iRadimed (NASDAQ:IRMD) Hits New 52-Week 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)'s share price reached a new 52-week high during trading on Saturday following a dividend announcement from the company. The stock traded as high as $66.50 and last traded at $66.17, with a volume of 108444 shares trading hands. The stock had previously closed at $58.34.The newly announced dividend which will be paid on Thursday, August 28th. Shareholders of record on Monday, August 18th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.0%. iRadimed's dividend payout ratio (DPR) is 43.87%.

Analyst Upgrades and Downgrades

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

iRadimed Stock Up 13.4%

The firm has a market capitalization of $841.68 million, a price-to-earnings ratio of 42.69 and a beta of 0.94. The company's 50 day moving average price is $58.63 and its 200 day moving average price is $55.88.

iRadimed (NASDAQ:IRMD - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The medical equipment provider reported $0.45 earnings per share for the quarter, meeting analysts' consensus estimates of $0.45. The firm had revenue of $20.41 million for the quarter, compared to analyst estimates of $20.01 million. iRadimed had a net margin of 26.33% and a return on equity of 23.28%. As a group, analysts expect that iRadimed Corporation will post 1.66 earnings per share for the current year.

Institutional Investors Weigh In On iRadimed

A number of large investors have recently made changes to their positions in IRMD. First Horizon Advisors Inc. grew its holdings 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 valued at $27,000 after buying an additional 226 shares during the last quarter. US Bancorp DE grew its holdings 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 valued at $75,000 after buying an additional 819 shares during the last quarter. Quantbot Technologies LP purchased a new stake in shares of iRadimed during the first quarter valued at $78,000. Huntington National Bank grew its holdings in shares of iRadimed by 34.0% during the fourth quarter. Huntington National Bank now owns 1,993 shares of the medical equipment provider's stock valued at $110,000 after buying an additional 506 shares during the last quarter. Finally, Comerica Bank grew its holdings 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 valued at $120,000 after buying an additional 404 shares during the last quarter. 92.34% of the stock is 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.

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