Varian Medical Systems, Inc. (NYSE:VAR) – Equities researchers at Jefferies Financial Group lowered their Q3 2019 EPS estimates for Varian Medical Systems in a research note issued to investors on Wednesday, April 24th. Jefferies Financial Group analyst A. Petrone now forecasts that the medical equipment provider will post earnings per share of $1.20 for the quarter, down from their previous estimate of $1.21. Jefferies Financial Group currently has a “Buy” rating and a $145.00 target price on the stock. Jefferies Financial Group also issued estimates for Varian Medical Systems’ Q4 2019 earnings at $1.40 EPS.
Varian Medical Systems (NYSE:VAR) last issued its quarterly earnings results on Wednesday, April 24th. The medical equipment provider reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.11). Varian Medical Systems had a net margin of 12.59% and a return on equity of 24.40%. The firm had revenue of $779.40 million for the quarter, compared to the consensus estimate of $776.28 million. During the same quarter in the prior year, the firm earned $1.15 earnings per share. The company’s revenue was up 6.8% on a year-over-year basis.
VAR stock opened at $134.28 on Monday. Varian Medical Systems has a 1-year low of $101.42 and a 1-year high of $142.50. The company has a market capitalization of $12.19 billion, a PE ratio of 30.38, a P/E/G ratio of 3.56 and a beta of 0.86.
In other news, insider Dow R. Wilson sold 45,050 shares of the company’s stock in a transaction that occurred on Friday, March 29th. The stock was sold at an average price of $141.58, for a total value of $6,378,179.00. Following the sale, the insider now directly owns 109,533 shares in the company, valued at approximately $15,507,682.14. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Gary E. Bischoping, Jr. sold 300 shares of the company’s stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $131.69, for a total value of $39,507.00. Following the completion of the sale, the chief financial officer now owns 1,916 shares in the company, valued at $252,318.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 81,156 shares of company stock worth $11,312,291. Corporate insiders own 0.78% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in VAR. Norges Bank acquired a new position in shares of Varian Medical Systems in the 4th quarter worth approximately $82,958,000. FMR LLC boosted its holdings in shares of Varian Medical Systems by 222.3% in the 4th quarter. FMR LLC now owns 376,111 shares of the medical equipment provider’s stock worth $42,617,000 after acquiring an additional 259,404 shares in the last quarter. Polar Capital LLP acquired a new position in shares of Varian Medical Systems in the 4th quarter worth approximately $28,824,000. Nordea Investment Management AB boosted its holdings in shares of Varian Medical Systems by 28.6% in the 4th quarter. Nordea Investment Management AB now owns 720,459 shares of the medical equipment provider’s stock worth $81,635,000 after acquiring an additional 160,078 shares in the last quarter. Finally, California Public Employees Retirement System boosted its holdings in shares of Varian Medical Systems by 35.8% in the 4th quarter. California Public Employees Retirement System now owns 474,472 shares of the medical equipment provider’s stock worth $53,762,000 after acquiring an additional 125,048 shares in the last quarter. 92.49% of the stock is currently owned by institutional investors and hedge funds.
About Varian Medical Systems
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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