Varian Medical Systems (VAR) Sets New 52-Week High at $133.41

Shares of Varian Medical Systems, Inc. (NYSE:VAR) reached a new 52-week high on Wednesday . The company traded as high as $133.41 and last traded at $132.72, with a volume of 411446 shares trading hands. The stock had previously closed at $132.86.

VAR has been the subject of a number of analyst reports. Citigroup reduced their price objective on shares of Varian Medical Systems from $145.00 to $131.00 and set a “buy” rating for the company in a research note on Wednesday, January 2nd. UBS Group assumed coverage on shares of Varian Medical Systems in a report on Wednesday, November 28th. They set a “buy” rating and a $140.00 price target on the stock. Goldman Sachs Group raised shares of Varian Medical Systems from a “neutral” rating to a “buy” rating and raised their price target for the company from $107.00 to $129.00 in a report on Friday, January 4th. JPMorgan Chase & Co. dropped their price target 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. Finally, Robert W. Baird assumed coverage on shares of Varian Medical Systems in a report on Friday, October 19th. They issued a “neutral” rating and a $119.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $130.63.

The firm has a market capitalization of $11.91 billion, a PE ratio of 30.03, a P/E/G ratio of 3.49 and a beta of 0.85.

Varian Medical Systems (NYSE:VAR) last posted its quarterly earnings data on Wednesday, January 23rd. The medical equipment provider reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.01). The business had revenue of $741.00 million during the quarter, compared to analysts’ expectations of $717.83 million. Varian Medical Systems had a return on equity of 26.18% and a net margin of 12.28%. The business’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.06 EPS. Analysts expect that Varian Medical Systems, Inc. will post 4.7 EPS for the current year.

In other Varian Medical Systems news, CAO Magnus Momsen sold 2,800 shares of Varian Medical Systems stock in a transaction that occurred on Thursday, January 3rd. The shares were sold at an average price of $110.17, for a total transaction of $308,476.00. Following the transaction, the chief accounting officer now owns 3,281 shares of the company’s stock, valued at $361,467.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John W. Kuo sold 1,324 shares of Varian Medical Systems stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $115.50, for a total transaction of $152,922.00. Following the transaction, the senior vice president now directly owns 30,286 shares in the company, valued at approximately $3,498,033. The disclosure for this sale can be found here. Insiders have sold 42,334 shares of company stock worth $5,407,286 in the last ninety days. Insiders own 0.74% of the company’s stock.

A number of large investors have recently modified their holdings of VAR. Renaissance Technologies LLC increased its position in Varian Medical Systems by 147.8% in the third quarter. Renaissance Technologies LLC now owns 1,215,993 shares of the medical equipment provider’s stock worth $136,106,000 after purchasing an additional 725,193 shares during the last quarter. Wells Fargo & Company MN boosted its stake in 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. Schroder Investment Management Group boosted its stake in Varian Medical Systems by 144.6% during the third quarter. Schroder Investment Management Group now owns 715,358 shares of the medical equipment provider’s stock worth $80,070,000 after buying an additional 422,951 shares during the period. Deutsche Bank AG boosted its stake in shares of Varian Medical Systems by 154.3% during the third quarter. Deutsche Bank AG now owns 567,957 shares of the medical equipment provider’s stock valued at $63,567,000 after purchasing an additional 344,639 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Varian Medical Systems by 966.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 203,227 shares of the medical equipment provider’s stock valued at $22,747,000 after purchasing an additional 184,178 shares during the period. 98.38% of the stock is currently owned by institutional investors and hedge funds.

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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 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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