Varian Medical Systems, Inc. (NYSE:VAR) Position Increased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. increased its position in shares of Varian Medical Systems, Inc. (NYSE:VAR) by 1.3% in the 1st quarter, Holdings Channel.com reports. The fund 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.’s holdings in Varian Medical Systems were worth $10,632,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in VAR. Steward Partners Investment Advisory LLC raised its holdings in shares of 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 acquiring an additional 110 shares in the last quarter. Duncker Streett & Co. Inc. purchased a new stake in shares of Varian Medical Systems during the fourth quarter worth $27,000. TFG Advisers LLC purchased a new stake in shares of Varian Medical Systems during the fourth quarter worth $28,000. Sterling Investment Advisors Ltd. purchased a new stake in shares of Varian Medical Systems during the first quarter worth $41,000. Finally, Bessemer Group Inc. raised its holdings in shares of Varian Medical Systems by 34.1% during the first quarter. Bessemer Group Inc. now owns 488 shares of the medical equipment provider’s stock worth $50,000 after acquiring an additional 124 shares in the last quarter. Institutional investors and hedge funds own 91.32% of the company’s stock.

In related news, CEO Dow R. Wilson sold 38,909 shares of Varian Medical Systems stock in a transaction dated 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 of the company’s stock, valued at $13,339,370. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.78% of the company’s stock.

Several equities analysts have weighed in on the company. ValuEngine lowered Varian Medical Systems from a “buy” rating to a “hold” rating in a report on Thursday, April 2nd. Piper Sandler raised their target price on Varian Medical Systems from $126.00 to $130.00 and gave the company an “overweight” rating in a report on Tuesday, May 5th. BTIG Research restated a “buy” rating and set a $133.00 target price on shares of Varian Medical Systems in a report on Monday, May 4th. UBS Group cut their target price on Varian Medical Systems from $160.00 to $150.00 and set a “buy” rating on the stock in a report on Tuesday, May 5th. Finally, Robert W. Baird cut their target price on Varian Medical Systems from $166.00 to $143.00 and set an “outperform” rating on the stock in a report on Tuesday, March 10th. Two analysts have rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $124.78.

Shares of NYSE:VAR opened at $115.41 on Friday. The company has a market cap of $10.51 billion, a P/E ratio of 25.50, a P/E/G ratio of 4.02 and a beta of 1.07. The stock’s 50-day moving average is $111.45 and its 200-day moving average is $128.07. Varian Medical Systems, Inc. has a 52-week low of $89.62 and a 52-week high of $150.06. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.97 and a current ratio of 1.28.

Varian Medical Systems (NYSE:VAR) last issued its quarterly earnings results on Monday, May 4th. The medical equipment provider reported $0.85 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.85. The company had revenue of $794.50 million for the quarter, compared to the consensus estimate of $769.99 million. Varian Medical Systems had a return on equity of 22.93% and a net margin of 7.51%. The firm’s revenue was up 1.9% compared to the same quarter last year. During the same period last year, the business posted $1.05 earnings per share. As a group, equities analysts predict that Varian Medical Systems, Inc. will post 3.6 EPS for the current year.

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

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