Insider Buying: Covidien plc VP Purchases 4,100 Shares of Stock (COV)
Covidien plc (NYSE:COV) VP Coleman N. Lannum III acquired 4,100 shares of the stock in a transaction dated Monday, August 18th. The stock was purchased at an average price of $87.58 per share, for a total transaction of $359,078.00. Following the transaction, the vice president now directly owns 11,042 shares in the company, valued at approximately $967,058. The purchase was disclosed in a legal filing with the SEC, which is available at this link.
Covidien plc (NYSE:COV) traded up 0.82% on Tuesday, hitting $88.44. 3,748,511 shares of the company’s stock traded hands. Covidien plc has a one year low of $59.17 and a one year high of $92.68. The stock’s 50-day moving average is $88.21 and its 200-day moving average is $76.78. The company has a market cap of $39.953 billion and a P/E ratio of 26.46. Covidien plc also saw a significant increase in short interest in the month of July. As of July 31st, there was short interest totalling 4,958,375 shares, an increase of 84.5% from the July 15th total of 2,686,967 shares. Approximately 1.1% of the shares of the company are sold short. Based on an average daily trading volume, of 5,915,966 shares, the short-interest ratio is presently 0.8 days.
Covidien plc (NYSE:COV) last released its earnings data on Friday, July 25th. The company reported $1.04 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.00 by $0.04. The company had revenue of $2.69 billion for the quarter, compared to the consensus estimate of $2.69 billion. During the same quarter in the prior year, the company posted $0.91 earnings per share. The company’s quarterly revenue was up 4.3% on a year-over-year basis. Analysts expect that Covidien plc will post $4.01 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, August 19th. Investors of record on Tuesday, July 29th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 1.45%. The ex-dividend date is Friday, July 25th.
A number of analysts have recently weighed in on COV shares. Analysts at Citigroup Inc. reiterated a “buy” rating on shares of Covidien plc in a research note on Monday, July 28th. They now have a $101.00 price target on the stock, up previously from $81.00. Separately, analysts at Leerink Swann raised their price target on shares of Covidien plc from $93.00 to $95.00 in a research note on Monday, July 28th. They now have a “market perform” rating on the stock. Finally, analysts at RBC Capital raised their price target on shares of Covidien plc from $71.00 to $95.00 in a research note on Monday, July 28th. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Covidien plc currently has a consensus rating of “Hold” and an average target price of $87.54.
Covidien Public Limited Company is engaged in the development, manufacture and sale of healthcare products for use in clinical and home settings.
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