Zacks Investment Research downgraded shares of Varian Medical Systems (NYSE:VAR) from a buy rating to a hold rating in a research note released on Saturday.
According to Zacks, “Varian Medical outperformed the industry in a year’s time. The company has been gaining consistently from its coveted Halcyon platform, which has also been started in centers across Africa. Solid revenue from Oncology, growing adoption of Particle Therapy and strong overseas presence, particularly in the emerging countries are positives. The recent display of brachytherapy solutions also deserve mention. Varian has also been going global in acquisitions and agreements. Recent acquisitions include, Sirtex of Australia and COOP of Taiwan, besides a partnership with the Ministry of Health, Brazil. A solid guidance for fiscal 2018 instills confidence. However, the company did not book any orders in the Particle Therapy unit. The company competes with large electronic companies as well as smaller and more specialized radiation therapy equipment manufacturers. Thus, competition is likely to mar revenues.”
Several other equities research analysts have also commented on the stock. JPMorgan Chase & Co. lowered shares of Varian Medical Systems from a neutral rating to an underweight rating and set a $105.00 price target for the company. in a report on Thursday. TheStreet raised shares of Varian Medical Systems from a c rating to a b rating in a research note on Wednesday, April 25th. Finally, Royal Bank of Canada set a $115.00 target price on shares of Varian Medical Systems and gave the stock a hold rating in a research note on Tuesday, April 10th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $115.13.
Shares of Varian Medical Systems opened at $113.72 on Friday, according to MarketBeat. The firm has a market capitalization of $10.41 billion, a P/E ratio of 26.20, a P/E/G ratio of 3.17 and a beta of 0.85. Varian Medical Systems has a one year low of $95.23 and a one year high of $130.29.
Varian Medical Systems (NYSE:VAR) last issued its quarterly earnings results on Wednesday, April 25th. The medical equipment provider reported $1.15 EPS for the quarter, topping the consensus estimate of $1.04 by $0.11. The company had revenue of $729.90 million during the quarter, compared to analyst estimates of $685.86 million. Varian Medical Systems had a net margin of 4.77% and a return on equity of 27.99%. The firm’s revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.89 EPS. analysts expect that Varian Medical Systems will post 4.49 earnings per share for the current year.
In other news, SVP John W. Kuo sold 1,328 shares of the business’s stock in a transaction dated Monday, April 16th. The shares were sold at an average price of $121.94, for a total transaction of $161,936.32. Following the transaction, the senior vice president now owns 30,708 shares of the company’s stock, valued at approximately $3,744,533.52. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Kolleen T. Kennedy sold 699 shares of the business’s stock in a transaction dated Tuesday, April 10th. The shares were sold at an average price of $120.33, for a total transaction of $84,110.67. Following the transaction, the executive vice president now directly owns 27,361 shares in the company, valued at approximately $3,292,349.13. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,382 shares of company stock worth $646,996. 0.78% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the company. Point72 Asia Hong Kong Ltd acquired a new position in shares of Varian Medical Systems during the 1st quarter valued at about $100,000. Signaturefd LLC acquired a new position in shares of Varian Medical Systems during the 1st quarter valued at about $106,000. Cypress Capital Group acquired a new position in shares of Varian Medical Systems during the 1st quarter valued at about $201,000. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of Varian Medical Systems by 27.7% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,968 shares of the medical equipment provider’s stock valued at $218,000 after acquiring an additional 427 shares during the last quarter. Finally, Rockefeller Capital Management L.P. acquired a new position in shares of Varian Medical Systems during the 1st quarter valued at about $245,000. 93.65% of the stock is currently owned by hedge funds and other institutional investors.
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 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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