Varian Medical Systems, Inc. (VAR) Stock Rating Lowered by BTIG Research

BTIG Research downgraded shares of Varian Medical Systems, Inc. (NYSE:VAR) from a buy rating to a neutral rating in a research note issued to investors on Thursday, MarketBeat Ratings reports. The analysts noted that the move was a valuation call.

Other equities research analysts have also recently issued reports about the company. BidaskClub upgraded Varian Medical Systems from a buy rating to a strong-buy rating in a research note on Thursday, June 22nd. Aegis reiterated a hold rating and issued a $91.00 price target on shares of Varian Medical Systems in a research note on Wednesday, May 17th. Goldman Sachs Group, Inc. (The) started coverage on Varian Medical Systems in a research note on Tuesday, May 16th. They issued a neutral rating and a $92.00 price objective for the company. Robert W. Baird restated a neutral rating and issued a $99.00 price objective (up from $89.00) on shares of Varian Medical Systems in a research note on Friday, July 14th. Finally, Citigroup Inc. upgraded Varian Medical Systems from a neutral rating to a buy rating in a research note on Monday, May 15th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $97.39.

Varian Medical Systems (NYSE VAR) opened at 106.42 on Thursday. Varian Medical Systems has a 12 month low of $75.20 and a 12 month high of $107.19. The stock has a market cap of $9.77 billion, a price-to-earnings ratio of 35.03 and a beta of 0.58. The firm has a 50-day moving average price of $100.95 and a 200-day moving average price of $96.54.

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

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In other news, SVP John W. Kuo sold 734 shares of Varian Medical Systems stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $101.91, for a total value of $74,801.94. Following the sale, the senior vice president now directly owns 28,095 shares of the company’s stock, valued at $2,863,161.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Dow R. Wilson sold 15,059 shares of Varian Medical Systems stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $96.48, for a total value of $1,452,892.32. Following the completion of the sale, the insider now directly owns 81,835 shares in the company, valued at $7,895,440.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 79,592 shares of company stock worth $8,198,042. 0.91% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the company. First Mercantile Trust Co. boosted its stake in shares of 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 worth $100,000 after acquiring an additional 25 shares during the last quarter. Manchester Capital Management LLC boosted its stake in shares of 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 worth $109,000 after acquiring an additional 150 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of 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 worth $113,000 after acquiring an additional 176 shares during the last quarter. Heritage Trust Co acquired a new stake in shares of Varian Medical Systems in the first quarter worth approximately $118,000. Finally, Penserra Capital Management LLC boosted its stake in shares of 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 worth $146,000 after acquiring an additional 140 shares during the last quarter. 99.64% of the stock is currently owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Varian Medical Systems (NYSE:VAR)

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