Varian Medical Systems (NYSE:VAR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm currently has a $142.00 target price on the medical equipment provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 12.93% from the company’s previous close.

According to Zacks, “Over the past year, Varian outperformed the industry. A solid guidance for fiscal 2018 instills confidence in the stock. Strong revenue opportunity from Oncology and Imaging Component products, growing adoption of Particle Therapy and strong overseas presence, particularly in the emerging countries are positives.The company initiated its first education workshop for radiotherapy practitioners in Algeria. Recently, the company announced that the first cancer patient was treated using its HyperArc High Definition Radiotherapy (HDRT) — a new type of radiosurgery treatment in Italy. However, lackluster performance by the particle therapy unit has been a concern. The company competes with large electronic companies as well as smaller and more specialized radiation therapy equipment manufacturers. Thus, cut-throat competition in the niche space is likely to mar revenues.”

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Several other analysts have also issued reports on VAR. Royal Bank of Canada set a $105.00 target price on Varian Medical Systems and gave the company a “hold” rating in a research note on Thursday, November 30th. Evercore ISI initiated coverage on Varian Medical Systems in a research note on Wednesday, January 3rd. They issued an “underperform” rating and a $100.00 target price on the stock. Goldman Sachs Group lowered Varian Medical Systems from a “neutral” rating to a “sell” rating and set a $98.00 target price on the stock. in a research note on Thursday, January 25th. Citigroup boosted their target price on Varian Medical Systems from $128.00 to $132.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. Finally, Barrington Research upgraded Varian Medical Systems from a “market perform” rating to an “outperform” rating and set a $130.00 target price on the stock in a research note on Thursday, January 25th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $111.80.

Shares of Varian Medical Systems (NYSE VAR) opened at $125.74 on Tuesday. The company has a market capitalization of $11,500.00, a price-to-earnings ratio of 34.45, a P/E/G ratio of 3.67 and a beta of 0.85. Varian Medical Systems has a fifty-two week low of $87.49 and a fifty-two week high of $130.29.

Varian Medical Systems (NYSE:VAR) last issued its quarterly earnings results on Wednesday, January 24th. The medical equipment provider reported $1.06 EPS for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.06. The business had revenue of $678.50 million for the quarter, compared to analyst estimates of $633.96 million. Varian Medical Systems had a return on equity of 27.13% and a net margin of 4.27%. Varian Medical Systems’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same period last year, the company posted $1.09 earnings per share. equities analysts expect that Varian Medical Systems will post 4.31 EPS for the current fiscal year.

In other news, EVP Kolleen T. Kennedy sold 699 shares of Varian Medical Systems stock in a transaction on Monday, March 12th. The stock was sold at an average price of $126.47, for a total value of $88,402.53. Following the completion of the transaction, the executive vice president now directly owns 27,361 shares in the company, valued at $3,460,345.67. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Dow R. Wilson sold 88,766 shares of Varian Medical Systems stock in a transaction on Monday, December 18th. The shares were sold at an average price of $111.00, for a total value of $9,853,026.00. Following the completion of the transaction, the insider now owns 155,542 shares of the company’s stock, valued at $17,265,162. The disclosure for this sale can be found here. Over the last quarter, insiders sold 188,006 shares of company stock valued at $21,706,262. 0.78% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in VAR. Victory Capital Management Inc. grew its position in shares of Varian Medical Systems by 3.2% in the third quarter. Victory Capital Management Inc. now owns 21,593 shares of the medical equipment provider’s stock valued at $2,161,000 after purchasing an additional 673 shares in the last quarter. State of Wisconsin Investment Board grew its position in shares of Varian Medical Systems by 5.0% in the third quarter. State of Wisconsin Investment Board now owns 85,312 shares of the medical equipment provider’s stock valued at $8,536,000 after purchasing an additional 4,025 shares in the last quarter. American Century Companies Inc. grew its position in shares of Varian Medical Systems by 582.5% in the third quarter. American Century Companies Inc. now owns 137,303 shares of the medical equipment provider’s stock valued at $13,739,000 after purchasing an additional 117,184 shares in the last quarter. Global X MANAGEMENT CO LLC grew its position in shares of Varian Medical Systems by 7.8% in the third quarter. Global X MANAGEMENT CO LLC now owns 8,608 shares of the medical equipment provider’s stock valued at $861,000 after purchasing an additional 621 shares in the last quarter. Finally, Sei Investments Co. grew its position in shares of Varian Medical Systems by 35.6% in the third quarter. Sei Investments Co. now owns 15,722 shares of the medical equipment provider’s stock valued at $1,573,000 after purchasing an additional 4,129 shares in the last quarter. Institutional investors own 99.22% of the company’s stock.

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Varian Medical Systems Company Profile

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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