Covidien, Mansfield Mass, recently began trading on the New York Stock Exchange under the symbol COV. The debut on Wall Street came on the heels of being spun off from Tyco Healthcare and marked its status as one of the biggest companies in Massachusetts with revenues of $10 billion in 2006.
Even before going public, Bostonians were well aware of the company’s presence with its large ad campaign in Fenway Park as an official sponsor of the Red Sox.
One of the biggest changes from the company’s stewardship under Tyco, according to CEO Richard Meelia, will be the increased spending on research and development. Wall Street analysts will be watching this move closely in an industry that has seen declining growth over the years.
Covidien’s portfolio includes brands such as United States Surgical, Autosuture, Valleylab, Mallinckrodt, Nellcor, Puritan Bennett, and Kendall.
The company’s common stock has been holding steadily at around $44.
