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

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

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Copeland Capital Management LLC raised its stake in Iradimed by 12.6% during the fourth quarter. Copeland Capital Management LLC now owns 475,563 shares of the medical equipment provider’s stock valued at $26,156,000 after buying an additional 53,138 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Iradimed by 94.1% in the 4th quarter. Bank of New York Mellon Corp now owns 100,108 shares of the medical equipment provider’s stock worth $5,506,000 after purchasing an additional 48,534 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Iradimed by 189.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 66,632 shares of the medical equipment provider’s stock worth $3,351,000 after purchasing an additional 43,635 shares during the last quarter. Shaker Investments LLC OH boosted its stake in Iradimed by 0.8% in the 4th quarter. Shaker Investments LLC OH now owns 29,894 shares of the medical equipment provider’s stock worth $1,644,000 after purchasing an additional 233 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in Iradimed by 70.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 29,226 shares of the medical equipment provider’s stock valued at $1,470,000 after purchasing an additional 12,051 shares during the last quarter. Hedge funds and other institutional investors own 92.34% of the company’s stock.

Iradimed Stock Performance

IRMD opened at $52.41 on Friday. The company’s 50-day simple moving average is $56.08 and its two-hundred day simple moving average is $53.88. Iradimed Corporation has a 52-week low of $40.18 and a 52-week high of $63.29. The stock has a market capitalization of $666.39 million, a P/E ratio of 34.94 and a beta of 0.83.

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

Iradimed Increases Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Roth Mkm reiterated a “buy” rating and set a $72.00 price target (up previously from $60.00) on shares of Iradimed in a report on Friday, February 14th. StockNews.com cut Iradimed from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 13th.

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.