Varian Medical Systems Inc. (NYSE:VAR) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $95.47 and last traded at $94.96, with a volume of 137,390 shares traded. The stock had previously closed at $95.25.

Several research firms have recently issued reports on VAR. Zacks Investment Research lowered shares of Varian Medical Systems from a “buy” rating to a “hold” rating in a research note on Friday. Brean Capital increased their target price on shares of Varian Medical Systems from $87.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday, July 28th. Jefferies Group increased their target price on shares of Varian Medical Systems from $95.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday, July 28th. Citigroup Inc. increased their target price on shares of 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, Morgan Stanley increased their target price on shares of Varian Medical Systems from $80.00 to $86.00 and gave the stock an “underweight” rating in a research note on Thursday, July 28th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $89.60.

The company’s 50 day moving average price is $86.27 and its 200-day moving average price is $81.83. The firm has a market capitalization of $9.00 billion and a P/E ratio of 24.067.

Varian Medical Systems (NYSE:VAR) last issued its earnings results on Wednesday, July 27th. The company reported $1.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.17 by $0.05. During the same period in the previous year, the firm earned $1.15 EPS. The firm earned $789.40 million during the quarter, compared to analysts’ expectations of $779.90 million. The firm’s revenue was up .7% on a year-over-year basis. Analysts expect that Varian Medical Systems Inc. will post $4.65 earnings per share for the current year.

In other news, Director Ruediger Naumann-Etienne sold 1,000 shares of Varian Medical Systems stock in a transaction dated Wednesday, June 8th. The shares were sold at an average price of $84.83, for a total value of $84,830.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Mark R. Laret sold 1,545 shares of Varian Medical Systems stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $83.48, for a total transaction of $128,976.60. Following the completion of the sale, the director now directly owns 1,428 shares in the company, valued at approximately $119,209.44. The disclosure for this sale can be found here.

A number of hedge funds recently added to or reduced their stakes in the company. Mitsubishi UFJ Kokusai Asset Management CO. LTD. increased its stake in Varian Medical Systems by 4.3% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 14,128 shares of the company’s stock worth $1,142,000 after buying an additional 582 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its stake in Varian Medical Systems by 15.6% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 15,101 shares of the company’s stock worth $1,220,000 after buying an additional 2,034 shares in the last quarter. Aberdeen Asset Management PLC UK increased its stake in Varian Medical Systems by 24.2% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 20,459 shares of the company’s stock worth $1,553,000 after buying an additional 3,988 shares in the last quarter. KBC Group NV increased its stake in Varian Medical Systems by 37.5% in the fourth quarter. KBC Group NV now owns 32,135 shares of the company’s stock worth $2,597,000 after buying an additional 8,762 shares in the last quarter. Finally, Ashburton Jersey Ltd bought a new stake in Varian Medical Systems during the fourth quarter worth approximately $3,219,000.

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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