Brokerages Set Varian Medical Systems, Inc. (VAR) Target Price at $91.94

Varian Medical Systems, Inc. (NYSE:VAR) has earned an average rating of “Hold” from the fifteen ratings firms that are presently covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $91.94.

Several analysts recently issued reports on VAR shares. BTIG Research upgraded Varian Medical Systems from a “neutral” rating to a “buy” rating and set a $106.00 target price on the stock in a report on Monday, May 8th. BidaskClub lowered Varian Medical Systems from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 29th. Citigroup Inc. upgraded Varian Medical Systems from a “neutral” rating to a “buy” rating in a report on Monday, May 15th. Aegis reiterated a “hold” rating and set a $91.00 target price on shares of Varian Medical Systems in a report on Wednesday, May 17th. Finally, Goldman Sachs Group, Inc. (The) started coverage on Varian Medical Systems in a report on Tuesday, May 16th. They set a “neutral” rating and a $92.00 target price on the stock.

In other Varian Medical Systems news, EVP Kolleen T. Kennedy sold 56,573 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $99.76, for a total value of $5,643,722.48. Following the sale, the executive vice president now owns 32,737 shares in the company, valued at $3,265,843.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Susan L. Bostrom sold 3,589 shares of the company’s stock in a transaction that occurred on Tuesday, May 2nd. The shares were sold at an average price of $91.08, for a total value of $326,886.12. Following the completion of the sale, the director now owns 3,809 shares in the company, valued at approximately $346,923.72. The disclosure for this sale can be found here. Insiders sold 147,676 shares of company stock worth $14,979,214 in the last 90 days. Corporate insiders own 0.91% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in VAR. Vident Investment Advisory LLC raised its stake in Varian Medical Systems by 42.5% in the fourth quarter. Vident Investment Advisory LLC now owns 14,681 shares of the medical equipment provider’s stock valued at $1,318,000 after buying an additional 4,381 shares in the last quarter. California Public Employees Retirement System raised its stake in Varian Medical Systems by 3.3% in the first quarter. California Public Employees Retirement System now owns 250,600 shares of the medical equipment provider’s stock valued at $22,837,000 after buying an additional 8,100 shares in the last quarter. Hussman Strategic Advisors Inc. raised its stake in Varian Medical Systems by 9.0% in the first quarter. Hussman Strategic Advisors Inc. now owns 10,900 shares of the medical equipment provider’s stock valued at $993,000 after buying an additional 900 shares in the last quarter. Bank of America Corp DE raised its stake in Varian Medical Systems by 4.6% in the first quarter. Bank of America Corp DE now owns 1,992,821 shares of the medical equipment provider’s stock valued at $181,605,000 after buying an additional 87,522 shares in the last quarter. Finally, Teachers Advisors LLC raised its stake in Varian Medical Systems by 3.9% in the fourth quarter. Teachers Advisors LLC now owns 107,778 shares of the medical equipment provider’s stock valued at $9,676,000 after buying an additional 4,000 shares in the last quarter. Hedge funds and other institutional investors own 99.55% of the company’s stock.

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Varian Medical Systems (NYSE VAR) traded down 0.45% during midday trading on Tuesday, hitting $103.88. The stock had a trading volume of 473,980 shares. The stock has a 50-day moving average of $103.47 and a 200-day moving average of $91.27. Varian Medical Systems has a 52 week low of $75.20 and a 52 week high of $107.08. The firm has a market cap of $9.55 billion, a P/E ratio of 33.52 and a beta of 0.62.

Varian Medical Systems (NYSE:VAR) last posted its quarterly earnings data on Wednesday, April 26th. The medical equipment provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.01. The company had revenue of $655 million during the quarter, compared to analysts’ expectations of $639.26 million. Varian Medical Systems had a return on equity of 24.82% and a net margin of 9.39%. Varian Medical Systems’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.09 earnings per share. Analysts forecast that Varian Medical Systems will post $3.94 EPS for the current fiscal year.

About Varian Medical Systems

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 medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, proton therapy and brachytherapy.