iRadimed (NASDAQ:IRMD) Trading Up 4.4% - Still a Buy?

Key Points

• iRadimed Corporation (NASDAQ:IRMD) saw its stock price increase by 4.4%, reaching a last traded price of $74.89, despite a significant drop in trading volume.
• The company has a consensus price target of $72.00 and maintains a "buy" rating from multiple analysts, including Weiss Ratings.
• Recently, iRadimed paid a quarterly dividend of $0.17 per share, yielding 0.9%, and reported that insiders collectively sold over 16,100 shares in the past three months.

iRadimed Corporation (NASDAQ:IRMD - Get Free Report) was up 4.4% during mid-day trading on Tuesday . The company traded as high as $74.21 and last traded at $74.89. Approximately 16,749 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 45,037 shares. The stock had previously closed at $71.76.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a "buy (b-)" rating on shares of iRadimed in a research report on Saturday, September 27th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $72.00.

iRadimed Trading Up 4.7%

The company has a 50 day simple moving average of $70.29 and a 200 day simple moving average of $60.56. The stock has a market capitalization of $954.90 million, a PE ratio of 46.36 and a beta of 1.02.

iRadimed Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Monday, August 18th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Monday, August 18th. iRadimed's dividend payout ratio is 41.98%.

Insider Buying and Selling

In other news, Director Monty K. Allen sold 1,102 shares of the stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $69.10, for a total transaction of $76,148.20. Following the completion of the transaction, the director directly owned 19,898 shares of the company's stock, valued at approximately $1,374,951.80. This represents a 5.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Roger E. Susi sold 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $70.19, for a total value of $350,950.00. Following the completion of the transaction, the chief executive officer directly owned 2,347,500 shares of the company's stock, valued at $164,771,025. The trade was a 0.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,102 shares of company stock valued at $1,139,748. Company insiders own 36.80% of the company's stock.

Hedge Funds Weigh In On iRadimed

Several hedge funds have recently bought and sold shares of IRMD. Roubaix Capital LLC purchased a new position in iRadimed in the 1st quarter valued at approximately $2,526,000. SG Americas Securities LLC grew its holdings in iRadimed by 408.8% during the 2nd quarter. SG Americas Securities LLC now owns 36,516 shares of the medical equipment provider's stock valued at $2,183,000 after buying an additional 29,339 shares during the last quarter. Nuveen LLC acquired a new stake in iRadimed during the 1st quarter valued at $1,418,000. Johnson Investment Counsel Inc. acquired a new stake in iRadimed during the 2nd quarter valued at $1,534,000. Finally, Vanguard Group Inc. grew its holdings in iRadimed by 3.3% during the 1st quarter. Vanguard Group Inc. now owns 554,451 shares of the medical equipment provider's stock valued at $29,098,000 after buying an additional 17,640 shares during the last quarter. 92.34% of the stock is owned by hedge funds and other institutional investors.

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.

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