iRadimed (NASDAQ:IRMD) Reaches New 12-Month High - Here's What Happened

Key Points

• iRadimed Corporation shares reached a new 52-week high of $72.24 during trading, marking a significant increase from the previous closing price of $70.00.
• Analysts have upgraded iRadimed's rating from "buy" to "strong-buy," indicating increased confidence in the company's stock performance.
• The company announced a quarterly dividend of $0.17 per share, reflecting a 0.9% dividend yield and a payout ratio of 41.98%.

iRadimed Corporation (NASDAQ:IRMD - Get Free Report) shares hit a new 52-week high on Tuesday . The stock traded as high as $72.19 and last traded at $72.24, with a volume of 18442 shares traded. The stock had previously closed at $70.00.

Analyst Upgrades and Downgrades

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

iRadimed Trading Up 0.3%

The firm's fifty day moving average price is $61.30 and its two-hundred day moving average price is $56.57. The stock has a market capitalization of $895.23 million, a PE ratio of 43.44 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. Shareholders of record on Monday, August 18th will be given a $0.17 dividend. 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 dividend payout ratio is 41.98%.

Insider Activity

In related news, Director Monty K. Allen sold 1,102 shares of iRadimed stock in a transaction dated 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 owned 19,898 shares in the company, valued at $1,374,951.80. The trade was a 5.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 36.80% of the stock is currently owned by insiders.

Institutional Trading of iRadimed

A number of institutional investors and hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its stake in iRadimed by 59.0% in the 4th quarter. JPMorgan Chase & Co. now owns 46,483 shares of the medical equipment provider's stock valued at $2,557,000 after acquiring an additional 17,257 shares during the period. Geode Capital Management LLC raised its position in shares of iRadimed by 17.9% during the 4th quarter. Geode Capital Management LLC now owns 222,772 shares of the medical equipment provider's stock worth $12,255,000 after purchasing an additional 33,879 shares during the last quarter. Wells Fargo & Company MN increased its stake in iRadimed by 41.1% during the 4th quarter. Wells Fargo & Company MN now owns 4,362 shares of the medical equipment provider's stock worth $240,000 after buying an additional 1,270 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of iRadimed by 5.2% during the fourth quarter. Envestnet Asset Management Inc. now owns 58,581 shares of the medical equipment provider's stock valued at $3,222,000 after acquiring an additional 2,909 shares during the last quarter. Finally, Invesco Ltd. purchased a new position in shares of iRadimed in the fourth quarter valued at approximately $254,000. 92.34% of the stock is currently owned by hedge funds and other institutional investors.

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.