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Shares of Covidien plc (COV - Analyst Report) rose 0.30% following the announcement of its rise in quarterly dividend payment. The manufacturer of medical devices and supplies has declared a 23% rise in dividend to 32 cents from 26 cents per share, which is payable on Nov 5 to shareholders of record as on Oct 10, 2013.

Covidien follows a policy of continuous rise in dividends in order to soothe its investors. The company raised its quarterly dividend by 15.6% to 26 cents per share for fiscal 2013 from 22.5 cents in fiscal 2012.

The recent raise in dividend push the annualized dividend payment by 23.1% to $1.28 per share from $1.04 in fiscal 2013. COV plans to make its dividend payments to be at least 35% of its adjusted earnings per share. This means an annual dividend of $1.49 or 37 cents per quarter given its 2012-adjusted earnings of $4.26 per share.

Covidien posted flat adjusted earnings per share from continuing operations of 91 cents for the third quarter of fiscal 2013, on a year over year basis. However, earnings beat the Zacks Consensus Estimate by a penny.

Revenues in the quarter increased 3% (up 5% in constant currency) to $2,578 million, driven by higher sales in the Medical Devices segment. Revenues were slightly below the Zacks Consensus Estimate of $2,587 million.

On a geographic basis, revenues in the U.S. market decreased 3% to $1,299 million while international revenues climbed 10% (up 14% in constant currency) to $1,279 million, driven by emerging market growth.

Currently, COV carries a Zacks Rank #3 (Hold). While we remain on the sidelines regarding the company, other companies that are performing well include Alere Inc. (ALR - Snapshot Report), with a Zacks Rank #1 (Strong Buy), and Advaxis Inc. (ADXS) and Boston Scientific Corp. (BSX - Analyst Report), both with a Zacks Rank #2 (Buy).

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