iRadimed Corporation (NASDAQ:IRMD) Receives $87.33 Average PT from Brokerages

Shares of iRadimed Corporation (NASDAQ:IRMD) have earned a consensus rating of “Moderate Buy” from the five brokerages that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $87.3333.

A number of brokerages recently commented on IRMD. Lake Street Capital reiterated a “buy” rating and issued a $100.00 price target on shares of iRadimed in a research note on Monday, November 3rd. Roth Capital set a $90.00 target price on shares of iRadimed in a report on Friday, October 31st. Zacks Research raised iRadimed to a “hold” rating in a research note on Tuesday, November 4th. Weiss Ratings reissued a “buy (b)” rating on shares of iRadimed in a report on Friday, October 31st. Finally, Wall Street Zen downgraded shares of iRadimed from a “strong-buy” rating to a “buy” rating in a research report on Sunday, October 26th.

Insider Buying and Selling

In other iRadimed news, CEO Roger E. Susi sold 5,000 shares of the 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 owned 2,322,500 shares in the company, valued at approximately $191,931,400. This trade represents a 0.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders sold 40,000 shares of company stock valued at $2,960,900. Corporate 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 the company. First Horizon Advisors Inc. lifted its holdings in shares of iRadimed by 78.7% during the 1st quarter. First Horizon Advisors Inc. now owns 513 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 226 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in shares of iRadimed by 2.1% during the 1st quarter. Teacher Retirement System of Texas now owns 51,359 shares of the medical equipment provider’s stock valued at $2,695,000 after purchasing an additional 1,072 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of iRadimed by 1.6% during the 1st quarter. Bank of New York Mellon Corp now owns 101,665 shares of the medical equipment provider’s stock worth $5,335,000 after acquiring an additional 1,557 shares during the period. Envestnet Asset Management Inc. raised its holdings in iRadimed by 20.3% in the first quarter. Envestnet Asset Management Inc. now owns 70,473 shares of the medical equipment provider’s stock worth $3,698,000 after purchasing an additional 11,892 shares in the last quarter. Finally, Victory Capital Management Inc. purchased a new position in iRadimed during the 1st quarter valued at about $241,000. Hedge funds and other institutional investors own 92.34% of the company’s stock.

iRadimed Stock Performance

NASDAQ:IRMD opened at $84.33 on Thursday. iRadimed has a 52-week low of $47.48 and a 52-week high of $87.88. The company has a market cap of $1.07 billion, a P/E ratio of 52.06 and a beta of 1.04. The stock’s 50-day simple moving average is $74.36 and its 200 day simple moving average is $64.92.

iRadimed Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders of record on Friday, November 14th will be issued 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 is Friday, November 14th. iRadimed’s dividend payout ratio (DPR) is currently 41.21%.

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.