Monty K. Allen Sells 1,102 Shares of iRadimed Corporation (NASDAQ:IRMD) Stock

Key Points

• iRadimed Corporation's Director Monty K. Allen sold 1,102 shares on August 6th for approximately $76,148.20, reducing his ownership by 5.25%.
• The company announced a quarterly dividend of $0.17 per share, with an annual yield of 1.0%, payable on August 28th.
• Analysts have upgraded iRadimed from a "buy" to a "strong-buy" rating, indicating increased investor confidence in the stock.

iRadimed Corporation (NASDAQ:IRMD - Get Free Report) Director Monty K. Allen sold 1,102 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $69.10, for a total transaction of $76,148.20. Following the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

iRadimed Trading Up 1.4%

IRMD stock traded up $0.96 during midday trading on Friday, reaching $69.93. 28,321 shares of the company's stock traded hands, compared to its average volume of 49,543. iRadimed Corporation has a 52-week low of $43.17 and a 52-week high of $71.91. The stock has a market cap of $889.51 million, a P/E ratio of 43.17 and a beta of 0.94. The stock's 50-day moving average is $60.19 and its 200 day moving average is $56.22.

iRadimed Announces Dividend

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

Institutional Trading of iRadimed

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IRMD. First Horizon Advisors Inc. increased its stake in shares of iRadimed by 78.7% in 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 in the last quarter. Spire Wealth Management purchased a new stake in shares of iRadimed in the second quarter worth $60,000. US Bancorp DE boosted its position in shares of iRadimed by 132.7% during the first quarter. US Bancorp DE now owns 1,436 shares of the medical equipment provider's stock worth $75,000 after acquiring an additional 819 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of iRadimed during the first quarter worth $78,000. Finally, Comerica Bank boosted its position in shares of iRadimed by 21.4% during the first quarter. Comerica Bank now owns 2,288 shares of the medical equipment provider's stock worth $120,000 after acquiring an additional 404 shares during the last quarter. 92.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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