iRadimed (NASDAQ:IRMD) Sets New 52-Week High Following Dividend Announcement

iRadimed Corporation (NASDAQ:IRMD) shares hit a new 52-week high during mid-day trading on Tuesday after the company announced a dividend. The stock traded as high as $85.00 and last traded at $84.11, with a volume of 152068 shares traded. The stock had previously closed at $76.81.

The newly announced dividend which will be paid on Tuesday, November 25th. Stockholders of record on Friday, November 14th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Friday, November 14th. iRadimed’s dividend payout ratio (DPR) is 41.98%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on IRMD. Wall Street Zen cut iRadimed from a “strong-buy” rating to a “buy” rating in a research note on Sunday, October 26th. Lake Street Capital reaffirmed a “buy” rating and set a $100.00 price objective on shares of iRadimed in a research note on Monday. Roth Capital set a $90.00 price objective on iRadimed in a research note on Friday. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of iRadimed in a report on Friday, October 31st. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, iRadimed currently has a consensus rating of “Buy” and a consensus price target of $87.33.

iRadimed Stock Up 3.1%

The stock’s fifty day moving average price is $73.67 and its two-hundred day moving average price is $64.31. The company has a market capitalization of $1.10 billion, a PE ratio of 53.54 and a beta of 1.02.

Insider Buying and Selling

In other iRadimed news, CEO Roger E. Susi sold 5,000 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $82.64, for a total value of $413,200.00. Following the completion of the sale, the chief executive officer directly owned 2,322,500 shares in the company, valued at $191,931,400. This trade represents a 0.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders have sold 40,000 shares of company stock valued at $2,960,900 in the last ninety days. Company insiders own 36.80% of the company’s stock.

Institutional Trading of iRadimed

Institutional investors and hedge funds have recently bought and sold shares of the stock. First Horizon Advisors Inc. lifted 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 worth $27,000 after buying an additional 226 shares during the period. CWM LLC lifted its holdings in shares of iRadimed by 62.2% during the third quarter. CWM LLC now owns 550 shares of the medical equipment provider’s stock valued at $39,000 after purchasing an additional 211 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of iRadimed by 191.1% during the second quarter. Tower Research Capital LLC TRC now owns 754 shares of the medical equipment provider’s stock valued at $45,000 after purchasing an additional 495 shares during the last quarter. State of Alaska Department of Revenue purchased a new position in shares of iRadimed during the third quarter valued at approximately $47,000. Finally, Spire Wealth Management purchased a new position in shares of iRadimed during the second quarter valued at approximately $60,000. 92.34% of the stock is currently 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.