Zacks Investment Research cut shares of Varian Medical Systems (NYSE:VAR) from a hold rating to a sell rating in a research report sent to investors on Tuesday.

According to Zacks, “Varian has not booked any ProBeam orders in recent times. Lackluster performance in the Particle Therapy unit is a concern. The company competes with large electronic companies as well as smaller and more specialized radiation therapy equipment manufacturers. Thus, competition is likely to mar revenues. However, the company’s Halcyon platform has been the key driver of growth of late, which is now operational in centers across Africa. Solid revenue from Oncology and strong overseas presence, particularly in the emerging countries are positives. The recent display of brachytherapy solutions also deserves mention. Varian has also been going global in acquisitions and agreements. Recent acquisitions include, Sirtex of Australia and COOP of Taiwan. A solid guidance for fiscal 2018 instills confidence. Varian outperformed the industry in a year's time. “

Separately, JPMorgan Chase & Co. lowered shares of Varian Medical Systems from a neutral rating to an underweight rating and set a $105.00 target price for the company. in a research report on Thursday, June 28th. Four analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $117.43.

Shares of NYSE VAR opened at $112.58 on Tuesday. The company has a market cap of $10.30 billion, a P/E ratio of 31.27, a price-to-earnings-growth ratio of 3.16 and a beta of 0.80. Varian Medical Systems has a 12-month low of $98.34 and a 12-month high of $130.29.

Varian Medical Systems (NYSE:VAR) last announced its earnings results on Wednesday, July 25th. The medical equipment provider reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.05. The company had revenue of $709.10 million during the quarter, compared to analyst estimates of $663.19 million. Varian Medical Systems had a net margin of 4.07% and a return on equity of 27.51%. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.04 earnings per share. equities analysts predict that Varian Medical Systems will post 4.45 EPS for the current fiscal year.

In other Varian Medical Systems news, SVP John W. Kuo sold 1,327 shares of Varian Medical Systems stock in a transaction that occurred on Monday, July 16th. The shares were sold at an average price of $115.28, for a total transaction of $152,976.56. Following the transaction, the senior vice president now owns 30,548 shares of the company’s stock, valued at $3,521,573.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John W. Kuo sold 962 shares of Varian Medical Systems stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $108.84, for a total transaction of $104,704.08. Following the transaction, the senior vice president now directly owns 30,848 shares in the company, valued at approximately $3,357,496.32. The disclosure for this sale can be found here. Insiders have sold 16,416 shares of company stock valued at $1,825,949 over the last 90 days. 0.78% of the stock is currently owned by company insiders.

A number of large investors have recently modified their holdings of the business. Fiera Capital Corp lifted its holdings in Varian Medical Systems by 3.4% during the second quarter. Fiera Capital Corp now owns 2,521,717 shares of the medical equipment provider’s stock valued at $286,769,000 after purchasing an additional 83,657 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in Varian Medical Systems by 9.7% during the second quarter. Wells Fargo & Company MN now owns 1,340,642 shares of the medical equipment provider’s stock valued at $152,458,000 after purchasing an additional 118,604 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in Varian Medical Systems by 40.8% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,145,010 shares of the medical equipment provider’s stock valued at $130,211,000 after purchasing an additional 331,736 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in Varian Medical Systems by 18.7% during the first quarter. Russell Investments Group Ltd. now owns 759,912 shares of the medical equipment provider’s stock valued at $92,759,000 after purchasing an additional 119,924 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in Varian Medical Systems by 10.6% during the first quarter. Legal & General Group Plc now owns 640,391 shares of the medical equipment provider’s stock valued at $78,508,000 after purchasing an additional 61,203 shares in the last quarter. 92.40% of the stock is currently owned by institutional investors and hedge funds.

About Varian Medical Systems

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 Varian Particle Therapy. The Oncology Systems segment provides 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.

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