Varian Medical Systems (NYSE:VAR) Cut to Hold at ValuEngine

ValuEngine cut shares of Varian Medical Systems (NYSE:VAR) from a buy rating to a hold rating in a research note released on Tuesday morning, ValuEngine reports.

Several other equities research analysts have also recently weighed in on the stock. UBS Group increased their target price on shares of Varian Medical Systems from $150.00 to $158.00 and gave the company a buy rating in a research note on Thursday, April 25th. Barrington Research reiterated a buy rating and issued a $142.00 target price on shares of Varian Medical Systems in a research note on Thursday, July 25th. TheStreet cut shares of Varian Medical Systems from a b rating to a c+ rating in a research note on Monday, August 5th. BTIG Research reiterated a hold rating on shares of Varian Medical Systems in a research note on Wednesday, July 24th. Finally, Citigroup reduced their target price on shares of Varian Medical Systems from $174.00 to $165.00 and set a buy rating for the company in a research note on Thursday, May 2nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. Varian Medical Systems has a consensus rating of Hold and a consensus price target of $141.22.

VAR stock opened at $108.24 on Tuesday. The company has a 50-day moving average of $122.79 and a two-hundred day moving average of $131.32. Varian Medical Systems has a 52-week low of $101.42 and a 52-week high of $142.50. The stock has a market capitalization of $9.90 billion, a price-to-earnings ratio of 24.49, a price-to-earnings-growth ratio of 2.94 and a beta of 0.84.

Varian Medical Systems (NYSE:VAR) last released its earnings results on Wednesday, July 24th. The medical equipment provider reported $1.32 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.14 by $0.18. Varian Medical Systems had a net margin of 10.75% and a return on equity of 24.91%. The business had revenue of $825.80 million during the quarter, compared to analysts’ expectations of $762.29 million. During the same quarter last year, the company earned $1.04 earnings per share. The firm’s revenue was up 16.5% on a year-over-year basis. On average, equities analysts forecast that Varian Medical Systems will post 4.62 earnings per share for the current fiscal year.

In related news, insider Kolleen T. Kennedy sold 1,242 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $131.51, for a total value of $163,335.42. Following the completion of the transaction, the insider now owns 27,789 shares of the company’s stock, valued at $3,654,531.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John W. Kuo sold 465 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $110.49, for a total transaction of $51,377.85. Following the completion of the transaction, the senior vice president now directly owns 35,566 shares of the company’s stock, valued at approximately $3,929,687.34. The disclosure for this sale can be found here. Insiders sold 73,305 shares of company stock valued at $9,749,453 in the last three months. Company insiders own 0.78% of the company’s stock.

A number of large investors have recently bought and sold shares of VAR. Vanguard Group Inc. increased its holdings in shares of Varian Medical Systems by 1.3% during the second quarter. Vanguard Group Inc. now owns 10,293,841 shares of the medical equipment provider’s stock worth $1,401,301,000 after buying an additional 129,146 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Varian Medical Systems by 4.0% during the second quarter. BlackRock Inc. now owns 8,316,444 shares of the medical equipment provider’s stock worth $1,132,117,000 after buying an additional 319,325 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of Varian Medical Systems by 19.7% during the second quarter. Wells Fargo & Company MN now owns 1,889,170 shares of the medical equipment provider’s stock worth $257,171,000 after buying an additional 311,004 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Varian Medical Systems by 0.3% during the second quarter. Northern Trust Corp now owns 1,303,895 shares of the medical equipment provider’s stock worth $177,499,000 after buying an additional 4,225 shares in the last quarter. Finally, FMR LLC increased its holdings in shares of Varian Medical Systems by 245.7% during the first quarter. FMR LLC now owns 1,300,060 shares of the medical equipment provider’s stock worth $184,244,000 after buying an additional 923,949 shares in the last quarter. 91.59% of the stock is owned by hedge funds and other institutional investors.

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.

Featured Story: What are municipal bonds?

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Varian Medical Systems (NYSE:VAR)

Receive News & Ratings for Varian Medical Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Varian Medical Systems and related companies with MarketBeat.com's FREE daily email newsletter.