Insider Buying: Coleman N. Lannum III Acquires 1,720 Shares of Covidien plc Stock (COV)
Covidien plc (NYSE:COV) VP Coleman N. Lannum III purchased 1,720 shares of the company’s stock in a transaction that occurred on Tuesday, August 19th. The shares were purchased at an average cost of $87.82 per share, for a total transaction of $151,050.40. Following the transaction, the vice president now directly owns 12,405 shares of the company’s stock, valued at approximately $1,089,407. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Covidien plc (NYSE:COV) traded up 0.26% during mid-day trading on Thursday, hitting $89.02. 1,727,739 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 has a 50-day moving average of $88.05 and a 200-day moving average of $77.10. The company has a market cap of $40.215 billion and a P/E ratio of 26.78. Covidien plc also was the target of a large 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. Based on an average trading volume of 5,915,966 shares, the short-interest ratio is currently 0.8 days. Approximately 1.1% of the company’s shares are short sold.
Covidien plc (NYSE:COV) last announced its earnings results 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 $4.02 EPS for the current fiscal year.
A number of research firms have recently commented on COV. 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 given a buy rating to the stock. The stock presently has an average 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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