Royal Bank of Canada Increases Varian Medical Systems (VAR) Price Target to $115.00

Varian Medical Systems (NYSE:VAR) had its target price upped by equities researchers at Royal Bank of Canada to $115.00 in a report released on Thursday, The Fly reports. The firm presently has a “sector perform” rating on the medical equipment provider’s stock. Royal Bank of Canada’s target price would indicate a potential downside of 11.17% from the stock’s current price.

VAR has been the subject of several other research reports. Zacks Investment Research cut shares of Varian Medical Systems from a “hold” rating to a “sell” rating in a research report on Friday, October 27th. Citigroup raised their price objective on shares of Varian Medical Systems from $119.00 to $121.00 and gave the company a “neutral” rating in a research report on Monday, October 30th. Evercore ISI began coverage on shares of Varian Medical Systems in a research report on Wednesday, January 3rd. They issued an “underperform” rating and a $100.00 price objective for the company. BTIG Research reaffirmed a “hold” rating on shares of Varian Medical Systems in a research note on Sunday, October 29th. Finally, Goldman Sachs Group lowered shares of 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. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $106.40.

Varian Medical Systems (NYSE VAR) traded up $2.45 on Thursday, reaching $129.46. 1,720,000 shares of the company’s stock traded hands, compared to its average volume of 862,680. The firm has a market cap of $11,636.27, a PE ratio of 103.57, a PEG ratio of 3.74 and a beta of 0.67. Varian Medical Systems has a 52-week low of $75.54 and a 52-week high of $130.29.

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

In related news, insider Dow R. Wilson sold 88,766 shares of Varian Medical Systems stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $111.00, for a total transaction of $9,853,026.00. Following the transaction, 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 this hyperlink. Also, EVP Kolleen T. Kennedy sold 2,021 shares of Varian Medical Systems stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $107.36, for a total transaction of $216,974.56. Following the transaction, the executive vice president now directly owns 27,595 shares in the company, valued at approximately $2,962,599.20. The disclosure for this sale can be found here. Insiders sold a total of 113,681 shares of company stock worth $12,607,207 in the last ninety days. Insiders own 0.78% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. Chilton Capital Management LLC bought a new position in Varian Medical Systems during the 2nd quarter worth approximately $205,000. Catawba Capital Management VA bought a new position in Varian Medical Systems during the 4th quarter worth approximately $210,000. Convergence Investment Partners LLC bought a new position in Varian Medical Systems during the 3rd quarter worth approximately $219,000. Advisor Partners LLC bought a new position in Varian Medical Systems during the 4th quarter worth approximately $223,000. Finally, Parametrica Management Ltd bought a new position in Varian Medical Systems during the 3rd quarter worth approximately $229,000. 99.14% of the stock is currently owned by institutional investors and hedge funds.

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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.

The Fly

Analyst Recommendations for Varian Medical Systems (NYSE:VAR)

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