Arizona State Retirement System cut its stake in shares of Varian Medical Systems, Inc. (NYSE:VAR) by 8.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,652 shares of the medical equipment provider’s stock after selling 5,200 shares during the period. Arizona State Retirement System’s holdings in Varian Medical Systems were worth $5,949,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in VAR. First Mercantile Trust Co. raised its stake in shares of 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 valued at $100,000 after buying an additional 25 shares in the last quarter. Parallel Advisors LLC raised its stake in shares of Varian Medical Systems by 16.7% in the first quarter. Parallel Advisors LLC now owns 1,232 shares of the medical equipment provider’s stock valued at $113,000 after buying an additional 176 shares in the last quarter. Heritage Trust Co purchased a new stake in shares of Varian Medical Systems during the first quarter valued at $118,000. Penserra Capital Management LLC raised its stake in shares of Varian Medical Systems by 9.5% in the first quarter. Penserra Capital Management LLC now owns 1,610 shares of the medical equipment provider’s stock valued at $146,000 after buying an additional 140 shares in the last quarter. Finally, Pacer Advisors Inc. raised its stake in shares of Varian Medical Systems by 3.1% in the first quarter. Pacer Advisors Inc. now owns 1,815 shares of the medical equipment provider’s stock valued at $165,000 after buying an additional 55 shares in the last quarter. 99.27% of the stock is owned by hedge funds and other institutional investors.

Varian Medical Systems, Inc. (VAR) opened at 97.74 on Friday. Varian Medical Systems, Inc. has a 12 month low of $75.20 and a 12 month high of $107.08. The stock’s 50 day moving average price is $101.70 and its 200 day moving average price is $93.39. The firm has a market capitalization of $8.97 billion, a P/E ratio of 32.17 and a beta of 0.61.

Varian Medical Systems (NYSE:VAR) last posted its quarterly earnings results on Wednesday, July 26th. The medical equipment provider reported $1.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.09. Varian Medical Systems had a net margin of 9.50% and a return on equity of 24.70%. The firm had revenue of $662.40 million during the quarter, compared to analyst estimates of $663.86 million. During the same quarter in the prior year, the business posted $1.00 earnings per share. The company’s quarterly revenue was up 3.0% compared to the same quarter last year. On average, analysts forecast that Varian Medical Systems, Inc. will post $3.94 earnings per share for the current year.

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VAR has been the subject of several research analyst reports. TheStreet raised Varian Medical Systems from a “c+” rating to a “b+” rating in a report on Wednesday, April 26th. Citigroup Inc. raised Varian Medical Systems from a “neutral” rating to a “buy” rating in a report on Monday, May 15th. Jefferies Group LLC reaffirmed a “buy” rating on shares of Varian Medical Systems in a report on Thursday, May 11th. BTIG Research raised Varian Medical Systems from a “neutral” rating to a “buy” rating and set a $106.00 target price for the company in a report on Monday, May 8th. Finally, BidaskClub lowered Varian Medical Systems from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 14th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. Varian Medical Systems currently has a consensus rating of “Hold” and an average target price of $96.28.

In other news, SVP John W. Kuo sold 734 shares of the firm’s stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $101.91, for a total transaction of $74,801.94. Following the completion of the sale, the senior vice president now owns 28,095 shares of the company’s stock, valued at $2,863,161.45. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Kolleen T. Kennedy sold 56,573 shares of the firm’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $99.76, for a total transaction of $5,643,722.48. Following the sale, the executive vice president now directly owns 32,737 shares of the company’s stock, valued at approximately $3,265,843.12. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 158,284 shares of company stock valued at $16,022,132. Company insiders own 0.91% of the company’s stock.

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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Institutional Ownership by Quarter for Varian Medical Systems (NYSE:VAR)

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