Legal & General Group Plc Trims Holdings in Iradimed Corporation (NASDAQ:IRMD)

Legal & General Group Plc lowered its stake in shares of Iradimed Corporation (NASDAQ:IRMD) by 17.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 8,680 shares of the medical equipment provider’s stock after selling 1,875 shares during the period. Legal & General Group Plc’s holdings in Iradimed were worth $477,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in IRMD. Vanguard Group Inc. grew its stake in shares of Iradimed by 4.4% in the fourth quarter. Vanguard Group Inc. now owns 536,811 shares of the medical equipment provider’s stock valued at $29,525,000 after buying an additional 22,762 shares in the last quarter. Copeland Capital Management LLC boosted its holdings in Iradimed by 12.6% during the 4th quarter. Copeland Capital Management LLC now owns 475,563 shares of the medical equipment provider’s stock valued at $26,156,000 after acquiring an additional 53,138 shares during the period. Geode Capital Management LLC grew its position in Iradimed by 17.9% in the 4th quarter. Geode Capital Management LLC now owns 222,772 shares of the medical equipment provider’s stock valued at $12,255,000 after acquiring an additional 33,879 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Iradimed by 94.1% during the fourth 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 period. Finally, Bridge City Capital LLC lifted its position in shares of Iradimed by 0.8% during the fourth quarter. Bridge City Capital LLC now owns 61,899 shares of the medical equipment provider’s stock worth $3,404,000 after purchasing an additional 462 shares in the last quarter. Institutional investors and hedge funds own 92.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on IRMD. Roth Mkm restated a “buy” rating and issued a $72.00 price objective (up previously from $60.00) on shares of Iradimed in a report on Friday, February 14th. StockNews.com raised Iradimed from a “buy” rating to a “strong-buy” rating in a research report on Friday, April 25th.

Iradimed Stock Performance

Shares of Iradimed stock opened at $53.70 on Wednesday. The business has a 50-day simple moving average of $52.47 and a 200-day simple moving average of $54.30. Iradimed Corporation has a one year low of $40.55 and a one year high of $63.29. The company has a market cap of $682.80 million, a PE ratio of 35.80 and a beta of 0.82.

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 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 firm had revenue of $19.39 million for the quarter, compared to analyst estimates of $19.09 million. On average, sell-side analysts predict that Iradimed Corporation will post 1.66 earnings per share for the current fiscal year.

Iradimed Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.27%. This is an increase from Iradimed’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Monday, February 24th. Iradimed’s payout ratio is 45.33%.

Iradimed 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.