Goldman Sachs Group Downgrades Varian Medical Systems (VAR) to Sell

Varian Medical Systems (NYSE:VAR) was downgraded by Goldman Sachs Group from a “neutral” rating to a “sell” rating in a research report issued to clients and investors on Thursday. They currently have a $98.00 price target on the medical equipment provider’s stock. Goldman Sachs Group’s target price indicates a potential downside of 24.30% from the company’s current price.

A number of other research analysts also recently issued reports on VAR. Evercore ISI began coverage on Varian Medical Systems in a report on Wednesday, January 3rd. They issued an “underperform” rating and a $100.00 price target on the stock. BTIG Research reiterated a “hold” rating on shares of Varian Medical Systems in a report on Sunday, October 29th. Royal Bank of Canada set a $105.00 price target on Varian Medical Systems and gave the company a “hold” rating in a report on Thursday, November 30th. Citigroup lifted their price target on Varian Medical Systems from $119.00 to $121.00 and gave the company a “neutral” rating in a report on Monday, October 30th. Finally, Zacks Investment Research downgraded Varian Medical Systems from a “hold” rating to a “sell” rating in a report on Friday, October 27th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. Varian Medical Systems currently has a consensus rating of “Hold” and a consensus target price of $106.40.

Shares of Varian Medical Systems (NYSE VAR) traded up $2.45 during trading hours on Thursday, hitting $129.46. The stock had a trading volume of 1,720,000 shares, compared to its average volume of 862,680. Varian Medical Systems has a twelve month low of $75.54 and a twelve month high of $130.29. The stock has a market cap of $11,636.27, a P/E ratio of 103.57, a PEG ratio of 3.74 and a beta of 0.67.

Varian Medical Systems (NYSE:VAR) last announced its quarterly earnings results on Wednesday, January 24th. The medical equipment provider reported $1.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.06. Varian Medical Systems had a return on equity of 27.13% and a net margin of 4.27%. The business had revenue of $678.50 million for the quarter, compared to the consensus estimate of $633.96 million. During the same period last year, the business posted $1.09 EPS. The business’s revenue was up 12.8% compared to the same quarter last year. research analysts expect that Varian Medical Systems will post 4.25 earnings per share for the current fiscal year.

In other news, insider Dow R. Wilson sold 88,766 shares of the firm’s stock in a transaction on Monday, December 18th. The stock was sold at an average price of $111.00, for a total value of $9,853,026.00. Following the completion of the sale, the insider now owns 155,542 shares of the company’s stock, valued at approximately $17,265,162. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Timothy E. Guertin sold 10,000 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $111.46, for a total value of $1,114,600.00. Following the completion of the sale, the director now directly owns 2,161 shares of the company’s stock, valued at approximately $240,865.06. The disclosure for this sale can be found here. Insiders sold a total of 113,681 shares of company stock valued at $12,607,207 in the last three months. Insiders own 0.78% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. People s United Financial Inc. lifted its position in Varian Medical Systems by 0.6% during the 2nd quarter. People s United Financial Inc. now owns 6,279 shares of the medical equipment provider’s stock worth $648,000 after acquiring an additional 40 shares during the period. Thrivent Financial For Lutherans lifted its position in Varian Medical Systems by 1.5% during the 2nd quarter. Thrivent Financial For Lutherans now owns 3,480 shares of the medical equipment provider’s stock worth $359,000 after acquiring an additional 50 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in Varian Medical Systems by 4.5% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 3,250 shares of the medical equipment provider’s stock worth $335,000 after acquiring an additional 141 shares during the period. Profund Advisors LLC lifted its position in Varian Medical Systems by 4.1% during the 2nd quarter. Profund Advisors LLC now owns 4,025 shares of the medical equipment provider’s stock worth $415,000 after acquiring an additional 159 shares during the period. Finally, Veritable L.P. lifted its position in Varian Medical Systems by 2.1% during the 2nd quarter. Veritable L.P. now owns 10,532 shares of the medical equipment provider’s stock worth $1,087,000 after acquiring an additional 217 shares during the period. 99.14% of the stock is owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for Varian Medical Systems (NYSE:VAR)

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