Zacks Investment Research upgraded shares of Varian Medical Systems Inc. (NYSE:VAR) from a hold rating to a buy rating in a report published on Tuesday morning. Zacks Investment Research currently has $109.00 price objective on the stock.
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.”
VAR has been the topic of a number of other reports. Morgan Stanley upped their target price on Varian Medical Systems from $80.00 to $86.00 and gave the stock an underweight rating in a research note on Thursday, July 28th. Jefferies Group upped their target price on Varian Medical Systems from $95.00 to $98.00 and gave the stock a buy rating in a research note on Thursday, July 28th. Brean Capital restated a buy rating on shares of Varian Medical Systems in a research note on Thursday, June 23rd. Citigroup Inc. upped their target price on Varian Medical Systems from $84.00 to $88.00 and gave the stock a neutral rating in a research note on Thursday, July 28th. Finally, Barrington Research decreased their target price on Varian Medical Systems from $102.00 to $93.00 and set an outperform rating on the stock in a research note on Thursday, July 28th. Two analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $90.00.
Shares of Varian Medical Systems (NYSE:VAR) opened at 98.81 on Tuesday. The firm has a market cap of $9.23 billion, a P/E ratio of 25.08 and a beta of 0.76. Varian Medical Systems has a one year low of $72.74 and a one year high of $99.00. The firm’s 50-day moving average price is $95.74 and its 200 day moving average price is $86.71.
Varian Medical Systems (NYSE:VAR) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.05. The business had revenue of $789.40 million for the quarter, compared to analysts’ expectations of $779.90 million. Varian Medical Systems had a return on equity of 25.01% and a net margin of 12.28%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.15 EPS. Analysts predict that Varian Medical Systems will post $4.64 EPS for the current year.
In other Varian Medical Systems news, CEO Dow R. Wilson sold 10,000 shares of the stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $82.08, for a total value of $820,800.00. Following the completion of the sale, the chief executive officer now owns 70,598 shares in the company, valued at approximately $5,794,683.84. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP John W. Kuo sold 4,073 shares of the stock in a transaction that occurred 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 completion of the sale, the senior vice president now owns 28,100 shares of the company’s stock, valued at approximately $2,682,707. The disclosure for this sale can be found here. Corporate insiders own 0.86% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Acrospire Investment Management LLC acquired a new stake in Varian Medical Systems during the first quarter valued at $104,000. Feltz Wealth PLAN Inc. acquired a new stake in Varian Medical Systems during the second quarter valued at $115,000. Invictus RG acquired a new stake in Varian Medical Systems during the first quarter valued at $132,000. Global X Management Co. LLC boosted its stake in Varian Medical Systems by 143.0% in the second quarter. Global X Management Co. LLC now owns 1,662 shares of the company’s stock valued at $137,000 after buying an additional 978 shares during the period. Finally, Advisor Group Inc. acquired a new stake in Varian Medical Systems during the second quarter valued at $146,000. Institutional investors and hedge funds 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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