Citigroup Inc upgraded shares of Varian Medical Systems, Inc. (NYSE:VAR) from a neutral rating to a buy rating in a research note issued to investors on Monday, StockTargetPrices.com reports.

Other analysts also recently issued reports about the company. Aegis assumed coverage on Varian Medical Systems in a report on Monday, February 6th. They set a hold rating and a $85.00 price objective for the company. Royal Bank of Canada set a $93.00 price objective on Varian Medical Systems and gave the stock a hold rating in a report on Monday, January 23rd. Evercore ISI downgraded Varian Medical Systems from a hold rating to a sell rating and set a $81.50 price objective for the company. in a report on Thursday, January 26th. Barrington Research upped their price objective on Varian Medical Systems from $98.00 to $102.00 and gave the stock an outperform rating in a report on Friday, January 27th. Finally, Off Wall Street assumed coverage on Varian Medical Systems in a report on Monday, April 24th. They set a sell rating for the company. Four research analysts have rated the stock with a sell rating, five have issued 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 price target of $93.54.

Shares of Varian Medical Systems (NYSE:VAR) opened at 94.60 on Monday. The firm has a market cap of $8.70 billion, a PE ratio of 30.53 and a beta of 0.69. Varian Medical Systems has a 1-year low of $68.08 and a 1-year high of $96.94. The firm’s 50-day moving average price is $91.68 and its 200 day moving average price is $88.95.

Varian Medical Systems (NYSE:VAR) last issued its quarterly earnings results on Wednesday, April 26th. The medical equipment provider reported $0.89 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.01. The company had revenue of $655 million during the quarter, compared to the consensus estimate of $639.26 million. Varian Medical Systems had a return on equity of 24.63% and a net margin of 10.35%. Varian Medical Systems’s revenue was up 6.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.09 EPS. On average, equities research analysts forecast that Varian Medical Systems will post $3.90 EPS for the current fiscal year.

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In related news, SVP John W. Kuo sold 3,876 shares of the company’s stock in a transaction on Friday, March 17th. The shares were sold at an average price of $91.75, for a total transaction of $355,623.00. Following the completion of the sale, the senior vice president now directly owns 30,926 shares of the company’s stock, valued at approximately $2,837,460.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP John W. Kuo sold 862 shares of the company’s stock in a transaction on Monday, March 13th. The stock was sold at an average price of $87.89, for a total transaction of $75,761.18. Following the sale, the senior vice president now directly owns 27,912 shares of the company’s stock, valued at $2,453,185.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,406 shares of company stock valued at $1,796,932. 0.91% of the stock is owned by corporate insiders.

Hedge funds have recently made changes to their positions in the company. Municipal Employees Retirement System of Michigan boosted its stake in shares of Varian Medical Systems by 0.3% in the third quarter. Municipal Employees Retirement System of Michigan now owns 3,010 shares of the medical equipment provider’s stock worth $300,000 after buying an additional 10 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Varian Medical Systems by 0.4% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 5,355 shares of the medical equipment provider’s stock worth $481,000 after buying an additional 22 shares during the last quarter. First Mercantile Trust Co. boosted its position in Varian Medical Systems by 2.3% in the first quarter. First Mercantile Trust Co. now owns 1,093 shares of the medical equipment provider’s stock worth $100,000 after buying an additional 25 shares during the last quarter. Cleararc Capital Inc. boosted its position in Varian Medical Systems by 1.1% in the first quarter. Cleararc Capital Inc. now owns 2,298 shares of the medical equipment provider’s stock worth $209,000 after buying an additional 26 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its position in Varian Medical Systems by 0.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 3,622 shares of the medical equipment provider’s stock worth $330,000 after buying an additional 26 shares during the last quarter. 99.79% of the stock is owned by hedge funds and other institutional investors.

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.

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