Culbertson A N & Co. Inc. decreased its stake in shares of Varian Medical Systems, Inc. (NYSE:VAR) by 1.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 50,030 shares of the medical equipment provider’s stock after selling 500 shares during the period. Varian Medical Systems accounts for about 2.0% of Culbertson A N & Co. Inc.’s holdings, making the stock its 13th largest position. Culbertson A N & Co. Inc.’s holdings in Varian Medical Systems were worth $7,090,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank purchased a new position in Varian Medical Systems during the fourth quarter valued at $82,958,000. FMR LLC raised its holdings in shares of Varian Medical Systems by 222.3% in the 4th quarter. FMR LLC now owns 376,111 shares of the medical equipment provider’s stock valued at $42,617,000 after purchasing an additional 259,404 shares in the last quarter. Polar Capital LLP bought a new stake in shares of Varian Medical Systems in the 4th quarter valued at about $28,824,000. Rehmann Capital Advisory Group raised its holdings in shares of Varian Medical Systems by 10,535.3% in the 3rd quarter. Rehmann Capital Advisory Group now owns 181,438 shares of the medical equipment provider’s stock valued at $1,621,000 after purchasing an additional 179,732 shares in the last quarter. Finally, Nordea Investment Management AB raised its holdings in shares of Varian Medical Systems by 28.6% in the 4th quarter. Nordea Investment Management AB now owns 720,459 shares of the medical equipment provider’s stock valued at $81,635,000 after purchasing an additional 160,078 shares in the last quarter. 92.48% of the stock is currently owned by institutional investors and hedge funds.
NYSE:VAR traded down $2.41 during trading hours on Wednesday, reaching $134.71. 5,314 shares of the company were exchanged, compared to its average volume of 545,446. Varian Medical Systems, Inc. has a twelve month low of $101.42 and a twelve month high of $142.50. The stock has a market capitalization of $12.80 billion, a PE ratio of 30.50, a P/E/G ratio of 3.73 and a beta of 0.86.
Varian Medical Systems (NYSE:VAR) last released its earnings results on Wednesday, January 23rd. The medical equipment provider reported $1.06 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.07 by ($0.01). Varian Medical Systems had a return on equity of 26.18% and a net margin of 12.28%. The business had revenue of $741.00 million for the quarter, compared to analysts’ expectations of $717.83 million. During the same period in the previous year, the company earned $1.06 EPS. Varian Medical Systems’s quarterly revenue was up 9.2% compared to the same quarter last year. Equities research analysts predict that Varian Medical Systems, Inc. will post 4.73 earnings per share for the current year.
A number of research analysts have recently issued reports on the stock. Barrington Research reaffirmed a “buy” rating on shares of Varian Medical Systems in a research report on Thursday, January 24th. Jefferies Financial Group lifted their price objective on shares of Varian Medical Systems to $145.00 and gave the stock a “buy” rating in a research report on Thursday, January 24th. Goldman Sachs Group raised shares of Varian Medical Systems from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $107.00 to $129.00 in a research report on Friday, January 4th. Citigroup cut their price objective on shares of Varian Medical Systems from $145.00 to $131.00 and set a “buy” rating on the stock in a research report on Wednesday, January 2nd. Finally, BTIG Research reissued a “hold” rating on shares of Varian Medical Systems in a research report on Thursday, January 24th. One analyst has rated the stock with a sell rating, two have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $137.56.
In related news, Director R Andrew Eckert sold 5,651 shares of the company’s stock in a transaction dated Monday, January 28th. The shares were sold at an average price of $130.15, for a total value of $735,477.65. Following the completion of the sale, the director now owns 9,806 shares of the company’s stock, valued at $1,276,250.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Gary E. Bischoping, Jr. sold 300 shares of the company’s stock in a transaction dated Friday, February 15th. The shares were sold at an average price of $131.69, for a total transaction of $39,507.00. Following the completion of the sale, the chief financial officer now directly owns 1,916 shares of the company’s stock, valued at approximately $252,318.04. The disclosure for this sale can be found here. Insiders sold 93,128 shares of company stock valued at $12,729,203 in the last three months. 0.74% of the stock is currently owned by insiders.
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Varian Medical Systems 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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