Nomura Asset Management Co. Ltd. raised its stake in Varian Medical Systems, Inc. (NYSE:VAR) by 29.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 19,998 shares of the medical equipment provider’s stock after buying an additional 4,597 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Varian Medical Systems were worth $2,834,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Pearl River Capital LLC purchased a new stake in Varian Medical Systems during the fourth quarter worth about $28,000. Global Retirement Partners LLC boosted its holdings in Varian Medical Systems by 121.9% in the fourth quarter. Global Retirement Partners LLC now owns 355 shares of the medical equipment provider’s stock valued at $40,000 after purchasing an additional 195 shares in the last quarter. Financial Gravity Companies Inc. acquired a new stake in shares of Varian Medical Systems in the fourth quarter valued at approximately $49,000. Liberty Wealth Management LLC acquired a new stake in shares of Varian Medical Systems during the fourth quarter worth $54,000. Finally, Enlightenment Research LLC acquired a new stake in shares of Varian Medical Systems during the fourth quarter worth $57,000. 91.05% of the stock is currently owned by institutional investors.
Shares of NYSE:VAR traded down $3.11 during mid-day trading on Wednesday, hitting $132.21. 304,037 shares of the company traded hands, compared to its average volume of 614,660. The firm has a market capitalization of $12.39 billion, a price-to-earnings ratio of 29.91, a P/E/G ratio of 3.67 and a beta of 0.84. Varian Medical Systems, Inc. has a 52-week low of $101.42 and a 52-week high of $142.50. The stock’s 50 day moving average price is $130.97.
Varian Medical Systems (NYSE:VAR) last posted its quarterly earnings data on Wednesday, April 24th. The medical equipment provider reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.11). Varian Medical Systems had a return on equity of 24.40% and a net margin of 12.59%. The business had revenue of $779.40 million for the quarter, compared to analysts’ expectations of $776.28 million. During the same quarter in the prior year, the firm earned $1.15 earnings per share. Varian Medical Systems’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, equities research analysts predict that Varian Medical Systems, Inc. will post 4.64 earnings per share for the current year.
A number of research analysts have recently weighed in on the company. Citigroup dropped their price target on Varian Medical Systems from $174.00 to $165.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Zacks Investment Research cut Varian Medical Systems from a “buy” rating to a “hold” rating in a research report on Monday, April 29th. UBS Group lifted their price objective on Varian Medical Systems from $150.00 to $158.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Barrington Research lifted their price objective on Varian Medical Systems from $135.00 to $150.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Finally, Robert W. Baird upgraded Varian Medical Systems from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $127.00 to $162.00 in a research report on Friday, March 22nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $143.33.
In other Varian Medical Systems news, insider Dow R. Wilson sold 45,050 shares of the business’s stock in a transaction on Friday, March 29th. The stock was sold at an average price of $141.58, for a total transaction of $6,378,179.00. Following the completion of the transaction, the insider now owns 109,533 shares in the company, valued at approximately $15,507,682.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Christopher A. Toth sold 1,400 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $142.50, for a total value of $199,500.00. Following the transaction, the senior vice president now owns 2,521 shares of the company’s stock, valued at approximately $359,242.50. The disclosure for this sale can be found here. Insiders sold a total of 65,211 shares of company stock valued at $9,185,177 over the last quarter. Company insiders own 0.74% of the company’s stock.
Varian Medical Systems Company Profile
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 Proton Solutions. The Oncology Systems segment offers 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, as well as related quality assurance equipment.
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