iRadimed (NASDAQ:IRMD) Shares Gap Up After Dividend Announcement

Key Points

• iRadimed Corporation shares experienced a significant gap up in price, opening at $62.77 after a prior closing of $58.34, following the announcement of a $0.17 per share dividend.
• The company's annualized dividend now stands at $0.68, representing a yield of 1.1%, and the payout ratio is at 43.87%.
• Wall Street Zen has upgraded iRadimed from a "buy" rating to a "strong-buy" rating, indicating growing confidence in the company's financial performance.

iRadimed Corporation (NASDAQ:IRMD - Get Free Report)'s share price gapped up prior to trading on Friday following a dividend announcement from the company. The stock had previously closed at $58.34, but opened at $62.77. iRadimed shares last traded at $59.37, with a volume of 8,799 shares.

The newly announced dividend which will be paid on Thursday, August 28th. Investors 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 yield of 1.0%. iRadimed's dividend payout ratio (DPR) is currently 41.98%.

Analysts Set New Price Targets

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

iRadimed Price Performance

The company has a market capitalization of $899.18 million, a P/E ratio of 43.64 and a beta of 0.94. The business has a 50-day moving average of $59.02 and a 200-day moving average of $55.92.

Institutional Trading of iRadimed

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of iRadimed by 3.3% during the first quarter. Vanguard Group Inc. now owns 554,451 shares of the medical equipment provider's stock worth $29,098,000 after purchasing an additional 17,640 shares during the last quarter. Copeland Capital Management LLC lifted its position in shares of iRadimed by 3.2% during the first quarter. Copeland Capital Management LLC now owns 490,544 shares of the medical equipment provider's stock worth $25,744,000 after purchasing an additional 14,981 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of iRadimed by 3.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 227,257 shares of the medical equipment provider's stock worth $12,499,000 after purchasing an additional 7,606 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of iRadimed by 17.9% during the fourth 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. Finally, Goldman Sachs Group Inc. lifted its position in shares of iRadimed by 1.1% during the first quarter. Goldman Sachs Group Inc. now owns 169,387 shares of the medical equipment provider's stock worth $8,889,000 after purchasing an additional 1,821 shares during the last quarter. 92.34% of the stock is currently owned by 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.