Varian Medical Systems (VAR) Price Target Cut to $165.00

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Varian Medical Systems (NYSE:VAR) had its target price reduced by Citigroup from $174.00 to $165.00 in a report released on Thursday morning, BenzingaRatingsTable reports. They currently have a buy rating on the medical equipment provider’s stock.

A number of other research firms also recently weighed in on VAR. Robert W. Baird upgraded Varian Medical Systems from a neutral rating to an outperform rating and boosted their target price for the stock from $127.00 to $162.00 in a research report on Friday, March 22nd. Goldman Sachs Group upgraded Varian Medical Systems from a neutral rating to a buy rating and boosted their target price for the stock from $107.00 to $129.00 in a research report on Friday, January 4th. BTIG Research restated a hold rating on shares of Varian Medical Systems in a research report on Thursday, January 24th. Zacks Investment Research upgraded Varian Medical Systems from a hold rating to a strong-buy rating and set a $146.00 target price for the company in a research report on Saturday, January 26th. Finally, Royal Bank of Canada boosted their target price on Varian Medical Systems to $130.00 and gave the stock a sector perform rating in a research report on Thursday, January 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $143.33.

VAR traded up $1.32 during trading on Thursday, hitting $139.13. The company’s stock had a trading volume of 380,713 shares, compared to its average volume of 679,065. Varian Medical Systems has a 12 month low of $101.42 and a 12 month high of $142.50. The company has a market cap of $12.36 billion, a price-to-earnings ratio of 31.48, a PEG ratio of 3.63 and a beta of 0.82.

Varian Medical Systems (NYSE:VAR) last issued its quarterly earnings data on Wednesday, April 24th. The medical equipment provider reported $1.05 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 business had revenue of $779.40 million during the quarter, compared to the consensus estimate of $776.28 million. During the same quarter in the previous year, the firm posted $1.15 EPS. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, sell-side analysts forecast that Varian Medical Systems will post 4.69 EPS for the current fiscal year.

In related news, insider Dow R. Wilson sold 45,050 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider now owns 109,533 shares in the company, valued at $15,507,682.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Christopher A. Toth sold 1,400 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $142.50, for a total value of $199,500.00. Following the completion of the sale, the senior vice president now owns 2,521 shares of the company’s stock, valued at approximately $359,242.50. The disclosure for this sale can be found here. Insiders sold 81,156 shares of company stock valued at $11,312,291 in the last quarter. 0.78% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VAR. Norges Bank bought a new stake in Varian Medical Systems in the fourth quarter valued at about $82,958,000. FMR LLC increased its holdings in Varian Medical Systems by 222.3% in the fourth quarter. FMR LLC now owns 376,111 shares of the medical equipment provider’s stock valued at $42,617,000 after purchasing an additional 259,404 shares during the last quarter. Polar Capital LLP acquired a new position in Varian Medical Systems in the fourth quarter valued at about $28,824,000. Nordea Investment Management AB grew its stake in Varian Medical Systems by 28.6% in the fourth quarter. Nordea Investment Management AB now owns 720,459 shares of the medical equipment provider’s stock valued at $81,635,000 after acquiring an additional 160,078 shares during the period. Finally, California Public Employees Retirement System grew its stake in Varian Medical Systems by 35.8% in the fourth quarter. California Public Employees Retirement System now owns 474,472 shares of the medical equipment provider’s stock valued at $53,762,000 after acquiring an additional 125,048 shares during the period. Institutional investors and hedge funds own 92.47% of the company’s stock.

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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Analyst Recommendations for Varian Medical Systems (NYSE:VAR)

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