Spire Wealth Management Acquires New Holdings in iRadimed Corporation $IRMD

Spire Wealth Management purchased a new position in shares of iRadimed Corporation (NASDAQ:IRMD) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,000 shares of the medical equipment provider’s stock, valued at approximately $60,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. First Horizon Advisors Inc. increased its stake in iRadimed by 78.7% during the first quarter. First Horizon Advisors Inc. now owns 513 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 226 shares during the period. US Bancorp DE increased its stake in iRadimed by 132.7% during the first quarter. US Bancorp DE now owns 1,436 shares of the medical equipment provider’s stock worth $75,000 after purchasing an additional 819 shares during the period. Quantbot Technologies LP purchased a new stake in iRadimed during the first quarter worth about $78,000. Comerica Bank increased its stake 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 during the period. Finally, State of Wyoming increased its stake in iRadimed by 11.3% during the first quarter. State of Wyoming now owns 3,013 shares of the medical equipment provider’s stock worth $158,000 after purchasing an additional 307 shares during the period. 92.34% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insider Transactions at iRadimed

In related news, CEO Roger E. Susi sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $82.64, for a total value of $413,200.00. Following the completion of the transaction, the chief executive officer directly owned 2,322,500 shares of the company’s stock, valued at $191,931,400. This represents a 0.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 40,000 shares of company stock valued at $2,960,900 over the last three months. Corporate insiders own 36.80% of the company’s stock.

iRadimed Stock Down 2.1%

Shares of IRMD opened at $84.96 on Thursday. The stock has a 50 day moving average price of $73.89 and a 200 day moving average price of $64.46. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of 52.44 and a beta of 1.02. iRadimed Corporation has a 52-week low of $47.48 and a 52-week high of $87.88.

iRadimed Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Friday, November 14th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Friday, November 14th. iRadimed’s dividend payout ratio is 41.98%.

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.