Sawgrass Asset Management LLC Sells 2,382 Shares of Varian Medical Systems, Inc. (VAR)

Sawgrass Asset Management LLC reduced its holdings in shares of Varian Medical Systems, Inc. (NYSE:VAR) by 1.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 138,433 shares of the medical equipment provider’s stock after selling 2,382 shares during the period. Sawgrass Asset Management LLC’s holdings in Varian Medical Systems were worth $19,619,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of VAR. Norges Bank bought a new position in Varian Medical Systems during the fourth quarter valued at approximately $82,958,000. FMR LLC grew its holdings in shares of Varian Medical Systems by 222.3% in the fourth quarter. FMR LLC now owns 376,111 shares of the medical equipment provider’s stock worth $42,617,000 after purchasing an additional 259,404 shares during the last quarter. Polar Capital LLP bought a new position in shares of Varian Medical Systems in the fourth quarter worth approximately $28,824,000. Nordea Investment Management AB grew its holdings in shares of Varian Medical Systems by 28.6% in the fourth quarter. Nordea Investment Management AB now owns 720,459 shares of the medical equipment provider’s stock worth $81,635,000 after purchasing an additional 160,078 shares during the last quarter. Finally, California Public Employees Retirement System grew its holdings in shares of Varian Medical Systems by 35.8% in the fourth quarter. California Public Employees Retirement System now owns 474,472 shares of the medical equipment provider’s stock worth $53,762,000 after purchasing an additional 125,048 shares during the last quarter. Institutional investors and hedge funds own 92.63% of the company’s stock.

NYSE:VAR traded down $0.14 during trading hours on Friday, hitting $130.76. The company had a trading volume of 2,967 shares, compared to its average volume of 641,413. The stock has a market cap of $11.84 billion, a P/E ratio of 29.54, a price-to-earnings-growth ratio of 3.47 and a beta of 0.81. Varian Medical Systems, Inc. has a 52 week low of $101.42 and a 52 week high of $142.50.

Varian Medical Systems (NYSE:VAR) last released its quarterly earnings results on Wednesday, April 24th. The medical equipment provider reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.11). The company had revenue of $779.40 million during the quarter, compared to the consensus estimate of $776.28 million. Varian Medical Systems had a net margin of 12.59% and a return on equity of 24.40%. The business’s revenue was up 6.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.15 EPS. Analysts predict that Varian Medical Systems, Inc. will post 4.69 earnings per share for the current fiscal year.

Several brokerages have recently issued reports on VAR. Barrington Research raised their target price on shares of Varian Medical Systems from $135.00 to $150.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Robert W. Baird upgraded shares of Varian Medical Systems from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $127.00 to $162.00 in a report on Friday, March 22nd. Citigroup cut their target price on shares of Varian Medical Systems from $174.00 to $165.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Zacks Investment Research cut shares of Varian Medical Systems from a “buy” rating to a “hold” rating in a report on Monday, April 29th. Finally, UBS Group raised their target price on shares of Varian Medical Systems from $150.00 to $158.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $143.33.

In related news, CAO Magnus Momsen sold 1,446 shares of Varian Medical Systems stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $131.56, for a total value of $190,235.76. Following the sale, the chief accounting officer now owns 1,787 shares in the company, valued at $235,097.72. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kolleen T. Kennedy sold 1,243 shares of Varian Medical Systems stock in a transaction on Monday, March 11th. The shares were sold at an average price of $132.96, for a total transaction of $165,269.28. Following the completion of the sale, the insider now owns 27,441 shares in the company, valued at approximately $3,648,555.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 74,883 shares of company stock worth $10,499,085. 0.78% of the stock is currently owned by company insiders.

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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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