Shares of Varian Medical Systems Inc. (NYSE:VAR) saw unusually-strong trading volume on Friday . Approximately 2,662,800 shares were traded during mid-day trading, an increase of 217% from the previous session’s volume of 839,285 shares.The stock last traded at $94.55 and had previously closed at $93.95.

Several research analysts recently issued reports on VAR shares. Zacks Investment Research lowered shares of Varian Medical Systems from a “hold” rating to a “sell” rating in a research note on Wednesday, June 29th. Morgan Stanley increased their price target 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. Jefferies Group increased their price target 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. Brean Capital reiterated a “buy” rating and issued a $87.00 price target on shares of Varian Medical Systems in a research note on Sunday, May 22nd. Finally, Citigroup Inc. increased their price target 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. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $89.60.

The company has a market cap of $8.83 billion and a PE ratio of 24.00. The stock’s 50 day moving average price is $90.07 and its 200 day moving average price is $83.14.

Varian Medical Systems (NYSE:VAR) last issued its earnings results on Wednesday, July 27th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.05. The company had revenue of $789.40 million for the quarter, compared to analysts’ expectations of $779.90 million. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.15 earnings per share. On average, analysts forecast that Varian Medical Systems Inc. will post $4.65 earnings per share for the current year.

In related news, Director Mark R. Laret sold 1,545 shares of the company’s stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $83.48, for a total value of $128,976.60. Following the completion of the sale, the director now directly owns 1,428 shares of the company’s stock, valued at $119,209.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Timothy E. Guertin sold 4,000 shares of the company’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $94.88, for a total transaction of $379,520.00. The disclosure for this sale can be found here.

Other hedge funds have added to or reduced their stakes in the company. Wells Fargo & Company MN raised its stake in Varian Medical Systems by 118.7% in the fourth quarter. Wells Fargo & Company MN now owns 254,634 shares of the company’s stock worth $20,575,000 after buying an additional 138,179 shares during the period. BlackRock Advisors LLC raised its stake in Varian Medical Systems by 15.3% in the fourth quarter. BlackRock Advisors LLC now owns 205,640 shares of the company’s stock worth $16,615,000 after buying an additional 27,286 shares during the period. KBC Group NV raised 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 during the period. Connor Clark & Lunn Investment Management Ltd. raised its stake in Varian Medical Systems by 25.3% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 29,675 shares of the company’s stock worth $2,398,000 after buying an additional 6,000 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management CO. LTD. raised 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 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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