Varian Medical Systems (NYSE:VAR) announced its quarterly earnings results on Wednesday. The medical equipment provider reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.18, Briefing.com reports. Varian Medical Systems had a return on equity of 24.92% and a net margin of 10.75%. The business had revenue of $825.80 million during the quarter, compared to the consensus estimate of $762.29 million. During the same quarter last year, the firm posted $1.04 EPS. The company’s quarterly revenue was up 16.5% on a year-over-year basis. Varian Medical Systems updated its FY 2019 guidance to $4.58-4.63 EPS and its FY19 guidance to $4.58-4.63 EPS.

Shares of VAR traded down $0.33 during midday trading on Friday, reaching $120.76. 889,052 shares of the stock were exchanged, compared to its average volume of 590,011. Varian Medical Systems has a twelve month low of $101.42 and a twelve month high of $142.50. The stock has a market capitalization of $11.01 billion, a P/E ratio of 27.32, a P/E/G ratio of 3.28 and a beta of 0.85. The firm has a 50 day moving average of $134.15.

VAR has been the subject of several research reports. UBS Group reaffirmed a “buy” rating and set a $124.00 price target on shares of Cie Gnrl des Etblsmnts Michelin SCA in a report on Thursday, April 25th. Barrington Research reaffirmed a “market perform” rating on shares of HealthStream in a report on Thursday. Citigroup downgraded BCE from a “buy” rating to a “neutral” rating in a report on Thursday, May 2nd. BTIG Research reissued a “hold” rating on shares of Varian Medical Systems in a report on Wednesday. Finally, Zacks Investment Research raised Triple-S Management from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a report on Monday, April 29th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $142.44.

In other news, SVP Gary E. Bischoping, Jr. sold 56,232 shares of Varian Medical Systems stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $132.56, for a total transaction of $7,454,113.92. Following the completion of the sale, the senior vice president now owns 27,393 shares of the company’s stock, valued at $3,631,216.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John W. Kuo sold 465 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $135.22, for a total value of $62,877.30. Following the completion of the transaction, the senior vice president now owns 35,566 shares in the company, valued at approximately $4,809,234.52. The disclosure for this sale can be found here. Insiders have sold 75,393 shares of company stock valued at $10,032,731 in the last three months. Insiders own 0.78% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of VAR. Arrow Financial Corp bought a new position in shares of Varian Medical Systems in the second quarter worth $27,000. Permanens Capital L.P. bought a new position in shares of Varian Medical Systems in the first quarter worth $28,000. Financial Gravity Wealth Inc. increased its position in shares of Varian Medical Systems by 1,646.2% in the second quarter. Financial Gravity Wealth Inc. now owns 227 shares of the medical equipment provider’s stock worth $31,000 after purchasing an additional 214 shares during the period. Flagship Harbor Advisors LLC bought a new position in shares of Varian Medical Systems in the second quarter worth $32,000. Finally, Global Retirement Partners LLC increased its position in shares of 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 worth $40,000 after purchasing an additional 195 shares during the period. Institutional investors own 91.03% of the company’s stock.

About Varian Medical Systems

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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Earnings History for Varian Medical Systems (NYSE:VAR)

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