.