Korea Investment CORP Decreases Position in Varian Medical Systems, Inc. (VAR)

Korea Investment CORP lowered its stake in Varian Medical Systems, Inc. (NYSE:VAR) by 21.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 101,300 shares of the medical equipment provider’s stock after selling 27,700 shares during the period. Korea Investment CORP owned approximately 0.11% of Varian Medical Systems worth $10,453,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. First Mercantile Trust Co. boosted its stake in Varian Medical Systems by 2.3% in the first quarter. First Mercantile Trust Co. now owns 1,093 shares of the medical equipment provider’s stock worth $100,000 after buying an additional 25 shares in the last quarter. Parallel Advisors LLC boosted its position in Varian Medical Systems by 16.7% in the first quarter. Parallel Advisors LLC now owns 1,232 shares of the medical equipment provider’s stock worth $113,000 after buying an additional 176 shares during the period. Heritage Trust Co purchased a new position in Varian Medical Systems during the first quarter worth about $118,000. Penserra Capital Management LLC boosted its position in Varian Medical Systems by 9.5% in the first quarter. Penserra Capital Management LLC now owns 1,610 shares of the medical equipment provider’s stock worth $146,000 after buying an additional 140 shares during the period. Finally, Pacer Advisors Inc. boosted its position in Varian Medical Systems by 3.1% in the first quarter. Pacer Advisors Inc. now owns 1,815 shares of the medical equipment provider’s stock worth $165,000 after buying an additional 55 shares during the period. Institutional investors own 98.95% of the company’s stock.

Shares of Varian Medical Systems, Inc. (VAR) traded up 1.25% during trading on Friday, hitting $100.50. 1,053,948 shares of the stock were exchanged. The firm has a market capitalization of $9.23 billion, a price-to-earnings ratio of 33.08 and a beta of 0.61. Varian Medical Systems, Inc. has a 52 week low of $75.20 and a 52 week high of $107.08. The stock’s 50 day moving average price is $101.14 and its 200 day moving average price is $94.15.

Varian Medical Systems (NYSE:VAR) last issued its quarterly earnings results on Wednesday, July 26th. The medical equipment provider reported $1.04 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.09. Varian Medical Systems had a net margin of 9.50% and a return on equity of 24.70%. The company had revenue of $662.40 million for the quarter, compared to the consensus estimate of $663.86 million. During the same quarter in the prior year, the company earned $1.00 EPS. Varian Medical Systems’s quarterly revenue was up 3.0% on a year-over-year basis. On average, equities analysts predict that Varian Medical Systems, Inc. will post $3.93 earnings per share for the current year.

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A number of equities analysts have recently commented on VAR shares. Off Wall Street began coverage on shares of Varian Medical Systems in a research note on Monday, April 24th. They issued a “sell” rating for the company. Robert W. Baird restated a “neutral” rating and set a $99.00 price objective (up from $89.00) on shares of Varian Medical Systems in a research report on Friday, July 14th. BidaskClub downgraded shares of Varian Medical Systems from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 14th. Zacks Investment Research downgraded shares of Varian Medical Systems from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. Finally, Jefferies Group LLC reaffirmed a “buy” rating on shares of Varian Medical Systems in a report on Thursday, May 11th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $96.28.

In other news, EVP Kolleen T. Kennedy sold 1,088 shares of the stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $97.91, for a total transaction of $106,526.08. Following the transaction, the executive vice president now owns 26,600 shares in the company, valued at approximately $2,604,406. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP John W. Kuo sold 734 shares of the firm’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $101.91, for a total value of $74,801.94. Following the completion of the transaction, the senior vice president now owns 28,095 shares in the company, valued at approximately $2,863,161.45. The disclosure for this sale can be found here. Insiders have sold a total of 159,372 shares of company stock worth $16,128,658 in the last ninety days. Corporate insiders own 0.91% of the company’s stock.

Varian Medical Systems Company Profile

Varian Medical Systems, Inc is a manufacturer of medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, proton therapy and brachytherapy medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, proton therapy and brachytherapy.

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

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