Varian Medical Systems, Inc. (NYSE:VAR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday, July 13th.
According to Zacks, “Varian Medical's oncology and Proton therapy business growth prospects remain impressive. The company is addressing both the tier 1 and mid-tier markets through its Edge, Truebeam and VitalBeam, Halcyon products. Varian has been winning contracts, not only in the Americas but also in the emerging international markets, which is a huge positive. We believe China and Africa present significant top-line growth opportunity in the near term. The company is opening up new offices in Africa and the Middle East, which shows that it is aware of the growth opportunities in the region. Varian Medical posted an impressive second quarter of fiscal 2017, beating the Zacks Consensus Estimate on both the counts. The company’s upbeat guidance for the coming quarters is a positive. Share price movement in the past three months has been encouraging, trading above the broader industry.”
VAR has been the topic of several other research reports. Off Wall Street initiated coverage on Varian Medical Systems in a research report on Monday, April 24th. They set a “sell” rating on the stock. BidaskClub downgraded Varian Medical Systems from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 29th. Citigroup Inc. upgraded Varian Medical Systems from a “neutral” rating to a “buy” rating in a report on Monday, May 15th. Jefferies Group LLC restated a “buy” rating on shares of Varian Medical Systems in a report on Thursday, May 11th. Finally, Royal Bank Of Canada boosted their price objective on Varian Medical Systems from $82.00 to $90.00 and gave the company a “sector perform” rating in a report on Thursday, April 27th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $96.28.
Shares of Varian Medical Systems (VAR) traded up 1.13% during trading on Thursday, hitting $97.74. 812,205 shares of the stock traded hands. The stock has a 50 day moving average price of $101.89 and a 200-day moving average price of $93.26. Varian Medical Systems has a 1-year low of $75.20 and a 1-year high of $107.08. The stock has a market cap of $8.97 billion, a price-to-earnings ratio of 32.17 and a beta of 0.61.
Varian Medical Systems (NYSE:VAR) last released its earnings results on Wednesday, July 26th. The medical equipment provider reported $1.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.09. The firm had revenue of $662.40 million for the quarter, compared to the consensus estimate of $663.86 million. Varian Medical Systems had a return on equity of 24.70% and a net margin of 9.50%. The company’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.00 EPS. Equities analysts forecast that Varian Medical Systems will post $3.94 EPS for the current year.
In other news, EVP Kolleen T. Kennedy sold 56,573 shares of the stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $99.76, for a total value of $5,643,722.48. Following the transaction, the executive vice president now directly owns 32,737 shares of the company’s stock, valued at $3,265,843.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John W. Kuo sold 734 shares of the stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $101.91, for a total value of $74,801.94. Following the completion of the transaction, the senior vice president now directly owns 28,095 shares in the company, valued at $2,863,161.45. The disclosure for this sale can be found here. Insiders have sold a total of 158,284 shares of company stock valued at $16,022,132 over the last 90 days. 0.91% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of the company. Parametric Portfolio Associates LLC raised its stake in Varian Medical Systems by 158.8% in the second quarter. Parametric Portfolio Associates LLC now owns 613,415 shares of the medical equipment provider’s stock valued at $63,298,000 after buying an additional 376,419 shares during the period. Nordea Investment Management AB raised its stake in Varian Medical Systems by 37.8% in the second quarter. Nordea Investment Management AB now owns 477,672 shares of the medical equipment provider’s stock valued at $49,291,000 after buying an additional 131,064 shares during the period. Cibc World Markets Corp increased its position in shares of Varian Medical Systems by 33.3% in the second quarter. Cibc World Markets Corp now owns 12,996 shares of the medical equipment provider’s stock worth $1,341,000 after buying an additional 3,247 shares in the last quarter. Suntrust Banks Inc. increased its position in shares of Varian Medical Systems by 25.9% in the second quarter. Suntrust Banks Inc. now owns 12,570 shares of the medical equipment provider’s stock worth $1,296,000 after buying an additional 2,587 shares in the last quarter. Finally, California Public Employees Retirement System increased its position in shares of Varian Medical Systems by 1.0% in the second quarter. California Public Employees Retirement System now owns 253,200 shares of the medical equipment provider’s stock worth $26,128,000 after buying an additional 2,600 shares in the last quarter. 99.27% of the stock is currently owned by hedge funds and other institutional investors.
Varian Medical Systems Company Profile
Varian Medical Systems, Inc is a manufacturer of medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, proton therapy and brachytherapy medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, proton therapy and brachytherapy.
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