UBS Group Boosts Varian Medical Systems (NYSE:VAR) Price Target to $160.00

Varian Medical Systems (NYSE:VAR) had its price objective increased by UBS Group from $155.00 to $160.00 in a research report sent to investors on Wednesday, BenzingaRatingsTable reports. UBS Group currently has a buy rating on the medical equipment provider’s stock.

VAR has been the topic of several other reports. BTIG Research upgraded shares of Varian Medical Systems from a neutral rating to a buy rating and set a $130.00 target price on the stock in a research note on Monday, October 14th. ValuEngine lowered shares of Varian Medical Systems from a buy rating to a hold rating in a research report on Tuesday, August 20th. Robert W. Baird reaffirmed a buy rating and issued a $158.00 price target on shares of Varian Medical Systems in a report on Monday, November 18th. Finally, Barrington Research upped their price target on shares of Varian Medical Systems from $146.00 to $152.00 and gave the stock an outperform rating in a report on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $145.33.

VAR stock traded up $0.37 during mid-day trading on Wednesday, reaching $138.91. 10,983 shares of the company traded hands, compared to its average volume of 653,567. The company has a fifty day moving average price of $125.27 and a 200-day moving average price of $122.74. Varian Medical Systems has a 52-week low of $103.92 and a 52-week high of $142.50. The company has a market capitalization of $12.16 billion, a P/E ratio of 30.01, a P/E/G ratio of 3.10 and a beta of 0.89.

Varian Medical Systems (NYSE:VAR) last announced its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $1.21 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.21. Varian Medical Systems had a net margin of 9.65% and a return on equity of 24.48%. The firm had revenue of $878.90 million for the quarter, compared to the consensus estimate of $858.47 million. During the same period in the prior year, the firm posted $1.16 earnings per share. The company’s revenue for the quarter was up 9.6% on a year-over-year basis. Analysts expect that Varian Medical Systems will post 5.39 earnings per share for the current fiscal year.

In other news, insider Kolleen T. Kennedy sold 4,969 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $128.00, for a total value of $636,032.00. Following the completion of the transaction, the insider now directly owns 29,915 shares in the company, valued at approximately $3,829,120. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John W. Kuo sold 465 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $116.30, for a total value of $54,079.50. Following the completion of the transaction, the senior vice president now owns 35,411 shares of the company’s stock, valued at $4,118,299.30. The disclosure for this sale can be found here. Insiders sold 6,364 shares of company stock worth $802,572 over the last ninety days. 0.74% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. 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. Arrow Financial Corp bought a new position in Varian Medical Systems during the second quarter valued at approximately $27,000. SG Americas Securities LLC raised its stake in shares of Varian Medical Systems by 78.7% during the second quarter. SG Americas Securities LLC now owns 23,820 shares of the medical equipment provider’s stock worth $3,243,000 after acquiring an additional 10,492 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its stake in shares of Varian Medical Systems by 4.3% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 208,955 shares of the medical equipment provider’s stock worth $28,445,000 after acquiring an additional 8,600 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Varian Medical Systems by 2.5% in the 2nd quarter. Janney Montgomery Scott LLC now owns 21,269 shares of the medical equipment provider’s stock worth $2,895,000 after acquiring an additional 513 shares during the last quarter. 88.28% of the stock is currently owned by institutional investors.

About Varian Medical Systems

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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Analyst Recommendations for Varian Medical Systems (NYSE:VAR)

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