Iradimed Corporation (NASDAQ:IRMD) Declares Dividend Increase – $0.17 Per Share

Iradimed Corporation (NASDAQ:IRMD) declared a quarterly dividend on Friday, February 14th,Wall Street Journal reports. Shareholders of record on Monday, February 24th will be given a dividend of 0.17 per share by the medical equipment provider on Wednesday, March 5th. This represents a $0.68 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date of this dividend is Monday, February 24th. This is a boost from Iradimed’s previous quarterly dividend of $0.15.

Iradimed has a dividend payout ratio of 27.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Iradimed to earn $1.59 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 37.7%.

Iradimed Stock Down 0.3 %

IRMD stock opened at $55.23 on Friday. The firm has a market capitalization of $699.76 million, a PE ratio of 37.83 and a beta of 0.82. Iradimed has a twelve month low of $40.18 and a twelve month high of $63.29. The stock has a 50-day simple moving average of $57.20 and a two-hundred day simple moving average of $52.14.

Iradimed (NASDAQ:IRMD) last posted its 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). The company had revenue of $19.39 million for the quarter, compared to analysts’ expectations of $19.09 million. Iradimed had a net margin of 26.12% and a return on equity of 23.99%. On average, equities research analysts anticipate that Iradimed will post 1.52 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. StockNews.com lowered Iradimed from a “strong-buy” rating to a “buy” rating in a report on Thursday. Roth Mkm reissued a “buy” rating and set a $72.00 price objective (up previously from $60.00) on shares of Iradimed in a report on Friday.

Insider Transactions at Iradimed

In related news, CFO John Glenn sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $54.18, for a total value of $135,450.00. Following the completion of the sale, the chief financial officer now owns 4,383 shares in the company, valued at $237,470.94. The trade was a 36.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 37.10% of the stock is owned by insiders.

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.