Raymond James Financial Inc. Invests $2.32 Million in Iradimed Corporation (NASDAQ:IRMD)

Raymond James Financial Inc. acquired a new stake in Iradimed Corporation (NASDAQ:IRMD) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund acquired 42,170 shares of the medical equipment provider’s stock, valued at approximately $2,319,000. Raymond James Financial Inc. owned 0.33% of Iradimed as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in the business. R Squared Ltd purchased a new position in shares of Iradimed in the fourth quarter valued at $30,000. US Bancorp DE boosted its stake in Iradimed by 476.6% in the 4th quarter. US Bancorp DE now owns 617 shares of the medical equipment provider’s stock worth $34,000 after purchasing an additional 510 shares during the period. Quantbot Technologies LP grew its holdings in Iradimed by 83.0% during the 3rd quarter. Quantbot Technologies LP now owns 2,320 shares of the medical equipment provider’s stock valued at $117,000 after buying an additional 1,052 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Iradimed during the third quarter valued at about $126,000. Finally, Silver Coast Investments LLC purchased a new stake in shares of Iradimed in the fourth quarter worth about $236,000. 92.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

IRMD has been the subject of several analyst reports. Roth Mkm reissued a “buy” rating and issued a $72.00 price target (up from $60.00) on shares of Iradimed in a report on Friday, February 14th. StockNews.com downgraded Iradimed from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 13th.

Iradimed Stock Down 1.8 %

NASDAQ IRMD opened at $52.41 on Friday. The company has a 50-day simple moving average of $56.08 and a two-hundred day simple moving average of $53.88. Iradimed Corporation has a 12-month low of $40.18 and a 12-month high of $63.29. The firm has a market cap of $666.39 million, a price-to-earnings ratio of 34.94 and a beta of 0.83.

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

Iradimed Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were issued a $0.17 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $0.68 annualized dividend and a yield of 1.30%. This is a boost from Iradimed’s previous quarterly dividend of $0.15. Iradimed’s dividend payout ratio (DPR) is 45.33%.

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.