Covidien PLC (COV) develops, manufactures, and sells health care products for use in clinical and home settings worldwide. COV has four divisions: Medical Devices, Imaging Solutions, Pharmaceutical Products, and Medical Supplies.
- Good chart pattern.
- Strong support above the 50 dma.
- Average daily volume of over 6.8 million shares.
- Number of funds owning the stock has increased for the past four quarters.
- Forward P/E ratio is at 11.9
Closing on Friday at 36.05, I expect Covidien to maintain the trend and cross the 200 dma (now at 38.94) in the near future, thus boosting the stock price for the next push.