Los Angeles Capital Management & Equity Research Inc. Trims Stake in Varian Medical Systems, Inc. (VAR)

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Los Angeles Capital Management & Equity Research Inc. cut its stake in shares of Varian Medical Systems, Inc. (NYSE:VAR) by 0.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 187,360 shares of the medical equipment provider’s stock after selling 875 shares during the quarter. Los Angeles Capital Management & Equity Research Inc.’s holdings in Varian Medical Systems were worth $20,971,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fiera Capital Corp boosted its stake in shares of Varian Medical Systems by 3.4% during the 2nd quarter. Fiera Capital Corp now owns 2,521,717 shares of the medical equipment provider’s stock worth $286,769,000 after acquiring an additional 83,657 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of Varian Medical Systems by 31.9% in the third quarter. Wells Fargo & Company MN now owns 1,768,464 shares of the medical equipment provider’s stock worth $197,943,000 after buying an additional 427,822 shares during the period. Schwab Charles Investment Management Inc. boosted its position in shares of Varian Medical Systems by 40.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,145,010 shares of the medical equipment provider’s stock worth $130,211,000 after buying an additional 331,736 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Varian Medical Systems by 7.7% in the third quarter. Russell Investments Group Ltd. now owns 665,604 shares of the medical equipment provider’s stock worth $74,819,000 after buying an additional 47,554 shares during the period. Finally, Advisors Asset Management Inc. boosted its position in shares of Varian Medical Systems by 6,258.6% in the second quarter. Advisors Asset Management Inc. now owns 529,609 shares of the medical equipment provider’s stock worth $1,316,000 after buying an additional 521,280 shares during the period. 92.71% of the stock is owned by institutional investors and hedge funds.

Shares of Varian Medical Systems stock opened at $119.37 on Friday. The firm has a market capitalization of $11.21 billion, a PE ratio of 27.75, a price-to-earnings-growth ratio of 3.26 and a beta of 0.64. Varian Medical Systems, Inc. has a 12 month low of $101.42 and a 12 month high of $130.29.

Varian Medical Systems (NYSE:VAR) last issued its earnings results on Tuesday, October 23rd. The medical equipment provider reported $1.16 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.20 by ($0.04). The business had revenue of $801.60 million during the quarter, compared to analyst estimates of $766.26 million. Varian Medical Systems had a return on equity of 27.54% and a net margin of 5.14%. The business’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period last year, the business earned $1.04 EPS. Research analysts expect that Varian Medical Systems, Inc. will post 4.69 EPS for the current year.

In related news, SVP Gary E. Bischoping, Jr. sold 845 shares of the stock in a transaction on Wednesday, October 31st. The stock was sold at an average price of $120.24, for a total transaction of $101,602.80. Following the completion of the sale, the senior vice president now directly owns 1,000 shares in the company, valued at $120,240. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP John W. Kuo sold 465 shares of the stock in a transaction on Monday, October 29th. The stock was sold at an average price of $111.99, for a total value of $52,075.35. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,061 shares of company stock valued at $2,230,050. 0.78% of the stock is owned by corporate insiders.

Several brokerages have recently commented on VAR. Citigroup raised their target price on Varian Medical Systems from $127.00 to $145.00 and gave the stock a “buy” rating in a research report on Wednesday, October 31st. JPMorgan Chase & Co. decreased their target price on Varian Medical Systems from $110.00 to $105.00 and set an “underweight” rating for the company in a research report on Wednesday, October 24th. Robert W. Baird began coverage on Varian Medical Systems in a research report on Friday, October 19th. They issued a “neutral” rating and a $119.00 target price for the company. Royal Bank of Canada set a $115.00 target price on Varian Medical Systems and gave the stock a “hold” rating in a research report on Thursday, October 4th. Finally, Zacks Investment Research cut Varian Medical Systems from a “hold” rating to a “sell” rating in a research report on Tuesday, September 25th. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $119.25.

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Varian Medical Systems 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 Varian Particle Therapy. The Oncology Systems segment provides 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.

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

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