M&T Bank Corp reduced its position in shares of Varian Medical Systems, Inc. (NYSE:VAR) by 1.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,724 shares of the medical equipment provider’s stock after selling 93 shares during the period. M&T Bank Corp’s holdings in Varian Medical Systems were worth $914,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently added to or reduced their stakes in the company. Arrow Financial Corp bought a new stake in shares of Varian Medical Systems in the second quarter valued at approximately $27,000. Permanens Capital L.P. bought a new position in shares of Varian Medical Systems in the first quarter worth $28,000. Financial Gravity Wealth Inc. increased its position in shares of Varian Medical Systems by 1,646.2% in the second quarter. Financial Gravity Wealth Inc. now owns 227 shares of the medical equipment provider’s stock worth $31,000 after purchasing an additional 214 shares during the period. Flagship Harbor Advisors LLC acquired a new position in Varian Medical Systems in the second quarter valued at about $32,000. Finally, FinTrust Capital Advisors LLC raised its stake in Varian Medical Systems by 651.6% in the second quarter. FinTrust Capital Advisors LLC now owns 233 shares of the medical equipment provider’s stock valued at $32,000 after purchasing an additional 202 shares in the last quarter. 91.31% of the stock is owned by institutional investors and hedge funds.
VAR has been the topic of a number of analyst reports. Barrington Research reiterated a “buy” rating and set a $142.00 price objective on shares of Varian Medical Systems in a research note on Thursday, July 25th. Zacks Investment Research cut shares of Varian Medical Systems from a “strong-buy” rating to a “hold” rating and set a $139.00 target price for the company. in a research report on Saturday, July 27th. TheStreet downgraded shares of Varian Medical Systems from a “b” rating to a “c+” rating in a report on Monday, August 5th. ValuEngine lowered shares of Varian Medical Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, August 20th. Finally, Robert W. Baird set a $158.00 price objective on shares of Varian Medical Systems and gave the company a “buy” rating in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $141.22.
Varian Medical Systems (NYSE:VAR) last issued its earnings results on Wednesday, July 24th. The medical equipment provider reported $1.32 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.18. The firm had revenue of $825.80 million during the quarter, compared to the consensus estimate of $762.29 million. Varian Medical Systems had a return on equity of 24.91% and a net margin of 10.75%. The business’s quarterly revenue was up 16.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.04 earnings per share. Equities research analysts forecast that Varian Medical Systems, Inc. will post 4.62 EPS for the current fiscal year.
In other Varian Medical Systems news, SVP John W. Kuo sold 465 shares of the company’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $131.40, for a total value of $61,101.00. Following the completion of the transaction, the senior vice president now owns 35,566 shares of the company’s stock, valued at approximately $4,673,372.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Gary E. Bischoping, Jr. sold 56,232 shares of the stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $132.56, for a total value of $7,454,113.92. Following the completion of the transaction, the senior vice president now owns 27,393 shares of the company’s stock, valued at $3,631,216.08. The disclosure for this sale can be found here. Insiders have sold a total of 72,063 shares of company stock worth $9,586,118 over the last ninety days. 0.74% of the stock is currently owned by insiders.
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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