Varian Medical Systems Inc. (NYSE:VAR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm presently has a $109.00 price target on the stock. Zacks Investment Research’s target price would suggest a potential upside of 9.49% from the stock’s current price.
According to Zacks, “Varian's oncology business growth prospects remain impressive. Varian is addressing both the tier 1 and mid-tier markets through its Edge, Truebeam and VitalBeam products. The company is also winning contracts, not only in the Americas but also in the international markets, which is a huge positive. We believe China and Africa present significant top-line growth opportunity in the near term. The company is opening up new offices in Africa and the Middle East, which shows that it is aware of the growth opportunities in the region. Nevertheless, increasing local competition is the primary headwind. Moreover, the Imaging Components business spin-off will remain an overhang on the stock, at least in the near term.”
Other research analysts have also issued reports about the company. Brean Capital reiterated a “buy” rating on shares of Varian Medical Systems in a report on Thursday, June 23rd. Jefferies Group restated a “buy” rating on shares of Varian Medical Systems in a research note on Friday, June 10th. BTIG Research restated a “hold” rating on shares of Varian Medical Systems in a research note on Wednesday, June 22nd. Citigroup Inc. upped their target price on Varian Medical Systems from $84.00 to $88.00 and gave the company a “neutral” rating in a research note on Thursday, July 28th. Finally, Barrington Research cut their target price on Varian Medical Systems from $102.00 to $93.00 and set an “outperform” rating for the company in a research note on Thursday, July 28th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $91.33.
Varian Medical Systems (NYSE:VAR) opened at 99.55 on Tuesday. Varian Medical Systems has a 12-month low of $72.74 and a 12-month high of $99.66. The company has a 50-day moving average of $95.87 and a 200 day moving average of $86.81. The stock has a market cap of $9.30 billion, a price-to-earnings ratio of 25.27 and a beta of 0.76.
Varian Medical Systems (NYSE:VAR) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.05. Varian Medical Systems had a return on equity of 25.01% and a net margin of 12.28%. The company earned $789.40 million during the quarter, compared to analyst estimates of $779.90 million. During the same period in the previous year, the company earned $1.15 earnings per share. The company’s quarterly revenue was up .7% compared to the same quarter last year. Equities analysts anticipate that Varian Medical Systems will post $4.64 earnings per share for the current year.
In other news, SVP Clarence R. Verhoef sold 9,483 shares of the stock in a transaction on Monday, August 1st. The stock was sold at an average price of $94.88, for a total transaction of $899,747.04. Following the sale, the senior vice president now owns 8,616 shares in the company, valued at $817,486.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John W. Kuo sold 4,073 shares of the stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $95.47, for a total value of $388,849.31. Following the sale, the senior vice president now owns 28,100 shares in the company, valued at approximately $2,682,707. The disclosure for this sale can be found here. 0.86% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in VAR. Norges Bank acquired a new stake in shares of Varian Medical Systems during the fourth quarter valued at approximately $71,418,000. Chevy Chase Trust Holdings Inc. raised its position in shares of Varian Medical Systems by 2.8% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 81,022 shares of the company’s stock valued at $6,483,000 after buying an additional 2,238 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of Varian Medical Systems by 15.5% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 22,752 shares of the company’s stock valued at $1,821,000 after buying an additional 3,060 shares during the period. Aperio Group LLC raised its position in shares of Varian Medical Systems by 5.1% in the first quarter. Aperio Group LLC now owns 100,160 shares of the company’s stock valued at $8,015,000 after buying an additional 4,884 shares during the period. Finally, Virginia Retirement System purchased a new position in shares of Varian Medical Systems during the first quarter valued at about $5,407,000. Institutional investors own 99.65% of the company’s stock.
Varian Medical Systems Company Profile
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. The Company is a supplier of X-ray imaging components for medical, scientific, and industrial applications and supplies X-ray imaging products for cargo screening and industrial inspection.
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