Washington Capital Management Inc. Cuts Stake in Varian Medical Systems, Inc. (NYSE:VAR)

Washington Capital Management Inc. lowered its position in Varian Medical Systems, Inc. (NYSE:VAR) by 26.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,800 shares of the medical equipment provider’s stock after selling 1,000 shares during the quarter. Washington Capital Management Inc.’s holdings in Varian Medical Systems were worth $381,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of VAR. Arrow Financial Corp purchased a new stake in Varian Medical Systems in the second quarter worth approximately $27,000. Permanens Capital L.P. purchased a new stake in Varian Medical Systems in the first quarter worth approximately $28,000. Financial Gravity Wealth Inc. boosted its stake in Varian Medical Systems by 1,646.2% in the second quarter. Financial Gravity Wealth Inc. now owns 227 shares of the medical equipment provider’s stock worth $31,000 after buying an additional 214 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new stake in Varian Medical Systems in the second quarter worth approximately $32,000. Finally, FinTrust Capital Advisors LLC boosted its stake in Varian Medical Systems by 651.6% in the second quarter. FinTrust Capital Advisors LLC now owns 233 shares of the medical equipment provider’s stock worth $32,000 after buying an additional 202 shares in the last quarter. 91.59% of the stock is owned by institutional investors and hedge funds.

In related news, insider Kolleen T. Kennedy sold 1,242 shares of the firm’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $137.99, for a total value of $171,383.58. Following the completion of the sale, the insider now owns 27,633 shares of the company’s stock, valued at $3,813,077.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Gary E. Bischoping, Jr. sold 56,232 shares of the firm’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $132.56, for a total value of $7,454,113.92. Following the completion of the sale, the senior vice president now directly owns 27,393 shares of the company’s stock, valued at approximately $3,631,216.08. The disclosure for this sale can be found here. Insiders sold 73,305 shares of company stock valued at $9,749,453 in the last ninety days. 0.78% of the stock is currently owned by insiders.

Several analysts have issued reports on the company. Robert W. Baird set a $158.00 target price on Varian Medical Systems and gave the stock a “buy” rating in a research note on Friday, July 26th. Zacks Investment Research lowered Varian Medical Systems from a “strong-buy” rating to a “hold” rating and set a $139.00 price objective for the company. in a research note on Saturday, July 27th. ValuEngine lowered Varian Medical Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, August 20th. Barrington Research reissued a “buy” rating and set a $142.00 price objective on shares of Varian Medical Systems in a research note on Thursday, July 25th. Finally, BTIG Research reissued a “hold” rating on shares of Varian Medical Systems in a research note on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $141.22.

Shares of NYSE:VAR traded down $2.12 during trading on Friday, reaching $106.12. 772,827 shares of the company traded hands, compared to its average volume of 755,528. The firm has a market capitalization of $9.86 billion, a price-to-earnings ratio of 24.01, a P/E/G ratio of 2.93 and a beta of 0.84. Varian Medical Systems, Inc. has a 52-week low of $101.42 and a 52-week high of $142.50. The business’s fifty day moving average is $122.17 and its 200-day moving average is $131.19.

Varian Medical Systems (NYSE:VAR) last released its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.18. The firm had revenue of $825.80 million during the quarter, compared to analyst estimates of $762.29 million. Varian Medical Systems had a return on equity of 24.91% and a net margin of 10.75%. The business’s quarterly revenue was up 16.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.04 earnings per share. On average, research analysts forecast that Varian Medical Systems, Inc. will post 4.62 EPS for the current year.

Varian Medical Systems Profile

Varian Medical Systems, Inc designs, manufactures, sells, and services medical devices and software products for treating cancer and other medical conditions worldwide. It operates through two segments, Oncology Systems and Proton Solutions. The Oncology Systems segment offers hardware and software products for treating cancer with radiotherapy, fixed field intensity-modulated radiation therapy, image-guided radiation therapy, volumetric modulated arc therapy, stereotactic radiosurgery, stereotactic body radiotherapy, and brachytherapy, as well as related quality assurance equipment.

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

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