Iradimed (NASDAQ:IRMD) Upgraded by StockNews.com to “Strong-Buy” Rating

StockNews.com upgraded shares of Iradimed (NASDAQ:IRMD) from a buy rating to a strong-buy rating in a research report sent to investors on Tuesday.

Separately, Roth Mkm reaffirmed a “buy” rating and set a $72.00 price objective (up from $60.00) on shares of Iradimed in a report on Friday, February 14th.

Iradimed Trading Up 3.3 %

Shares of NASDAQ:IRMD opened at $52.67 on Tuesday. The stock has a market cap of $669.70 million, a PE ratio of 35.11 and a beta of 0.91. The stock’s fifty day simple moving average is $52.13 and its two-hundred day simple moving average is $54.33. Iradimed has a 1-year low of $41.60 and a 1-year high of $63.29.

Iradimed (NASDAQ:IRMD) last announced its quarterly earnings data on Thursday, February 13th. The medical equipment provider reported $0.40 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $19.09 million. On average, sell-side analysts forecast that Iradimed will post 1.66 earnings per share for the current fiscal year.

Iradimed Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Tuesday, May 20th will be given a dividend of $0.17 per share. The ex-dividend date is Tuesday, May 20th. This represents a $0.68 annualized dividend and a dividend yield of 1.29%. Iradimed’s dividend payout ratio is currently 43.87%.

Institutional Investors Weigh In On Iradimed

Several hedge funds and other institutional investors have recently modified their holdings of the stock. US Bancorp DE grew its position in shares of Iradimed by 132.7% during the 1st quarter. US Bancorp DE now owns 1,436 shares of the medical equipment provider’s stock valued at $75,000 after purchasing an additional 819 shares in the last quarter. Avantax Advisory Services Inc. boosted its stake in Iradimed by 15.2% during the first quarter. Avantax Advisory Services Inc. now owns 4,546 shares of the medical equipment provider’s stock valued at $239,000 after buying an additional 599 shares during the period. Victory Capital Management Inc. purchased a new position in Iradimed during the first quarter worth about $241,000. Envestnet Asset Management Inc. increased its stake in Iradimed by 20.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 70,473 shares of the medical equipment provider’s stock worth $3,698,000 after acquiring an additional 11,892 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Iradimed by 1.6% in 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 last quarter. 92.34% of the stock is currently owned by institutional investors.

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.