Tag Archives: cov

Covidien Q1 Earnings Beat Estimates As Buyout Nears

Soon-to-be-acquired medical-device giant Covidien (COV) beat analysts’ fiscal Q1 estimates Thursday, sending the stock up modestly. For the quarter ended Dec. 26, profit rose 11% over the year-earlier quarter to $1.11 a share, excluding one-time items. It beat analysts’ consensus by 6 cents, according to Thomson Reuters. Sales rose 2% to $2.69 billion, about $30 million below estimates. Adjusting for foreign-exchange (FX) headwinds, sales rose 6%.

Medtronic-Covidien Deal Says Size Matters In Devices

Medtronic’s $43 billion buyout of fellow medical-device giant Covidien got a mostly friendly reception on Wall Street Monday, as some analysts foresaw a further round of mega-mergers amid a changing industry landscape. Late Sunday, Medtronic (MDT) announced it had agreed to buy Covidien (COV) in a cash-and-stock deal that would give Covidien shareholders 30% ownership of the new company. The deal would relocate Medtronics’ corporate headquarters

Medtronic Buying Covidien, Becoming Device Colossus

Shares of medical device maker Covidien (COV) jumped 28% to above 92 on the stock market today after Medtronic (MDT) announced late Sunday that it is buying the company for $43 billion. Medtronic’s cash-and-stock payment amounts to $93.22 a share, based on Medtronic’s closing price Friday, and will create an industry heavyweight with $27 billion in annual revenue. Although Covidien’s operating headquarters are in Mansfield, Mass., its official