Russell Investments Group Ltd. Has $8.05 Million Stock Holdings in iRadimed Corporation $IRMD

Key Points

• Russell Investments Group Ltd. reduced its stake in iRadimed Corporation by 4.3%, now holding approximately 1.21% of the company valued at $8.04 million.
• Wall Street Zen upgraded iRadimed's rating from "buy" to "strong-buy", with a consensus target price of $72.00.
• iRadimed is set to pay a quarterly dividend of $0.17 on August 28th, reflecting an annualized dividend yield of 1.0%.

Russell Investments Group Ltd. trimmed its stake in iRadimed Corporation (NASDAQ:IRMD - Free Report) by 4.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 153,304 shares of the medical equipment provider's stock after selling 6,828 shares during the period. Russell Investments Group Ltd. owned 1.21% of iRadimed worth $8,045,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. boosted its position in iRadimed by 78.7% during the first quarter. First Horizon Advisors Inc. now owns 513 shares of the medical equipment provider's stock worth $27,000 after purchasing an additional 226 shares during the period. US Bancorp DE lifted its stake in shares of iRadimed by 132.7% in the first quarter. US Bancorp DE now owns 1,436 shares of the medical equipment provider's stock worth $75,000 after buying an additional 819 shares during the last quarter. State of Wyoming bought a new stake in shares of iRadimed during the 4th quarter worth $149,000. Snowden Capital Advisors LLC acquired a new position in iRadimed in the 4th quarter valued at $229,000. Finally, Avantax Advisory Services Inc. grew its stake in iRadimed by 15.2% in the 1st quarter. Avantax Advisory Services Inc. now owns 4,546 shares of the medical equipment provider's stock valued at $239,000 after buying an additional 599 shares during the last quarter. 92.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at iRadimed

In related news, Director Monty K. Allen sold 1,102 shares of the firm's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $69.10, for a total value of $76,148.20. Following the completion of the transaction, the director directly owned 19,898 shares of the company's stock, valued at $1,374,951.80. This trade represents a 5.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 36.80% of the company's stock.

Analyst Upgrades and Downgrades

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

iRadimed Stock Performance

Shares of IRMD traded down $1.16 during trading hours on Monday, reaching $71.50. 65,570 shares of the company traded hands, compared to its average volume of 60,705. The stock's fifty day moving average is $62.65 and its 200 day moving average is $56.99. iRadimed Corporation has a 1-year low of $44.58 and a 1-year high of $73.47. The stock has a market cap of $909.48 million, a P/E ratio of 44.14 and a beta of 0.94.

iRadimed Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 28th. Stockholders of record on Monday, August 18th will be given a dividend of $0.17 per share. The ex-dividend date is Monday, August 18th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.0%. iRadimed's payout ratio is currently 41.98%.

iRadimed Company Profile

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.