Varian Medical Systems, Inc. (NYSE:VAR) Sees Significant Decline in Short Interest

Varian Medical Systems, Inc. (NYSE:VAR) was the recipient of a significant decrease in short interest in December. As of December 31st, there was short interest totalling 1,660,000 shares, a decrease of 15.7% from the December 15th total of 1,970,000 shares. Approximately 1.8% of the shares of the company are sold short. Based on an average daily volume of 630,000 shares, the short-interest ratio is currently 2.6 days.

VAR has been the subject of several analyst reports. Evercore ISI raised shares of Varian Medical Systems from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $130.00 to $164.00 in a report on Thursday, January 2nd. UBS Group increased their price target on shares of Varian Medical Systems from $155.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Robert W. Baird reissued a “buy” rating and set a $158.00 price target on shares of Varian Medical Systems in a report on Monday, November 18th. BTIG Research raised shares of Varian Medical Systems from a “neutral” rating to a “buy” rating and set a $130.00 price target for the company in a report on Monday, October 14th. Finally, Barrington Research increased their price target on shares of Varian Medical Systems from $146.00 to $152.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Varian Medical Systems presently has a consensus rating of “Buy” and a consensus target price of $149.22.

Varian Medical Systems stock traded down $0.17 during mid-day trading on Wednesday, reaching $148.33. The company had a trading volume of 1,747 shares, compared to its average volume of 564,373. Varian Medical Systems has a 1 year low of $103.92 and a 1 year high of $149.26. The company has a market capitalization of $13.30 billion, a P/E ratio of 32.06, a P/E/G ratio of 3.40 and a beta of 0.89. The stock’s 50-day simple moving average is $141.33 and its 200-day simple moving average is $125.26.

Varian Medical Systems (NYSE:VAR) last issued its earnings results on Wednesday, October 23rd. The medical equipment provider reported $1.21 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.21. Varian Medical Systems had a net margin of 9.65% and a return on equity of 24.48%. The company had revenue of $878.90 million during the quarter, compared to analysts’ expectations of $858.47 million. During the same period last year, the company posted $1.16 earnings per share. The firm’s quarterly revenue was up 9.6% compared to the same quarter last year. On average, analysts anticipate that Varian Medical Systems will post 5.39 earnings per share for the current fiscal year.

In related news, insider Kolleen T. Kennedy sold 1,242 shares of the stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $146.71, for a total transaction of $182,213.82. Following the completion of the transaction, the insider now directly owns 27,661 shares of the company’s stock, valued at $4,058,145.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kolleen T. Kennedy sold 4,969 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $128.00, for a total transaction of $636,032.00. Following the transaction, the insider now directly owns 29,915 shares of the company’s stock, valued at $3,829,120. The disclosure for this sale can be found here. Insiders have sold 18,200 shares of company stock valued at $2,525,045 over the last three months. 0.62% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently modified their holdings of the business. Quantamental Technologies LLC acquired a new position in shares of Varian Medical Systems in the 2nd quarter valued at about $29,000. Quest Capital Management Inc. ADV bought a new stake in Varian Medical Systems during the third quarter valued at about $38,000. Flagship Harbor Advisors LLC grew its holdings in Varian Medical Systems by 51.5% during the third quarter. Flagship Harbor Advisors LLC now owns 359 shares of the medical equipment provider’s stock valued at $42,000 after purchasing an additional 122 shares during the period. CSat Investment Advisory L.P. grew its holdings in Varian Medical Systems by 75.0% during the second quarter. CSat Investment Advisory L.P. now owns 315 shares of the medical equipment provider’s stock valued at $43,000 after purchasing an additional 135 shares during the period. Finally, Permanens Capital L.P. grew its holdings in Varian Medical Systems by 66.7% during the third quarter. Permanens Capital L.P. now owns 500 shares of the medical equipment provider’s stock valued at $60,000 after purchasing an additional 200 shares during the period. 88.93% of the stock is owned by institutional investors.

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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