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. purchased a new position in iRadimed Corporation (NASDAQ:IRMD - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 4,600 shares of the medical equipment provider's stock, valued at approximately $241,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Raymond James Financial Inc. bought a new position in shares of iRadimed in the fourth quarter worth approximately $2,319,000. Geode Capital Management LLC boosted its stake in shares of iRadimed by 17.9% in 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 period. Uniplan Investment Counsel Inc. purchased a new stake in shares of iRadimed during the fourth quarter worth about $1,790,000. Vanguard Group Inc. raised its stake in iRadimed by 4.4% during the 4th 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 period. Finally, JPMorgan Chase & Co. lifted its holdings in iRadimed by 59.0% in the 4th quarter. JPMorgan Chase & Co. now owns 46,483 shares of the medical equipment provider's stock worth $2,557,000 after purchasing an additional 17,257 shares in the last quarter. 92.34% of the stock is currently owned by institutional investors.

iRadimed Stock Down 1.6%

iRadimed stock traded down $1.12 during midday trading on Tuesday, reaching $69.57. 90,379 shares of the stock traded hands, compared to its average volume of 49,024. iRadimed Corporation has a 12 month low of $43.17 and a 12 month high of $71.91. The stock's fifty day moving average is $59.37 and its 200-day moving average is $56.01. The stock has a market cap of $884.93 million, a P/E ratio of 42.94 and a beta of 0.94.

iRadimed Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 28th. Shareholders 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 yield of 1.0%. iRadimed's payout ratio is 41.98%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised shares of iRadimed from a "buy" rating to a "strong-buy" rating in a report 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.