iRadimed (NASDAQ:IRMD) Trading Up 8.2% After 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 stock traded as high as $71.39 and last traded at $71.58. Approximately 26,971 shares changed hands during 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 annualized dividend and a yield of 1.0%. The ex-dividend date is Monday, August 18th. iRadimed's payout ratio is presently 41.98%.

Analyst Ratings Changes

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

iRadimed Trading Up 1.2%

The company has a market capitalization of $887.86 million, a price-to-earnings ratio of 43.09 and a beta of 0.94. The firm has a 50-day simple moving average of $59.95 and a two-hundred day simple moving average of $56.18.

Insiders Place Their Bets

In other iRadimed news, Director Monty K. Allen sold 1,102 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $69.10, for a total value 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. The trade was a 5.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 36.80% of the company's stock.

Hedge Funds Weigh In On iRadimed

Large investors have recently made changes to their positions in the company. First Horizon Advisors Inc. increased its holdings in iRadimed by 78.7% in 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 in the last quarter. Spire Wealth Management acquired a new stake in shares of iRadimed during the 2nd quarter valued at about $60,000. US Bancorp DE increased its stake 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 purchasing an additional 819 shares in the last quarter. Quantbot Technologies LP acquired a new position in iRadimed in the 1st quarter worth about $78,000. Finally, Comerica Bank boosted its position in iRadimed by 21.4% during the first quarter. Comerica Bank now owns 2,288 shares of the medical equipment provider's stock worth $120,000 after purchasing an additional 404 shares in the last quarter. 92.34% of the stock is currently owned by institutional investors and hedge funds.

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.