Municipal Employees Retirement System of Michigan Grows Position in Varian Medical Systems, Inc. (NYSE:VAR)

Municipal Employees Retirement System of Michigan boosted its stake in shares of Varian Medical Systems, Inc. (NYSE:VAR) by 29.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,520 shares of the medical equipment provider’s stock after purchasing an additional 2,410 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Varian Medical Systems were worth $1,433,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Permanens Capital L.P. purchased a new position in Varian Medical Systems during the first quarter valued at $28,000. Arrow Financial Corp purchased a new position in shares of Varian Medical Systems in the second quarter valued at about $27,000. Financial Gravity Wealth Inc. lifted its position in shares of Varian Medical Systems by 1,646.2% in the second quarter. Financial Gravity Wealth Inc. now owns 227 shares of the medical equipment provider’s stock valued at $31,000 after acquiring an additional 214 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new position in shares of Varian Medical Systems in the second quarter valued at about $32,000. Finally, Global Retirement Partners LLC lifted its position in shares of Varian Medical Systems by 30.1% in the first quarter. Global Retirement Partners LLC now owns 462 shares of the medical equipment provider’s stock valued at $65,000 after acquiring an additional 107 shares in the last quarter. Institutional investors own 91.15% of the company’s stock.

Shares of NYSE:VAR traded up $1.58 during mid-day trading on Tuesday, reaching $111.13. The stock had a trading volume of 11,071 shares, compared to its average volume of 720,584. The firm has a market cap of $10.14 billion, a P/E ratio of 25.15, a P/E/G ratio of 3.01 and a beta of 0.84. Varian Medical Systems, Inc. has a 1 year low of $101.42 and a 1 year high of $142.50. The business has a 50 day moving average of $128.24.

Varian Medical Systems (NYSE:VAR) last posted its earnings results on Wednesday, July 24th. The medical equipment provider reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.18. The company had revenue of $825.80 million for the quarter, compared to the consensus estimate of $762.29 million. Varian Medical Systems had a return on equity of 24.91% and a net margin of 10.75%. The firm’s revenue for the quarter was up 16.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.04 earnings per share. As a group, equities analysts anticipate that Varian Medical Systems, Inc. will post 4.62 EPS for the current fiscal year.

In other Varian Medical Systems news, Director Timothy E. Guertin sold 12,651 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $135.21, for a total transaction of $1,710,541.71. Following the sale, the director now directly owns 13,589 shares of the company’s stock, valued at $1,837,368.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John W. Kuo sold 465 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $135.22, for a total value of $62,877.30. Following the sale, the senior vice president now directly owns 35,566 shares in the company, valued at $4,809,234.52. The disclosure for this sale can be found here. Insiders sold 74,150 shares of company stock worth $9,866,686 over the last quarter. 0.74% of the stock is owned by company insiders.

Several equities analysts have recently commented on the company. TheStreet downgraded Varian Medical Systems from a “b” rating to a “c+” rating in a research report on Monday, August 5th. Barrington Research restated a “buy” rating and issued a $142.00 price objective on shares of Varian Medical Systems in a research report on Thursday, July 25th. Robert W. Baird set a $158.00 price objective on Varian Medical Systems and gave the company a “buy” rating in a research report on Friday, July 26th. BTIG Research restated a “hold” rating on shares of Varian Medical Systems in a research report on Wednesday, July 24th. Finally, Citigroup lowered their price objective on Varian Medical Systems from $174.00 to $165.00 and set a “buy” rating on the stock in a research report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $141.22.

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 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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Institutional Ownership by Quarter for Varian Medical Systems (NYSE:VAR)

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