Varian Medical Systems (NYSE:VAR) was downgraded by research analysts at UBS Group from a “buy” rating to an “in-line” rating in a report released on Tuesday, 24/7 WallStreet reports.
Several other research analysts have also recently commented on VAR. Barrington Research cut Varian Medical Systems from an “outperform” rating to an “underperform” rating in a research report on Wednesday, October 28th. Robert W. Baird lowered shares of Varian Medical Systems from an “outperform” rating to a “neutral” rating and set a $178.00 price target on the stock. in a research report on Wednesday, October 28th. Finally, Jefferies Financial Group downgraded Varian Medical Systems from a “buy” rating to a “hold” rating and set a $178.00 price target for the company. in a research note on Monday, December 7th. Three analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $145.55.
Shares of NYSE VAR opened at $176.03 on Tuesday. Varian Medical Systems has a 52-week low of $89.62 and a 52-week high of $176.50. The stock has a market cap of $16.17 billion, a P/E ratio of 60.08 and a beta of 1.06. The firm has a 50 day moving average price of $175.81 and a 200 day moving average price of $173.93.
In other news, CEO Dow R. Wilson sold 157,515 shares of the stock in a transaction dated Monday, December 7th. The shares were sold at an average price of $174.35, for a total value of $27,462,740.25. Following the sale, the chief executive officer now directly owns 203,945 shares of the company’s stock, valued at $35,557,810.75. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Magnus Momsen sold 4,473 shares of the firm’s stock in a transaction that occurred on Thursday, December 10th. The shares were sold at an average price of $174.95, for a total transaction of $782,551.35. Following the completion of the transaction, the chief accounting officer now owns 4,549 shares of the company’s stock, valued at $795,847.55. The disclosure for this sale can be found here. Insiders have sold 177,897 shares of company stock worth $31,020,935 over the last quarter. 0.78% of the stock is currently owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in VAR. Pentwater Capital Management LP bought a new position in Varian Medical Systems in the 3rd quarter worth about $137,600,000. Hartford Investment Management Co. increased its holdings in shares of Varian Medical Systems by 9.6% in the 4th quarter. Hartford Investment Management Co. now owns 10,410 shares of the medical equipment provider’s stock worth $1,822,000 after buying an additional 908 shares during the last quarter. Canton Hathaway LLC purchased a new stake in shares of Varian Medical Systems during the 3rd quarter valued at $94,000. Nissay Asset Management Corp Japan ADV raised its position in shares of Varian Medical Systems by 2.6% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 10,516 shares of the medical equipment provider’s stock valued at $1,840,000 after buying an additional 265 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Varian Medical Systems during the 3rd quarter worth $164,000. 86.96% of the stock is currently owned by hedge funds and other institutional investors.
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 Oncology Systems and Proton Solutions segments. 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, artificial intelligence based adaptive radiotherapy, and brachytherapy, as well as quality assurance equipment.
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