Varian Medical Systems, Inc. (NYSE:VAR) Releases Quarterly Earnings Results
Varian Medical Systems, Inc. (NYSE:VAR) announced its earnings results on Wednesday. The medical equipment provider reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.10, Bloomberg Earnings reports. Varian Medical Systems had a return on equity of 24.82% and a net margin of 9.39%. The company had revenue of $662.40 million for the quarter, compared to the consensus estimate of $663.86 million. During the same period last year, the business posted $1.00 EPS. The company’s revenue was up 3.0% on a year-over-year basis. Varian Medical Systems updated its Q4 guidance to $1.15-$1.23 EPS.
Varian Medical Systems (NYSE VAR) traded down 1.14% during mid-day trading on Wednesday, hitting $102.59. The stock had a trading volume of 815,670 shares. Varian Medical Systems has a 12-month low of $75.20 and a 12-month high of $107.08. The company has a 50-day moving average of $103.47 and a 200-day moving average of $91.27. The stock has a market cap of $9.43 billion, a price-to-earnings ratio of 33.10 and a beta of 0.62.
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In related news, Director Susan L. Bostrom sold 3,589 shares of the stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $91.08, for a total value of $326,886.12. Following the completion of the transaction, the director now directly owns 3,809 shares of the company’s stock, valued at approximately $346,923.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John W. Kuo sold 1,597 shares of the stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $104.43, for a total value of $166,774.71. Following the completion of the transaction, the senior vice president now directly owns 28,224 shares of the company’s stock, valued at $2,947,432.32. The disclosure for this sale can be found here. Insiders sold a total of 147,676 shares of company stock valued at $14,979,214 over the last three months. Corporate insiders own 0.91% of the company’s stock.
VAR has been the topic of several analyst reports. Zacks Investment Research upgraded Varian Medical Systems from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 6th. Off Wall Street initiated coverage on Varian Medical Systems in a research note on Monday, April 24th. They issued a “sell” rating on the stock. Royal Bank Of Canada lifted their target price on Varian Medical Systems from $82.00 to $90.00 and gave the company a “sector perform” rating in a research note on Thursday, April 27th. Barrington Research downgraded Varian Medical Systems from an “outperform” rating to a “market perform” rating in a research note on Thursday, April 27th. Finally, TheStreet upgraded Varian Medical Systems from a “c+” rating to a “b+” rating in a research note on Wednesday, April 26th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $94.21.
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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