Algert Global LLC Trims Position in iRadimed Corporation $IRMD

Key Points

• Algert Global LLC reduced its stake in iRadimed Corporation by 15.0%, leaving it with approximately 0.21% of the company valued at $1.42 million after selling 4,784 shares.
• Analysts have raised iRadimed's shares from a "buy" rating to a "strong-buy" rating, with a consensus price target of $72.00.
• iRadimed is set to pay a $0.17 quarterly dividend on August 28, with an annualized yield of 0.9% and a payout ratio of 41.98%.

Algert Global LLC reduced its position in shares of iRadimed Corporation (NASDAQ:IRMD - Free Report) by 15.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,067 shares of the medical equipment provider's stock after selling 4,784 shares during the period. Algert Global LLC owned approximately 0.21% of iRadimed worth $1,420,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. MetLife Investment Management LLC raised its holdings in shares of iRadimed by 11.4% during the 4th quarter. MetLife Investment Management LLC now owns 4,845 shares of the medical equipment provider's stock worth $266,000 after buying an additional 494 shares in the last quarter. Teacher Retirement System of Texas raised its stake in iRadimed by 2.1% during the first quarter. Teacher Retirement System of Texas now owns 51,359 shares of the medical equipment provider's stock worth $2,695,000 after acquiring an additional 1,072 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of iRadimed by 20.3% in the first quarter. Envestnet Asset Management Inc. now owns 70,473 shares of the medical equipment provider's stock worth $3,698,000 after acquiring an additional 11,892 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of iRadimed by 8.1% in the fourth quarter. Bank of America Corp DE now owns 25,971 shares of the medical equipment provider's stock worth $1,428,000 after acquiring an additional 1,949 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of iRadimed by 7.3% during the fourth quarter. Northern Trust Corp now owns 143,069 shares of the medical equipment provider's stock worth $7,869,000 after buying an additional 9,722 shares during the last quarter. Institutional investors and hedge funds own 92.34% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded iRadimed from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, May 6th. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $72.00.

Insiders Place Their Bets

In related news, Director Monty K. Allen sold 1,102 shares of the firm's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $69.10, for a total transaction of $76,148.20. Following the completion of the sale, the director owned 19,898 shares in the company, valued at approximately $1,374,951.80. This trade represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 36.80% of the company's stock.

iRadimed Price Performance

Shares of NASDAQ IRMD traded up $1.19 during mid-day trading on Tuesday, reaching $72.69. 53,257 shares of the company's stock traded hands, compared to its average volume of 45,194. The stock has a market cap of $924.62 million, a P/E ratio of 44.87 and a beta of 0.94. iRadimed Corporation has a 1-year low of $44.58 and a 1-year high of $73.47. The business has a 50-day simple moving average of $62.65 and a 200 day simple moving average of $56.99.

iRadimed Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 28th. Investors of record on Monday, August 18th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Monday, August 18th. iRadimed's payout ratio is 41.98%.

About iRadimed

IRadimed Corp. engages in the development, manufacture, marketing, and distribution of Magnetic Resonance Imaging compatible medical devices. It also provides a non-magnetic Intravenous infusion pump system that is specifically designed for use during MRI procedures. The company was founded by Roger Susi in July 1992 and is headquartered in Winter Springs, FL.