Avantax Advisory Services Inc. Makes New $217,000 Investment in Iradimed Corporation (NASDAQ:IRMD)

Avantax Advisory Services Inc. purchased a new stake in shares of Iradimed Corporation (NASDAQ:IRMD) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,947 shares of the medical equipment provider’s stock, valued at approximately $217,000.

Several other institutional investors have also modified their holdings of IRMD. Shaker Investments LLC OH boosted its stake in Iradimed by 0.8% during the 4th quarter. Shaker Investments LLC OH now owns 29,894 shares of the medical equipment provider’s stock valued at $1,644,000 after purchasing an additional 233 shares during the period. Jacobs Levy Equity Management Inc. raised its holdings in shares of Iradimed by 1.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 24,779 shares of the medical equipment provider’s stock valued at $1,246,000 after buying an additional 472 shares during the last quarter. US Bancorp DE raised its holdings in shares of Iradimed by 476.6% during the fourth quarter. US Bancorp DE now owns 617 shares of the medical equipment provider’s stock valued at $34,000 after buying an additional 510 shares during the last quarter. R Squared Ltd acquired a new position in shares of Iradimed during the fourth quarter worth approximately $30,000. Finally, Principal Financial Group Inc. grew its holdings in Iradimed by 11.2% in the 4th quarter. Principal Financial Group Inc. now owns 5,440 shares of the medical equipment provider’s stock worth $299,000 after buying an additional 546 shares in the last quarter. Institutional investors own 92.34% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. StockNews.com downgraded Iradimed from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 13th. Roth Mkm restated a “buy” rating and set a $72.00 price objective (up from $60.00) on shares of Iradimed in a research note on Friday, February 14th.

Iradimed Price Performance

Shares of NASDAQ:IRMD opened at $52.78 on Thursday. The stock’s 50 day moving average price is $56.32 and its 200 day moving average price is $53.78. The stock has a market cap of $671.10 million, a price-to-earnings ratio of 35.19 and a beta of 0.83. Iradimed Corporation has a 12 month low of $40.18 and a 12 month high of $63.29.

Iradimed (NASDAQ:IRMD) last announced its quarterly earnings data on Thursday, February 13th. The medical equipment provider reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.05). The firm had revenue of $19.39 million during the quarter, compared to analyst estimates of $19.09 million. Iradimed had a net margin of 26.26% and a return on equity of 24.12%. On average, sell-side analysts expect that Iradimed Corporation will post 1.66 EPS for the current year.

Iradimed Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th were paid a $0.17 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $0.68 annualized dividend and a dividend yield of 1.29%. This is a boost from Iradimed’s previous quarterly dividend of $0.15. Iradimed’s payout ratio is currently 45.33%.

Iradimed 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.