Hennessy Advisors Inc. Buys New Stake in Varian Medical Systems Inc. (VAR)
Hennessy Advisors Inc. bought a new position in Varian Medical Systems Inc. (NYSE:VAR) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 209,300 shares of the company’s stock, valued at approximately $20,832,000. Hennessy Advisors Inc. owned approximately 0.22% of Varian Medical Systems at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. MSI Financial Services Inc boosted its position in Varian Medical Systems by 916.1% in the third quarter. MSI Financial Services Inc now owns 2,459 shares of the company’s stock worth $245,000 after buying an additional 2,217 shares during the period. Nisa Investment Advisors LLC boosted its position in Varian Medical Systems by 1.0% in the third quarter. Nisa Investment Advisors LLC now owns 41,043 shares of the company’s stock worth $4,085,000 after buying an additional 400 shares during the period. Terra Nova Asset Management LLC bought a new position in Varian Medical Systems during the third quarter worth approximately $208,000. Creative Planning boosted its position in Varian Medical Systems by 0.4% in the third quarter. Creative Planning now owns 8,599 shares of the company’s stock worth $856,000 after buying an additional 31 shares during the period. Finally, Raymond James Trust N.A. boosted its position in Varian Medical Systems by 2.6% in the third quarter. Raymond James Trust N.A. now owns 3,434 shares of the company’s stock worth $341,000 after buying an additional 86 shares during the period. 99.83% of the stock is owned by hedge funds and other institutional investors.
Shares of Varian Medical Systems Inc. (NYSE:VAR) traded up 0.38% during mid-day trading on Tuesday, hitting $91.43. 104,822 shares of the stock traded hands. The stock has a market cap of $8.54 billion, a price-to-earnings ratio of 21.82 and a beta of 0.67. The firm’s 50-day moving average is $92.39 and its 200-day moving average is $90.54. Varian Medical Systems Inc. has a 52 week low of $73.18 and a 52 week high of $106.70.
Varian Medical Systems (NYSE:VAR) last posted its earnings results on Wednesday, October 26th. The company reported $1.38 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.34 by $0.04. Varian Medical Systems had a return on equity of 26.57% and a net margin of 12.51%. The firm had revenue of $912 million for the quarter, compared to analysts’ expectations of $880.29 million. During the same period in the previous year, the firm earned $1.04 earnings per share. The business’s revenue was up 11.5% compared to the same quarter last year. On average, analysts forecast that Varian Medical Systems Inc. will post $4.93 earnings per share for the current year.
VAR has been the subject of several recent research reports. BTIG Research reaffirmed a “hold” rating on shares of Varian Medical Systems in a research note on Monday, October 31st. Zacks Investment Research downgraded Varian Medical Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, October 25th. Jefferies Group reaffirmed a “buy” rating and issued a $98.00 price objective on shares of Varian Medical Systems in a research note on Wednesday, September 28th. Finally, Robert W. Baird upped their price objective on Varian Medical Systems from $91.00 to $99.00 and gave the company a “neutral” rating in a research note on Wednesday, September 28th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $93.38.
In related news, SVP John W. Kuo sold 21,266 shares of the company’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 sale, the senior vice president now directly owns 45,293 shares of the company’s stock, valued at $4,696,884.10. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Dow R. Wilson sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $96.08, for a total value of $960,800.00. Following the completion of the sale, the insider now directly owns 70,598 shares in the company, valued at $6,783,055.84. The disclosure for this sale can be found here. Insiders own 0.86% 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.
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