Iradimed Corporation Plans Quarterly Dividend of $0.17 (NASDAQ:IRMD)

Iradimed Corporation (NASDAQ:IRMD) declared a quarterly dividend on Monday, May 5th, Wall Street Journal reports. Shareholders of record on Tuesday, May 20th will be paid a dividend of 0.17 per share by the medical equipment provider on Friday, May 30th. This represents a $0.68 annualized dividend and a yield of 1.26%. The ex-dividend date of this dividend is Tuesday, May 20th.

Iradimed has a dividend payout ratio of 34.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Iradimed to earn $2.00 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 34.0%.

Iradimed Stock Performance

Shares of IRMD opened at $53.91 on Friday. The stock has a market capitalization of $685.47 million, a P/E ratio of 35.94 and a beta of 0.91. The company’s fifty day moving average is $52.17 and its two-hundred day moving average is $54.42. Iradimed has a 1 year low of $41.69 and a 1 year high of $63.29.

Iradimed (NASDAQ:IRMD) last posted its quarterly earnings results on Thursday, February 13th. The medical equipment provider reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.05). Iradimed had a return on equity of 24.12% and a net margin of 26.26%. The company had revenue of $19.39 million for the quarter, compared to analyst estimates of $19.09 million. Sell-side analysts predict that Iradimed will post 1.66 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. StockNews.com raised shares of Iradimed from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 6th. Roth Mkm reaffirmed a “buy” rating and set a $72.00 price target (up from $60.00) on shares of Iradimed in a research note on Friday, February 14th.

Hedge Funds Weigh In On Iradimed

A number of institutional investors and hedge funds have recently made changes to their positions in IRMD. Jones Financial Companies Lllp grew its stake in Iradimed by 8,568.5% in the 1st quarter. Jones Financial Companies Lllp now owns 11,269 shares of the medical equipment provider’s stock valued at $591,000 after acquiring an additional 11,139 shares during the last quarter. Royal Bank of Canada grew its stake in Iradimed by 14.7% in the 1st quarter. Royal Bank of Canada now owns 25,782 shares of the medical equipment provider’s stock valued at $1,354,000 after acquiring an additional 3,307 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Iradimed by 1.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 169,387 shares of the medical equipment provider’s stock valued at $8,889,000 after acquiring an additional 1,821 shares during the last quarter. AQR Capital Management LLC grew its stake in Iradimed by 7.5% in the 1st quarter. AQR Capital Management LLC now owns 15,829 shares of the medical equipment provider’s stock valued at $831,000 after acquiring an additional 1,108 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Iradimed by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,811 shares of the medical equipment provider’s stock valued at $252,000 after acquiring an additional 234 shares during the last quarter. 92.34% of the stock is owned by institutional investors and hedge funds.

Iradimed Company Profile

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.