Varian Medical Systems Inc. (VAR) Reaches New 12-Month High at $95.60
Varian Medical Systems Inc. (NYSE:VAR) shares hit a new 52-week high on Tuesday . The company traded as high as $95.60 and last traded at $95.22, with a volume of 138,487 shares changing hands. The stock had previously closed at $95.22.
A number of brokerages have recently weighed in on VAR. Zacks Investment Research upgraded Varian Medical Systems from a “hold” rating to a “buy” rating and set a $105.00 price target for the company in a research report on Friday, July 29th. Citigroup Inc. increased their price objective on Varian Medical Systems from $84.00 to $88.00 and gave the company a “neutral” rating in a research note on Thursday, July 28th. Jefferies Group increased their price objective on Varian Medical Systems from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Thursday, July 28th. Morgan Stanley reaffirmed a “sell” rating on shares of Varian Medical Systems in a research note on Tuesday, May 24th. Finally, Brean Capital increased their price objective on Varian Medical Systems from $82.00 to $87.00 and gave the company a “buy” rating in a research note on Thursday, April 28th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. Varian Medical Systems currently has an average rating of “Hold” and a consensus price target of $89.60.
The firm’s 50-day moving average is $90.91 and its 200-day moving average is $83.61. The stock has a market cap of $8.82 billion and a price-to-earnings ratio of 23.97.
Varian Medical Systems (NYSE:VAR) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $1.22 EPS for the quarter, topping the Zacks’ consensus estimate of $1.17 by $0.05. The firm earned $789.40 million during the quarter, compared to the consensus estimate of $779.90 million. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.15 EPS. On average, equities research analysts anticipate that Varian Medical Systems Inc. will post $4.64 earnings per share for the current fiscal year.
In other news, CFO Elisha W. Finney sold 25,334 shares of the business’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $94.90, for a total value of $2,404,196.60. Following the sale, the chief financial officer now owns 7,195 shares of the company’s stock, valued at approximately $682,805.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Dow R. Wilson sold 10,000 shares of the business’s stock in a transaction on Friday, August 5th. The stock was sold at an average price of $95.14, for a total value of $951,400.00. Following the completion of the sale, the insider now directly owns 70,598 shares in the company, valued at approximately $6,716,693.72. The disclosure for this sale can be found here.
Several hedge funds have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. increased 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 in the last quarter. KBC Group NV raised its stake in shares of 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. Finally, BlackRock Advisors LLC raised its stake in shares of 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.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.