Hartford Investment Management Co. cut its stake in Varian Medical Systems, Inc. (NYSE:VAR) by 6.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,967 shares of the medical equipment provider’s stock after selling 1,292 shares during the period. Hartford Investment Management Co.’s holdings in Varian Medical Systems were worth $2,060,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in VAR. First Mercantile Trust Co. increased its position in Varian Medical Systems by 2.3% in the first quarter. First Mercantile Trust Co. now owns 1,093 shares of the medical equipment provider’s stock valued at $100,000 after buying an additional 25 shares during the period. Parallel Advisors LLC increased its position in Varian Medical Systems by 16.7% in the first quarter. Parallel Advisors LLC now owns 1,232 shares of the medical equipment provider’s stock valued at $113,000 after buying an additional 176 shares during the period. Heritage Trust Co acquired a new position in Varian Medical Systems during the first quarter valued at approximately $118,000. Penserra Capital Management LLC increased its position in Varian Medical Systems by 9.5% in the first quarter. Penserra Capital Management LLC now owns 1,610 shares of the medical equipment provider’s stock valued at $146,000 after buying an additional 140 shares during the period. Finally, Pacer Advisors Inc. increased its position in Varian Medical Systems by 3.1% in the first quarter. Pacer Advisors Inc. now owns 1,815 shares of the medical equipment provider’s stock valued at $165,000 after buying an additional 55 shares during the period. 99.64% of the stock is owned by institutional investors.

Varian Medical Systems, Inc. (NYSE:VAR) traded down 0.55% during mid-day trading on Friday, hitting $96.61. 920,790 shares of the stock traded hands. Varian Medical Systems, Inc. has a 12 month low of $75.20 and a 12 month high of $107.08. The company’s 50 day moving average is $103.21 and its 200 day moving average is $92.66. The company has a market cap of $8.86 billion, a P/E ratio of 31.80 and a beta of 0.61.

Varian Medical Systems (NYSE:VAR) last released its earnings results on Wednesday, July 26th. The medical equipment provider reported $1.04 EPS for the quarter, topping the consensus estimate of $0.95 by $0.09. Varian Medical Systems had a net margin of 9.50% and a return on equity of 24.70%. The firm had revenue of $662.40 million for the quarter, compared to the consensus estimate of $663.86 million. During the same quarter in the previous year, the firm earned $1.00 earnings per share. The company’s quarterly revenue was up 3.0% compared to the same quarter last year. On average, analysts expect that Varian Medical Systems, Inc. will post $3.94 earnings per share for the current fiscal year.

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Several research analysts recently commented on the stock. Off Wall Street initiated coverage on shares of Varian Medical Systems in a report on Monday, April 24th. They issued a “sell” rating for the company. Robert W. Baird reiterated a “neutral” rating and issued a $99.00 target price (up from $89.00) on shares of Varian Medical Systems in a research note on Friday, July 14th. BidaskClub cut shares of Varian Medical Systems from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 14th. Zacks Investment Research cut shares of Varian Medical Systems from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. Finally, Jefferies Group LLC reiterated a “buy” rating on shares of Varian Medical Systems in a research note on Thursday, May 11th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. Varian Medical Systems presently has a consensus rating of “Hold” and a consensus price target of $96.28.

In other news, EVP Kolleen T. Kennedy sold 26,092 shares of the business’s stock in a transaction on Tuesday, June 20th. The shares were sold at an average price of $105.00, for a total value of $2,739,660.00. Following the transaction, the executive vice president now owns 52,692 shares of the company’s stock, valued at $5,532,660. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP John W. Kuo sold 862 shares of the business’s stock in a transaction on Friday, May 12th. The stock was sold at an average price of $96.39, for a total transaction of $83,088.18. Following the completion of the transaction, the senior vice president now directly owns 28,223 shares in the company, valued at approximately $2,720,414.97. The disclosure for this sale can be found here. Insiders sold 144,087 shares of company stock worth $14,652,328 in the last three months. Insiders own 0.91% of the company’s stock.

About Varian Medical Systems

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 medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, proton therapy and brachytherapy.

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Institutional Ownership by Quarter for Varian Medical Systems (NYSE:VAR)

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