Bank of New York Mellon Corp Acquires 48,534 Shares of Iradimed Corporation (NASDAQ:IRMD)

Bank of New York Mellon Corp boosted its position in Iradimed Corporation (NASDAQ:IRMD) by 94.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 100,108 shares of the medical equipment provider’s stock after buying an additional 48,534 shares during the period. Bank of New York Mellon Corp’s holdings in Iradimed were worth $5,506,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in IRMD. Copeland Capital Management LLC increased its position in Iradimed by 12.6% in 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 buying an additional 53,138 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Iradimed by 189.7% during 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 in the last quarter. Eagle Asset Management Inc. purchased a new position in shares of Iradimed in the 3rd quarter worth approximately $1,239,000. Barclays PLC boosted its stake in shares of Iradimed by 113.9% in the 3rd quarter. Barclays PLC now owns 23,774 shares of the medical equipment provider’s stock worth $1,196,000 after buying an additional 12,657 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Iradimed by 70.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 29,226 shares of the medical equipment provider’s stock worth $1,470,000 after buying an additional 12,051 shares during the last quarter. 92.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on IRMD. StockNews.com downgraded Iradimed from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Roth Mkm reaffirmed a “buy” rating and issued a $72.00 price target (up from $60.00) on shares of Iradimed in a report on Friday, February 14th.

Iradimed Stock Performance

NASDAQ:IRMD opened at $52.45 on Monday. The firm has a market capitalization of $666.90 million, a price-to-earnings ratio of 34.97 and a beta of 0.83. Iradimed Corporation has a 52-week low of $40.18 and a 52-week high of $63.29. The stock has a fifty day moving average of $57.09 and a 200 day moving average of $53.48.

Iradimed (NASDAQ:IRMD) last posted its quarterly earnings data 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 business had revenue of $19.39 million for the quarter, compared to the consensus estimate of $19.09 million. Iradimed had a net margin of 26.26% and a return on equity of 24.12%. Equities analysts forecast that Iradimed Corporation will post 1.66 earnings per share for the current fiscal year.

Iradimed Increases Dividend

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

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.