iRadimed (NASDAQ:IRMD) Trading Up 8.2% Following Dividend Announcement

Key Points

• iRadimed Corporation saw its stock price increase by 8.2% following the announcement of a $0.17 per share dividend, which will be paid on August 28th to shareholders of record on August 18th.
• The company's dividend yield stands at 1.0%, with a current payout ratio of 41.98%.
• Wall Street Zen upgraded iRadimed from a "buy" to a "strong-buy" rating, reflecting increased confidence in the company's prospects.

iRadimed Corporation (NASDAQ:IRMD - Get Free Report)'s stock price rose 8.2% during trading on Monday following a dividend announcement from the company. The company traded as high as $71.39 and last traded at $71.58. Approximately 26,971 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 43,083 shares. The stock had previously closed at $66.17.The newly announced dividend which will be paid on Thursday, August 28th. Shareholders of record on Monday, August 18th will be paid a dividend of $0.17 per share. 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%.

Analyst Upgrades and Downgrades

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

iRadimed Stock Performance

The company has a 50 day moving average price of $58.63 and a 200 day moving average price of $55.84. The firm has a market cap of $903.44 million, a price-to-earnings ratio of 43.94 and a beta of 0.94.

Hedge Funds Weigh In On iRadimed

Large investors have recently modified their holdings of the business. First Horizon Advisors Inc. lifted its stake in shares of iRadimed by 78.7% in the 1st quarter. First Horizon Advisors Inc. now owns 513 shares of the medical equipment provider's stock valued at $27,000 after purchasing an additional 226 shares during the last quarter. Spire Wealth Management purchased a new stake in shares of iRadimed in the 2nd quarter valued at $60,000. US Bancorp DE raised its holdings in shares of iRadimed by 132.7% in the 1st 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 period. Quantbot Technologies LP purchased a new stake in shares of iRadimed in the 1st quarter valued at $78,000. Finally, Huntington National Bank raised its holdings in shares of iRadimed by 34.0% in the 4th 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 period. Institutional investors and hedge funds own 92.34% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.