Victory Capital Management Inc. Buys New Holdings in iRadimed Corporation (NASDAQ:IRMD)

Key Points

• Victory Capital Management Inc. acquired a new position in iRadimed Corporation, purchasing 4,600 shares valued at approximately $241,000.
• iRadimed recently declared a quarterly dividend of $0.17 per share, representing a 1.0% dividend yield and an annualized payout of $0.68.
• Wall Street analysts have upgraded iRadimed from a "buy" rating to a "strong-buy" rating, indicating increased confidence in the company's future performance.

Victory Capital Management Inc. bought a new stake in shares of iRadimed Corporation (NASDAQ:IRMD - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 4,600 shares of the medical equipment provider's stock, valued at approximately $241,000.

Several other hedge funds and other institutional investors have also made changes to their positions in IRMD. Vanguard Group Inc. grew its holdings in iRadimed by 4.4% in the fourth quarter. Vanguard Group Inc. now owns 536,811 shares of the medical equipment provider's stock valued at $29,525,000 after purchasing an additional 22,762 shares during the last quarter. Copeland Capital Management LLC increased its stake in iRadimed by 3.2% during the first quarter. Copeland Capital Management LLC now owns 490,544 shares of the medical equipment provider's stock worth $25,744,000 after acquiring an additional 14,981 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in iRadimed by 3.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 227,257 shares of the medical equipment provider's stock worth $12,499,000 after acquiring an additional 7,606 shares during the last quarter. Geode Capital Management LLC increased its stake in iRadimed by 17.9% during the fourth quarter. Geode Capital Management LLC now owns 222,772 shares of the medical equipment provider's stock worth $12,255,000 after acquiring an additional 33,879 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of iRadimed by 7.3% in the fourth quarter. Northern Trust Corp now owns 143,069 shares of the medical equipment provider's stock valued at $7,869,000 after buying an additional 9,722 shares in the last quarter. Hedge funds and other institutional investors own 92.34% of the company's stock.

iRadimed Price Performance

Shares of NASDAQ IRMD traded down $1.92 during mid-day trading on Thursday, hitting $68.41. The company had a trading volume of 28,811 shares, compared to its average volume of 44,125. The firm's 50 day simple moving average is $59.74 and its two-hundred day simple moving average is $56.11. The stock has a market cap of $870.11 million, a price-to-earnings ratio of 42.33 and a beta of 0.94. iRadimed Corporation has a 12 month low of $43.17 and a 12 month high of $71.91.

iRadimed Dividend Announcement

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

Insider Transactions at iRadimed

In related news, Director Monty K. Allen sold 1,102 shares of the stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $69.10, for a total transaction of $76,148.20. Following the sale, the director directly owned 19,898 shares in the company, valued at $1,374,951.80. This represents a 5.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 36.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded iRadimed from a "buy" rating to a "strong-buy" rating in a research note on Tuesday, May 6th.

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.