iRadimed (NASDAQ:IRMD) Hits New 1-Year High Following Dividend Announcement

Key Points

• iRadimed Corporation's stock reached a new 52-week high of $66.50 following the announcement of a $0.17 dividend, resulting in a 1.0% yield.
• The company reported a quarterly earnings per share of $0.45, meeting analysts' expectations with a revenue of $20.41 million.
• Following the dividend announcement, Wall Street Zen upgraded iRadimed's shares from a "buy" rating to a "strong-buy" rating.

iRadimed Corporation (NASDAQ:IRMD - Get Free Report) shares hit a new 52-week high during mid-day trading on Saturday after the company announced a dividend. The stock traded as high as $66.50 and last traded at $66.17, with a volume of 108444 shares. The stock had previously closed at $58.34.

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

Analyst Ratings Changes

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.

iRadimed Stock Down 2.6%

The business has a 50-day simple moving average of $59.02 and a 200-day simple moving average of $55.92. The company has a market cap of $875.58 million, a PE ratio of 42.62 and a beta of 0.94.

Institutional Trading of iRadimed

Large investors have recently modified their holdings of the stock. First Horizon Advisors Inc. grew its stake in shares of 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 in the last quarter. Spire Wealth Management acquired a new stake in shares of iRadimed during the second quarter worth about $60,000. US Bancorp DE boosted its stake 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 buying an additional 819 shares during the period. Quantbot Technologies LP acquired a new stake in shares of iRadimed during the first quarter worth about $78,000. Finally, Huntington National Bank raised its holdings in iRadimed by 34.0% during the fourth quarter. Huntington National Bank now owns 1,993 shares of the medical equipment provider's stock worth $110,000 after purchasing an additional 506 shares in the last quarter. Hedge funds and other institutional investors own 92.34% of the company's stock.

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.