Varian Medical Systems Inc. (VAR) Sees Large Volume Increase
Varian Medical Systems Inc. (NYSE:VAR) shares saw unusually-strong trading volume on Friday . Approximately 2,662,800 shares traded hands 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 analysts have issued reports on VAR shares. Morgan Stanley raised 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 report on Thursday, July 28th. Brean Capital raised their price target on shares of Varian Medical Systems from $87.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday, July 28th. Zacks Investment Research lowered shares of Varian Medical Systems from a “hold” rating to a “sell” rating in a research report on Wednesday, June 29th. Barrington Research decreased their target price on shares of Varian Medical Systems from $102.00 to $93.00 and set an “outperform” rating on the stock in a research report on Thursday, July 28th. Finally, Jefferies Group reiterated a “buy” rating and set a $95.00 target price on shares of Varian Medical Systems in a research report on Thursday, April 28th. Two analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. Varian Medical Systems has a consensus rating of “Hold” and an average price target of $89.60.
The company has a market capitalization of $8.83 billion and a P/E ratio of 24.00. The firm has a 50-day moving average price of $90.07 and a 200 day moving average price of $83.14.
Varian Medical Systems (NYSE:VAR) last issued its quarterly earnings data 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. The company earned $789.40 million during the quarter, compared to the consensus estimate of $779.90 million. Varian Medical Systems’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.15 earnings per share. On average, analysts anticipate that Varian Medical Systems Inc. will post $4.65 EPS for the current year.
In other news, Director Ruediger Naumann-Etienne sold 1,000 shares of the 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 document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Dow R. Wilson sold 10,000 shares of the stock in a transaction dated Monday, June 27th. The shares were sold at an average price of $78.27, for a total transaction of $782,700.00. Following the completion of the transaction, the chief executive officer now directly owns 70,598 shares in the company, valued at $5,525,705.46. The disclosure for this sale can be found here.
Other institutional investors have added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. increased its position 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 valued at $2,398,000 after buying an additional 6,000 shares during the period. Bridgewater Associates LP acquired a new position in Varian Medical Systems during the fourth quarter valued at approximately $4,020,000. BlackRock Advisors LLC increased its position in Varian Medical Systems by 15.3% in the fourth quarter. BlackRock Advisors LLC now owns 205,640 shares of the company’s stock valued at $16,615,000 after buying an additional 27,286 shares during the period. KBC Group NV increased its position in Varian Medical Systems by 37.5% in the fourth quarter. KBC Group NV now owns 32,135 shares of the company’s stock valued at $2,597,000 after buying an additional 8,762 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management CO. LTD. increased its position 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 valued at $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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