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

Iradimed Corporation (NASDAQ:IRMD) declared a quarterly dividend on Thursday, February 6th, Wall Street Journal reports. Stockholders 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 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend is Monday, February 24th. This is an increase from Iradimed’s previous quarterly dividend of $0.15.

Iradimed has a payout ratio of 33.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Iradimed to earn $2.00 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 34.0%.

Iradimed Stock Down 1.6 %

IRMD opened at $56.24 on Friday. Iradimed has a 52-week low of $40.18 and a 52-week high of $63.29. The company has a market cap of $712.56 million, a P/E ratio of 37.49 and a beta of 0.82. The firm’s 50-day moving average price is $57.40 and its 200-day moving average price is $52.48.

Iradimed (NASDAQ:IRMD) last issued its 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 during the quarter, compared to analysts’ expectations of $19.09 million. Iradimed had a net margin of 26.26% and a return on equity of 24.12%. On average, research analysts anticipate that Iradimed will post 1.66 EPS for the current fiscal year.

Insiders Place Their Bets

In other Iradimed news, CFO John Glenn sold 2,500 shares of the company’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 sale, the chief financial officer now owns 4,383 shares in the company, valued at approximately $237,470.94. This represents a 36.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 37.10% of the company’s stock.

Wall Street Analyst Weigh In

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

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.