Shares of Varian Medical Systems Inc. (NYSE:VAR) gapped up prior to trading on Wednesday . The stock had previously closed at $86.33, but opened at $86.40. Varian Medical Systems shares last traded at $87.39, with a volume of 177,214 shares traded.

Several brokerages have issued reports on VAR. Zacks Investment Research lowered Varian Medical Systems from a “buy” rating to a “hold” rating in a research note on Monday, May 2nd. Jefferies Group reaffirmed a “buy” rating and issued a $95.00 target price on shares of Varian Medical Systems in a research note on Thursday, April 28th. Morgan Stanley reaffirmed a “sell” rating on shares of Varian Medical Systems in a research note on Tuesday, May 24th. Brean Capital upped their target price on Varian Medical Systems from $82.00 to $87.00 and gave the stock a “buy” rating in a research note on Thursday, April 28th. Finally, BTIG Research reaffirmed a “hold” rating on shares of Varian Medical Systems in a research note on Wednesday, June 22nd. Three analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $86.78.

The company’s 50-day moving average price is $83.61 and its 200 day moving average price is $80.62. The firm has a market capitalization of $8.29 billion and a P/E ratio of 21.54.

Varian Medical Systems (NYSE:VAR) last released its earnings results on Wednesday, April 27th. The company reported $1.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.01. During the same quarter last year, the business posted $1.05 earnings per share. The company earned $758.80 million during the quarter, compared to analysts’ expectations of $769.56 million. The company’s revenue for the quarter was down .1% on a year-over-year basis. Analysts expect that Varian Medical Systems Inc. will post $4.58 EPS for the current year.

In other Varian Medical Systems news, Director Ruediger Naumann-Etienne sold 1,000 shares of Varian Medical Systems stock in a transaction dated Wednesday, June 8th. The stock was sold at an average price of $84.83, for a total transaction of $84,830.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Dow R. Wilson sold 10,000 shares of Varian Medical Systems stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $82.08, for a total value of $820,800.00. Following the sale, the chief executive officer now directly owns 70,598 shares of the company’s stock, valued at $5,794,683.84. The disclosure for this sale can be found here.

Several hedge funds have recently bought and sold shares of VAR. Eagle Asset Management boosted its stake in Varian Medical Systems by 122.6% in the third quarter. Eagle Asset Management now owns 65,496 shares of the company’s stock worth $4,832,000 after buying an additional 36,070 shares during the period. First Trust Advisors LP boosted its stake in Varian Medical Systems by 94.1% in the fourth quarter. First Trust Advisors LP now owns 84,120 shares of the company’s stock worth $6,797,000 after buying an additional 40,779 shares during the period. California Public Employees Retirement System boosted its stake in Varian Medical Systems by 0.7% in the fourth quarter. California Public Employees Retirement System now owns 288,200 shares of the company’s stock worth $23,287,000 after buying an additional 2,100 shares during the period. ProShare Advisors LLC boosted its stake in Varian Medical Systems by 3.5% in the fourth quarter. ProShare Advisors LLC now owns 17,041 shares of the company’s stock worth $1,377,000 after buying an additional 584 shares during the period. Finally, State of Wisconsin Investment Board boosted its stake in Varian Medical Systems by 66.3% in the fourth quarter. State of Wisconsin Investment Board now owns 123,853 shares of the company’s stock worth $10,007,000 after buying an additional 49,360 shares during the period.

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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