Varian Medical Systems, Inc. (NYSE:VAR) Cut to “Buy” at BidaskClub

Varian Medical Systems, Inc. (NYSE:VAR) was downgraded by research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Monday, July 24th.

Several other equities research analysts also recently weighed in on the company. Robert W. Baird reaffirmed a “neutral” rating and set a $99.00 price target (up from $89.00) on shares of Varian Medical Systems in a research report on Friday, July 14th. Zacks Investment Research downgraded Varian Medical Systems from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. Aegis reaffirmed a “hold” rating and set a $91.00 price target on shares of Varian Medical Systems in a research report on Wednesday, May 17th. Goldman Sachs Group, Inc. (The) began coverage on Varian Medical Systems in a research report on Tuesday, May 16th. They set a “neutral” rating and a $92.00 price target on the stock. Finally, Citigroup Inc. upgraded Varian Medical Systems from a “neutral” rating to a “buy” rating in a research report on Monday, May 15th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. Varian Medical Systems has an average rating of “Hold” and an average target price of $96.28.

Shares of Varian Medical Systems (NYSE:VAR) opened at 100.50 on Monday. The company has a market cap of $9.23 billion, a price-to-earnings ratio of 33.08 and a beta of 0.61. Varian Medical Systems has a one year low of $75.20 and a one year high of $107.08. The company has a 50 day moving average price of $101.14 and a 200 day moving average price of $94.15.

Varian Medical Systems (NYSE:VAR) last issued its earnings results on Wednesday, July 26th. The medical equipment provider reported $1.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.09. The company had revenue of $662.40 million during the quarter, compared to analyst estimates of $663.86 million. Varian Medical Systems had a return on equity of 24.70% and a net margin of 9.50%. The firm’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter last year, the business posted $1.00 EPS. Equities analysts predict that Varian Medical Systems will post $3.93 EPS for the current year.

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In other news, SVP John W. Kuo sold 19,819 shares of Varian Medical Systems stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $99.67, for a total transaction of $1,975,359.73. Following the sale, the senior vice president now owns 47,180 shares of the company’s stock, valued at approximately $4,702,430.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Kolleen T. Kennedy sold 26,092 shares of Varian Medical Systems stock in a transaction that occurred on Tuesday, June 20th. The shares were sold at an average price of $105.00, for a total transaction of $2,739,660.00. Following the sale, the executive vice president now directly owns 52,692 shares in the company, valued at approximately $5,532,660. The disclosure for this sale can be found here. Insiders sold a total of 159,372 shares of company stock worth $16,128,658 over the last three months. Corporate insiders own 0.91% of the company’s stock.

A number of hedge funds have recently bought and sold shares of VAR. Manchester Capital Management LLC increased its stake in Varian Medical Systems by 16.5% in the second quarter. Manchester Capital Management LLC now owns 1,057 shares of the medical equipment provider’s stock valued at $109,000 after buying an additional 150 shares during the period. First Mercantile Trust Co. increased its stake in Varian Medical Systems by 2.3% in the first quarter. First Mercantile Trust Co. now owns 1,093 shares of the medical equipment provider’s stock valued at $100,000 after buying an additional 25 shares during the period. Parallel Advisors LLC increased its stake in Varian Medical Systems by 16.7% in the first quarter. Parallel Advisors LLC now owns 1,232 shares of the medical equipment provider’s stock valued at $113,000 after buying an additional 176 shares during the period. Heritage Trust Co bought a new stake in Varian Medical Systems during the first quarter valued at $118,000. Finally, Penserra Capital Management LLC increased its stake in Varian Medical Systems by 9.5% in the first quarter. Penserra Capital Management LLC now owns 1,610 shares of the medical equipment provider’s stock valued at $146,000 after buying an additional 140 shares during the period. Hedge funds and other institutional investors own 98.95% of the company’s stock.

About Varian Medical Systems

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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