PNC Financial Services Group Inc. Boosts Stake in Varian Medical Systems, Inc. (NYSE:VAR)

PNC Financial Services Group Inc. lifted its holdings in Varian Medical Systems, Inc. (NYSE:VAR) by 1.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,578 shares of the medical equipment provider’s stock after buying an additional 1,371 shares during the quarter. PNC Financial Services Group Inc. owned 0.11% of Varian Medical Systems worth $10,632,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Signaturefd LLC raised its holdings in Varian Medical Systems by 15.9% during the first quarter. Signaturefd LLC now owns 707 shares of the medical equipment provider’s stock worth $73,000 after purchasing an additional 97 shares during the last quarter. State of Michigan Retirement System raised its holdings in Varian Medical Systems by 0.5% during the fourth quarter. State of Michigan Retirement System now owns 21,954 shares of the medical equipment provider’s stock worth $3,118,000 after purchasing an additional 100 shares during the last quarter. Wealthspire Advisors L.P. raised its holdings in Varian Medical Systems by 4.1% during the fourth quarter. Wealthspire Advisors L.P. now owns 2,625 shares of the medical equipment provider’s stock worth $373,000 after purchasing an additional 103 shares during the last quarter. Steward Partners Investment Advisory LLC raised its holdings in Varian Medical Systems by 74.3% during the first quarter. Steward Partners Investment Advisory LLC now owns 258 shares of the medical equipment provider’s stock worth $26,000 after purchasing an additional 110 shares during the last quarter. Finally, Johnson Investment Counsel Inc. raised its holdings in Varian Medical Systems by 2.2% during the fourth quarter. Johnson Investment Counsel Inc. now owns 5,245 shares of the medical equipment provider’s stock worth $745,000 after purchasing an additional 112 shares during the last quarter. 91.32% of the stock is owned by hedge funds and other institutional investors.

In other news, CEO Dow R. Wilson sold 38,909 shares of the stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $110.00, for a total transaction of $4,279,990.00. Following the sale, the chief executive officer now directly owns 121,267 shares in the company, valued at approximately $13,339,370. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.78% of the stock is currently owned by corporate insiders.

Several equities analysts recently issued reports on the company. Goldman Sachs Group cut Varian Medical Systems from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $171.00 to $114.00 in a report on Wednesday, April 1st. TheStreet cut Varian Medical Systems from a “b-” rating to a “c” rating in a report on Monday, May 4th. Evercore ISI cut Varian Medical Systems from an “outperform” rating to an “underperform” rating in a report on Sunday, April 19th. UBS Group cut their price target on Varian Medical Systems from $160.00 to $150.00 and set a “buy” rating for the company in a report on Tuesday, May 5th. Finally, Piper Sandler boosted their price target on Varian Medical Systems from $126.00 to $130.00 and gave the stock an “overweight” rating in a report on Tuesday, May 5th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $124.78.

Shares of Varian Medical Systems stock opened at $115.41 on Friday. The company has a current ratio of 1.28, a quick ratio of 0.97 and a debt-to-equity ratio of 0.05. The business’s 50 day simple moving average is $111.45 and its 200-day simple moving average is $128.07. The stock has a market capitalization of $10.51 billion, a price-to-earnings ratio of 25.50, a PEG ratio of 4.02 and a beta of 1.07. Varian Medical Systems, Inc. has a twelve month low of $89.62 and a twelve month high of $150.06.

Varian Medical Systems (NYSE:VAR) last announced its quarterly earnings results on Monday, May 4th. The medical equipment provider reported $0.85 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.85. The business had revenue of $794.50 million for the quarter, compared to analysts’ expectations of $769.99 million. Varian Medical Systems had a return on equity of 22.93% and a net margin of 7.51%. The business’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.05 EPS. Sell-side analysts predict that Varian Medical Systems, Inc. will post 3.6 earnings per share for the current year.

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.

Read More: Outstanding Shares and The Effect on Share Price

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

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