Equities analysts expect Varian Medical Systems, Inc. (NYSE:VAR) to report earnings of $1.06 per share for the current quarter, according to Zacks. Three analysts have provided estimates for Varian Medical Systems’ earnings, with the highest EPS estimate coming in at $1.08 and the lowest estimate coming in at $1.04. Varian Medical Systems also reported earnings per share of $1.06 during the same quarter last year. The company is expected to announce its next quarterly earnings results on Wednesday, January 23rd.
According to Zacks, analysts expect that Varian Medical Systems will report full year earnings of $4.69 per share for the current fiscal year, with EPS estimates ranging from $4.67 to $4.70. For the next fiscal year, analysts anticipate that the company will report earnings of $5.17 per share, with EPS estimates ranging from $5.05 to $5.26. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research firms that follow Varian Medical Systems.
Varian Medical Systems (NYSE:VAR) last issued its earnings results on Tuesday, October 23rd. The medical equipment provider reported $1.16 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.20 by ($0.04). Varian Medical Systems had a net margin of 5.14% and a return on equity of 27.54%. The firm had revenue of $801.60 million during the quarter, compared to analyst estimates of $766.26 million. During the same period last year, the business earned $1.04 EPS. The firm’s revenue was up 11.1% compared to the same quarter last year.
A number of analysts have weighed in on the stock. UBS Group assumed coverage on shares of Varian Medical Systems in a report on Wednesday, November 28th. They set a “buy” rating and a $140.00 price objective on the stock. Zacks Investment Research raised shares of Varian Medical Systems from a “sell” rating to a “hold” rating in a report on Wednesday, September 12th. Citigroup raised their price objective on shares of Varian Medical Systems from $127.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday, October 31st. JPMorgan Chase & Co. cut their price objective on shares of Varian Medical Systems from $110.00 to $105.00 and set an “underweight” rating on the stock in a report on Wednesday, October 24th. Finally, Royal Bank of Canada set a $115.00 price objective on shares of Varian Medical Systems and gave the stock a “hold” rating in a report on Thursday, October 4th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $121.56.
In other news, CAO Magnus Momsen sold 2,700 shares of the firm’s stock in a transaction that occurred on Monday, October 29th. The shares were sold at an average price of $111.72, for a total transaction of $301,644.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP John W. Kuo sold 862 shares of the firm’s stock in a transaction that occurred on Monday, October 15th. The stock was sold at an average price of $105.26, for a total transaction of $90,734.12. Following the transaction, the senior vice president now owns 30,686 shares in the company, valued at $3,230,008.36. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,623 shares of company stock worth $857,164. Insiders own 0.78% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Piedmont Investment Advisors LLC purchased a new position in Varian Medical Systems in the 2nd quarter valued at $118,000. TD Asset Management Inc. grew its position in Varian Medical Systems by 54.7% in the 2nd quarter. TD Asset Management Inc. now owns 41,079 shares of the medical equipment provider’s stock valued at $4,672,000 after buying an additional 14,521 shares during the last quarter. Smith Asset Management Group LP grew its position in Varian Medical Systems by 7.1% in the 2nd quarter. Smith Asset Management Group LP now owns 247,628 shares of the medical equipment provider’s stock valued at $28,216,000 after buying an additional 16,376 shares during the last quarter. New York State Teachers Retirement System grew its position in Varian Medical Systems by 1.3% in the 2nd quarter. New York State Teachers Retirement System now owns 148,861 shares of the medical equipment provider’s stock valued at $16,928,000 after buying an additional 1,931 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in Varian Medical Systems by 18.5% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 44,875 shares of the medical equipment provider’s stock valued at $5,103,000 after buying an additional 7,000 shares during the last quarter. Institutional investors and hedge funds own 96.06% of the company’s stock.
VAR stock opened at $118.81 on Friday. Varian Medical Systems has a twelve month low of $101.42 and a twelve month high of $130.29. The company has a market cap of $11.06 billion, a price-to-earnings ratio of 26.88, a P/E/G ratio of 3.24 and a beta of 0.62.
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 Varian Particle Therapy. The Oncology Systems segment provides 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.
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