Varian Medical Systems Inc. (VAR) Issues FY16 Earnings Guidance

Varian Medical Systems Inc. (NYSE:VAR) issued an update on its FY16 earnings guidance on Wednesday morning. The company provided EPS guidance of $4.62-4.66 for the period, compared to the Thomson Reuters consensus EPS estimate of $4.58. The company issued revenue guidance of ~$3.192 billion (+3%), compared to the consensus revenue estimate of $3.19 billion.

Shares of Varian Medical Systems Inc. (NYSE:VAR) traded up 0.89% on Wednesday, reaching $88.50. The company’s stock had a trading volume of 1,159,964 shares. The company has a market capitalization of $8.43 billion and a price-to-earnings ratio of 21.88. Varian Medical Systems Inc. has a 1-year low of $71.07 and a 1-year high of $89.08. The stock has a 50-day moving average price of $84.13 and a 200-day moving average price of $80.96.

Varian Medical Systems (NYSE:VAR) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $1.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.17 by $0.05. The company had revenue of $789.40 million for the quarter, compared to analysts’ expectations of $779.90 million. Varian Medical Systems’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter last year, the company earned $1.15 EPS. On average, equities research analysts forecast that Varian Medical Systems Inc. will post $4.58 EPS for the current year.

VAR has been the topic of several recent research reports. Brean Capital restated a buy rating on shares of Varian Medical Systems in a report on Thursday, June 23rd. Zacks Investment Research downgraded Varian Medical Systems from a buy rating to a hold rating in a report on Tuesday, March 29th. Jefferies Group reiterated a buy rating and issued a $95.00 price objective on shares of Varian Medical Systems in a report on Thursday, April 28th. BTIG Research reiterated a hold rating on shares of Varian Medical Systems in a report on Wednesday, June 22nd. Finally, Morgan Stanley reiterated a sell rating on shares of Varian Medical Systems in a report on Tuesday, May 24th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $86.78.

In other Varian Medical Systems news, CEO Dow R. Wilson sold 10,000 shares of the stock in a transaction that occurred on Monday, June 27th. The stock was sold at an average price of $78.27, for a total transaction of $782,700.00. Following the completion of the sale, the chief executive officer now directly owns 70,598 shares of the company’s stock, valued at approximately $5,525,705.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mark R. Laret sold 1,545 shares of the stock in a transaction that occurred on Friday, June 3rd. The stock was sold at an average price of $83.48, for a total value of $128,976.60. Following the sale, the director now directly owns 1,428 shares of the company’s stock, valued at $119,209.44. The disclosure for this sale can be found here.

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. The Company is a supplier of X-ray imaging components for medical, scientific, and industrial applications and supplies X-ray imaging products for cargo screening and industrial inspection.