BTIG Research cut shares of Varian Medical Systems (NYSE:VAR) from a buy rating to a neutral rating in a report published on Monday, BenzingaRatingsTable reports.

VAR has been the subject of a number of other research reports. Piper Sandler lowered Varian Medical Systems from an overweight rating to a neutral rating and upped their price target for the company from $142.00 to $177.50 in a research report on Sunday, August 2nd. Barrington Research reaffirmed a buy rating and set a $137.00 price target (down previously from $147.00) on shares of Varian Medical Systems in a research report on Tuesday, May 5th. TheStreet raised Varian Medical Systems from a c+ rating to a b- rating in a research report on Thursday, July 23rd. JPMorgan Chase & Co. decreased their target price on Varian Medical Systems from $100.00 to $90.00 and set an underweight rating for the company in a research report on Friday, April 17th. Finally, Evercore ISI lowered Varian Medical Systems from an outperform rating to an underperform rating in a research report on Sunday, April 19th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. The company has an average rating of Hold and a consensus target price of $142.05.

VAR opened at $173.42 on Monday. The business has a 50 day simple moving average of $135.13 and a two-hundred day simple moving average of $124.61. The firm has a market capitalization of $15.73 billion, a price-to-earnings ratio of 56.49, a PEG ratio of 5.74 and a beta of 1.12. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.32 and a quick ratio of 1.02. Varian Medical Systems has a one year low of $89.62 and a one year high of $176.19.

Varian Medical Systems (NYSE:VAR) last released its quarterly earnings results on Sunday, August 2nd. The medical equipment provider reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.23. The business had revenue of $694.30 million during the quarter, compared to analyst estimates of $677.13 million. Varian Medical Systems had a return on equity of 19.68% and a net margin of 8.82%. As a group, sell-side analysts expect that Varian Medical Systems will post 3.78 EPS for the current fiscal year.

In related news, insider Kolleen T. Kennedy sold 7,344 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $173.31, for a total value of $1,272,788.64. Following the sale, the insider now owns 33,919 shares in the company, valued at approximately $5,878,501.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kolleen T. Kennedy sold 2,716 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $135.00, for a total value of $366,660.00. Following the completion of the sale, the insider now owns 29,834 shares in the company, valued at approximately $4,027,590. The disclosure for this sale can be found here. Corporate insiders own 0.62% of the company’s stock.

Several institutional investors have recently bought and sold shares of VAR. Guggenheim Capital LLC grew its stake in shares of Varian Medical Systems by 30.3% in the 4th quarter. Guggenheim Capital LLC now owns 37,444 shares of the medical equipment provider’s stock worth $5,318,000 after buying an additional 8,697 shares during the last quarter. Macquarie Group Ltd. boosted its stake in Varian Medical Systems by 9,606.2% during the 4th quarter. Macquarie Group Ltd. now owns 126,180 shares of the medical equipment provider’s stock valued at $17,918,000 after purchasing an additional 124,880 shares during the last quarter. Arlington Partners LLC boosted its stake in Varian Medical Systems by 567.3% during the 1st quarter. Arlington Partners LLC now owns 3,036 shares of the medical equipment provider’s stock valued at $312,000 after purchasing an additional 2,581 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in Varian Medical Systems by 14.3% during the 1st quarter. Exchange Traded Concepts LLC now owns 4,810 shares of the medical equipment provider’s stock valued at $494,000 after purchasing an additional 602 shares during the last quarter. Finally, Outlook Wealth Advisors LLC purchased a new stake in Varian Medical Systems during the 1st quarter valued at $334,000. Institutional investors own 90.80% 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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Analyst Recommendations for Varian Medical Systems (NYSE:VAR)

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