Varian Medical Systems Inc. (NYSE:VAR) announced its quarterly earnings data on Wednesday. The company reported $1.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.34 by $0.04. The firm earned $912 million during the quarter, compared to analyst estimates of $880.29 million. Varian Medical Systems had a net margin of 12.28% and a return on equity of 25.01%. The business’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.04 EPS. Varian Medical Systems updated its Q1 guidance to $1.03-1.07 EPS.

Shares of Varian Medical Systems (NYSE:VAR) traded down 4.969% on Thursday, reaching $89.405. 798,374 shares of the company’s stock were exchanged. The company’s 50 day moving average is $97.20 and its 200-day moving average is $89.36. The stock has a market cap of $8.35 billion, a price-to-earnings ratio of 22.692 and a beta of 0.71. Varian Medical Systems has a one year low of $73.18 and a one year high of $106.70.

Earnings History for Varian Medical Systems (NYSE:VAR)

A number of brokerages have recently weighed in on VAR. Zacks Investment Research lowered shares of Varian Medical Systems from a “buy” rating to a “hold” rating in a report on Tuesday. Jefferies Group restated a “buy” rating and issued a $98.00 price objective on shares of Varian Medical Systems in a report on Wednesday, September 28th. Robert W. Baird boosted their price objective on shares of Varian Medical Systems from $91.00 to $99.00 and gave the stock a “neutral” rating in a report on Wednesday, September 28th. Barrington Research lowered their price objective on shares of Varian Medical Systems from $102.00 to $93.00 and set an “outperform” rating for the company in a report on Thursday, July 28th. Finally, Morgan Stanley boosted their price objective on shares of Varian Medical Systems from $80.00 to $86.00 and gave the stock an “underweight” rating in a report on Thursday, July 28th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $93.38.

In related news, SVP John W. Kuo sold 21,266 shares of the firm’s stock in a transaction on Thursday, October 20th. The stock was sold at an average price of $103.70, for a total value of $2,205,284.20. Following the completion of the sale, the senior vice president now directly owns 45,293 shares in the company, valued at $4,696,884.10. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Elisha W. Finney sold 25,334 shares of the firm’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $94.90, for a total value of $2,404,196.60. Following the completion of the sale, the chief financial officer now owns 7,195 shares of the company’s stock, valued at $682,805.50. The disclosure for this sale can be found here. 0.86% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of the company. Advisor Group Inc. bought a new stake in shares of Varian Medical Systems during the second quarter worth about $146,000. Pacer Advisors Inc. increased its stake in shares of Varian Medical Systems by 8.7% in the second quarter. Pacer Advisors Inc. now owns 1,780 shares of the company’s stock worth $146,000 after buying an additional 143 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in shares of Varian Medical Systems by 4.3% in the second quarter. Thrivent Financial for Lutherans now owns 2,930 shares of the company’s stock worth $241,000 after buying an additional 120 shares in the last quarter. Sei Investments Co. increased its stake in shares of Varian Medical Systems by 2,466.2% in the second quarter. Sei Investments Co. now owns 3,952 shares of the company’s stock worth $326,000 after buying an additional 3,798 shares in the last quarter. Finally, Euclid Advisors LLC increased its stake in shares of Varian Medical Systems by 14.4% in the second quarter. Euclid Advisors LLC now owns 6,681 shares of the company’s stock worth $549,000 after buying an additional 840 shares in the last quarter. Institutional investors own 99.65% of the company’s stock.

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. The Company is a supplier of X-ray imaging components for medical, scientific, and industrial applications and supplies X-ray imaging products for cargo screening and industrial inspection.

5 Day Chart for NYSE:VAR

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