Covidien Shares Up 5.2% (COV)

Shares of Covidien plc. COV are trading up 5.2% at $43.48 per share during the Tuesday afternoon trading session. The day's trading range for shares of Covidien plc has been between $42.80 and $44.47 per share. Analysts covering the company's stock give it a consensus price target of $47.47 per share. Volume of 5.4 million shares is already far above the daily average volume of 3.5 million shares. Covidien plc. (COV) announced on Tuesday morning that it beat consensus Wall Street expectations. Covidien plc announced 4th quarter adjusted earnings per share of 84 cents, on revenue of $2.67 billion. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 74 cents per share, on revenue of $2.64 billion. Chairman, president and CEO Richard J. Meelia said, “We finished fiscal 2010 by again delivering improvement in our quarterly gross and operating margins, combined with double-digit earnings growth. This solid performance was led by our largest business segment, Medical Devices, which posted another good quarter paced by strong gains in Vascular, Oximetry & Monitoring and Energy products. Read more from Benzinga's Company news.