Brokerages Set Varian Medical Systems, Inc. (VAR) Price Target at $116.00

Shares of Varian Medical Systems, Inc. (NYSE:VAR) have been assigned an average recommendation of “Hold” from the eleven analysts that are currently covering the company, Marketbeat.com reports. Four analysts have rated the stock with a sell recommendation, three have given a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $116.00.

Several analysts have issued reports on VAR shares. Zacks Investment Research downgraded shares of Varian Medical Systems from a “hold” rating to a “sell” rating in a report on Tuesday, September 25th. Citigroup upped their price target on shares of Varian Medical Systems from $127.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday, October 31st. JPMorgan Chase & Co. reduced 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. Robert W. Baird started coverage on shares of Varian Medical Systems in a report on Friday, October 19th. They issued a “neutral” rating and a $119.00 price target on the stock. Finally, Royal Bank of Canada set a $115.00 price target on shares of Varian Medical Systems and gave the company a “hold” rating in a report on Thursday, October 4th.

VAR stock traded down $5.06 during trading on Tuesday, reaching $119.37. 1,274,776 shares of the company were exchanged, compared to its average volume of 1,037,851. The company has a market cap of $11.39 billion, a P/E ratio of 27.01, a P/E/G ratio of 3.32 and a beta of 0.64. Varian Medical Systems has a 52-week low of $101.42 and a 52-week high of $130.29.

Varian Medical Systems (NYSE:VAR) last released its quarterly earnings data on Tuesday, October 23rd. The medical equipment provider reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.04). Varian Medical Systems had a return on equity of 27.54% and a net margin of 5.14%. The company had revenue of $801.60 million for the quarter, compared to analysts’ expectations of $766.26 million. During the same period in the prior year, the firm posted $1.04 EPS. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, analysts predict that Varian Medical Systems will post 4.69 earnings per share for the current year.

In related news, SVP John W. Kuo sold 962 shares of the company’s stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $108.84, for a total transaction of $104,704.08. Following the transaction, the senior vice president now owns 30,848 shares of the company’s stock, valued at $3,357,496.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Gary E. Bischoping, Jr. sold 845 shares of the company’s stock in a transaction that occurred on Wednesday, October 31st. The shares were sold at an average price of $120.24, for a total transaction of $101,602.80. Following the transaction, the senior vice president now directly owns 1,000 shares in the company, valued at approximately $120,240. The disclosure for this sale can be found here. Insiders sold 20,061 shares of company stock worth $2,230,050 in the last ninety days. Insiders own 0.78% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Penserra Capital Management LLC lifted its stake in shares of Varian Medical Systems by 16.5% during the third quarter. Penserra Capital Management LLC now owns 3,220 shares of the medical equipment provider’s stock valued at $360,000 after buying an additional 455 shares during the period. Bradley Foster & Sargent Inc. CT lifted its stake in shares of Varian Medical Systems by 16.5% during the third quarter. Bradley Foster & Sargent Inc. CT now owns 3,404 shares of the medical equipment provider’s stock valued at $381,000 after buying an additional 483 shares during the period. First Republic Investment Management Inc. lifted its stake in shares of Varian Medical Systems by 10.2% during the second quarter. First Republic Investment Management Inc. now owns 5,535 shares of the medical equipment provider’s stock valued at $629,000 after buying an additional 511 shares during the period. Commonwealth Equity Services LLC lifted its stake in shares of Varian Medical Systems by 4.7% during the third quarter. Commonwealth Equity Services LLC now owns 12,378 shares of the medical equipment provider’s stock valued at $1,385,000 after buying an additional 553 shares during the period. Finally, Dynamic Technology Lab Private Ltd lifted its stake in shares of Varian Medical Systems by 17.3% during the second quarter. Dynamic Technology Lab Private Ltd now owns 3,987 shares of the medical equipment provider’s stock valued at $454,000 after buying an additional 587 shares during the period. 92.71% 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 Varian Particle Therapy. The Oncology Systems segment provides 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.

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Analyst Recommendations for Varian Medical Systems (NYSE:VAR)

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