Could Varian Medical Systems, Inc. (VAR) Gain Strenght After Forming Bullish Wedge Up Pattern?

January 23, 2018 - By Migdalia James

Investors sentiment increased to 1.02 in Q3 2017. Its up 0.07, from 0.95 in 2017Q2. It improved, as 37 investors sold Varian Medical Systems, Inc. shares while 166 reduced holdings. 51 funds opened positions while 156 raised stakes. 89.98 million shares or 0.15% less from 90.12 million shares in 2017Q2 were reported.
Brown Brothers Harriman & invested in 262 shares or 0% of the stock. Atwood And Palmer holds 0% or 100 shares in its portfolio. Voya Management Ltd Liability Company reported 59,031 shares. Exxonmobil Investment Management Tx has 0.04% invested in Varian Medical Systems, Inc. (NYSE:VAR) for 16,764 shares. Cambridge Research reported 3,546 shares. Moreover, Hexavest Inc has 0% invested in Varian Medical Systems, Inc. (NYSE:VAR). First Quadrant Lp Ca stated it has 16,700 shares. New Amsterdam Prtnrs Ltd Liability Ny owns 46,891 shares. Old National Fincl Bank In accumulated 4,547 shares or 0.02% of the stock. Royal Bank Of Canada owns 360,011 shares for 0.02% of their portfolio. Personal Advsr reported 39,287 shares. Rhumbline Advisers invested in 217,603 shares or 0.05% of the stock. Texas Yale Capital Corporation holds 0.11% or 12,465 shares. Nordea Investment Mngmt Ab invested in 527,421 shares or 0.13% of the stock. Federated Invsts Pa has invested 0% in Varian Medical Systems, Inc. (NYSE:VAR).

Since August 7, 2017, it had 0 buys, and 17 insider sales for $18.18 million activity. 2,018 Varian Medical Systems, Inc. (NYSE:VAR) shares with value of $225,964 were sold by KENNEDY KOLLEEN T. WILSON DOW R sold $1.59 million worth of Varian Medical Systems, Inc. (NYSE:VAR) on Thursday, September 7. KUO JOHN W sold $884,200 worth of stock or 7,991 shares. On Friday, October 6 ECKERT R ANDREW sold $578,594 worth of Varian Medical Systems, Inc. (NYSE:VAR) or 5,651 shares.

The stock of Varian Medical Systems, Inc. (VAR) formed an up wedge with $117.36 target or 7.00 % above today’s $109.68 share price. The 8 months wedge indicates low risk for the $10.05B company. If the $117.36 price target is reached, the company will be worth $703.36M more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

The stock decreased 0.31% or $0.34 during the last trading session, reaching $109.68. About 10,093 shares traded. Varian Medical Systems, Inc. (NYSE:VAR) has risen 29.46% since January 23, 2017 and is uptrending. It has outperformed by 12.76% the S&P500.

Analysts await Varian Medical Systems, Inc. (NYSE:VAR) to report earnings on January, 24 after the close. They expect $0.99 earnings per share, up 32.00 % or $0.24 from last year’s $0.75 per share. VAR’s profit will be $90.70 million for 27.70 P/E if the $0.99 EPS becomes a reality. After $1.09 actual earnings per share reported by Varian Medical Systems, Inc. for the previous quarter, Wall Street now forecasts -9.17 % negative EPS growth.

Varian Medical Systems, Inc. (NYSE:VAR) Ratings Coverage

Among 11 analysts covering Varian Medical Systems Inc. (NYSE:VAR), 3 have Buy rating, 1 Sell and 7 Hold. Therefore 27% are positive. Varian Medical Systems Inc. has $121 highest and $75 lowest target. $99’s average target is -9.74% below currents $109.68 stock price. Varian Medical Systems Inc. had 31 analyst reports since August 27, 2015 according to SRatingsIntel. The firm earned “Neutral” rating on Thursday, November 12 by Citigroup. Robert W. Baird maintained it with “Hold” rating and $99.0 target in Monday, August 28 report. The firm has “Hold” rating by RBC Capital Markets given on Thursday, November 30. As per Sunday, September 10, the company rating was maintained by Jefferies. As per Wednesday, October 25, the company rating was maintained by Jefferies. The stock of Varian Medical Systems, Inc. (NYSE:VAR) earned “Hold” rating by RBC Capital Markets on Wednesday, June 21. As per Thursday, October 26, the company rating was maintained by Robert W. Baird. On Monday, January 23 the stock rating was maintained by RBC Capital Markets with “Sector Perform”. RBC Capital Markets initiated it with “Sector Perform” rating and $86 target in Tuesday, December 22 report. The stock of Varian Medical Systems, Inc. (NYSE:VAR) has “Buy” rating given on Friday, July 14 by Jefferies.

More recent Varian Medical Systems, Inc. (NYSE:VAR) news were published by: Twst.com which released: “Varian Medical Systems Inc.: Varian Halcyon Treatment System Receives Taiwan …” on January 08, 2018. Also Nasdaq.com published the news titled: “What’s in the Cards for Varian Medical (VAR) in Q1 Earnings?” on January 22, 2018. Gurufocus.com‘s news article titled: “Recent Analysis Shows Varian Medical, Deckers Outdoor, Copart, Systemax, TPG …” with publication date: January 23, 2018 was also an interesting one.

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