Wall Street analysts expect Varian Medical Systems, Inc. (NYSE:VAR) to post $1.14 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Varian Medical Systems’ earnings, with estimates ranging from $1.08 to $1.17. Varian Medical Systems reported earnings per share of $1.04 in the same quarter last year, which indicates a positive year over year growth rate of 9.6%. The company is scheduled to report its next earnings results on Wednesday, July 24th.
According to Zacks, analysts expect that Varian Medical Systems will report full year earnings of $4.64 per share for the current year, with EPS estimates ranging from $4.58 to $4.67. For the next financial year, analysts forecast that the company will post earnings of $5.33 per share, with EPS estimates ranging from $4.95 to $5.58. Zacks’ earnings per share calculations are an average based on a survey of analysts that follow Varian Medical Systems.
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 company had revenue of $779.40 million for the quarter, compared to the consensus estimate of $776.28 million. During the same quarter in the previous year, the firm posted $1.15 EPS. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year.
A number of research firms recently weighed in on VAR. UBS Group boosted their price target on shares of Varian Medical Systems from $150.00 to $158.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. Citigroup reduced their price target on shares of Varian Medical Systems from $174.00 to $165.00 and set a “buy” rating for the company in a report on Thursday, May 2nd. Zacks Investment Research cut shares of Varian Medical Systems from a “buy” rating to a “hold” rating in a report on Monday, April 29th. Barrington Research increased their target price on shares of Varian Medical Systems from $135.00 to $150.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Finally, Robert W. Baird upgraded shares of Varian Medical Systems from a “neutral” rating to an “outperform” rating and increased their price target for the company from $127.00 to $162.00 in a research note on Friday, March 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $143.33.
In other news, insider Kolleen T. Kennedy sold 1,242 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $131.51, for a total transaction of $163,335.42. Following the sale, the insider now directly owns 27,789 shares in the company, valued at $3,654,531.39. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Christopher A. Toth sold 2,611 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $138.84, for a total transaction of $362,511.24. Following the completion of the transaction, the senior vice president now owns 2,332 shares in the company, valued at $323,774.88. The disclosure for this sale can be found here. Insiders have sold a total of 71,978 shares of company stock worth $10,111,208 over the last ninety days. Insiders own 0.78% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Clearbridge Investments LLC boosted its stake in shares of Varian Medical Systems by 1.7% during the first quarter. Clearbridge Investments LLC now owns 414,945 shares of the medical equipment provider’s stock valued at $58,806,000 after purchasing an additional 7,050 shares during the period. Cleararc Capital Inc. bought a new position in Varian Medical Systems in the first quarter worth $217,000. Horizon Investments LLC bought a new position in Varian Medical Systems in the first quarter worth $230,000. FMR LLC raised its holdings in Varian Medical Systems by 245.7% in the first quarter. FMR LLC now owns 1,300,060 shares of the medical equipment provider’s stock worth $184,244,000 after purchasing an additional 923,949 shares in the last quarter. Finally, Kore Private Wealth LLC bought a new position in shares of Varian Medical Systems during the first quarter valued at $176,000. 91.12% of the stock is owned by institutional investors and hedge funds.
Shares of VAR stock traded down $1.37 during trading hours on Friday, reaching $130.71. 3,450 shares of the company were exchanged, compared to its average volume of 457,039. Varian Medical Systems has a fifty-two week low of $101.42 and a fifty-two week high of $142.50. The firm has a market capitalization of $12.00 billion, a price-to-earnings ratio of 29.78, a PEG ratio of 3.56 and a beta of 0.84.
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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