Covington Capital Management Increases Stock Holdings in Varian Medical Systems, Inc. (NYSE:VAR)

Covington Capital Management lifted its stake in shares of Varian Medical Systems, Inc. (NYSE:VAR) by 29.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,420 shares of the medical equipment provider’s stock after buying an additional 320 shares during the period. Covington Capital Management’s holdings in Varian Medical Systems were worth $202,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in VAR. Marshall Wace North America L.P. boosted its position in shares of Varian Medical Systems by 452.7% during the fourth quarter. Marshall Wace North America L.P. now owns 874,525 shares of the medical equipment provider’s stock valued at $124,191,000 after buying an additional 716,309 shares during the last quarter. Fiera Capital Corp boosted its position in shares of Varian Medical Systems by 20.7% during the fourth quarter. Fiera Capital Corp now owns 3,239,226 shares of the medical equipment provider’s stock valued at $460,003,000 after buying an additional 556,316 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. boosted its position in shares of Varian Medical Systems by 170.5% during the fourth quarter. Los Angeles Capital Management & Equity Research Inc. now owns 768,075 shares of the medical equipment provider’s stock valued at $109,074,000 after buying an additional 484,173 shares during the last quarter. Madison Asset Management LLC purchased a new position in shares of Varian Medical Systems during the fourth quarter valued at approximately $65,435,000. Finally, Skandinaviska Enskilda Banken AB publ boosted its position in shares of Varian Medical Systems by 771.1% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 267,319 shares of the medical equipment provider’s stock valued at $37,962,000 after buying an additional 236,630 shares during the last quarter. 90.15% of the stock is currently owned by institutional investors.

VAR has been the topic of several analyst reports. Evercore ISI raised Varian Medical Systems from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $130.00 to $164.00 in a research report on Thursday, January 2nd. BTIG Research cut their target price on Varian Medical Systems from to in a research report on Tuesday, March 10th. Barrington Research cut their target price on Varian Medical Systems from $160.00 to $147.00 in a research report on Tuesday, March 10th. UBS Group cut their target price on Varian Medical Systems from $175.00 to $160.00 and set a “buy” rating on the stock in a research report on Tuesday, March 10th. Finally, ValuEngine raised Varian Medical Systems from a “hold” rating to a “buy” rating in a research report on Saturday, March 14th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $155.13.

VAR stock opened at $104.85 on Thursday. The stock’s fifty day simple moving average is $126.84 and its two-hundred day simple moving average is $129.42. The company has a current ratio of 1.29, a quick ratio of 1.00 and a debt-to-equity ratio of 0.05. Varian Medical Systems, Inc. has a 1-year low of $89.62 and a 1-year high of $150.06. The stock has a market cap of $9.28 billion, a P/E ratio of 32.66, a P/E/G ratio of 2.64 and a beta of 1.04.

Varian Medical Systems (NYSE:VAR) last posted its quarterly earnings data on Wednesday, January 29th. The medical equipment provider reported $1.16 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.21 by ($0.05). Varian Medical Systems had a return on equity of 24.40% and a net margin of 8.92%. The business had revenue of $828.90 million during the quarter, compared to analysts’ expectations of $829.36 million. During the same period in the prior year, the firm posted $1.06 EPS. The firm’s revenue for the quarter was up 11.9% on a year-over-year basis. As a group, analysts forecast that Varian Medical Systems, Inc. will post 4.85 earnings per share for the current fiscal year.

In other Varian Medical Systems news, CAO Magnus Momsen sold 1,090 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $147.19, for a total value of $160,437.10. Following the sale, the chief accounting officer now directly owns 1,717 shares in the company, valued at $252,725.23. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Christopher A. Toth sold 1,597 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $145.00, for a total value of $231,565.00. Following the completion of the sale, the senior vice president now owns 3,282 shares in the company, valued at $475,890. The disclosure for this sale can be found here. In the last three months, insiders sold 54,595 shares of company stock worth $6,533,833. Insiders own 0.78% of the company’s stock.

About Varian Medical Systems

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.

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Institutional Ownership by Quarter for Varian Medical Systems (NYSE:VAR)

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