Covidien (NYSE:COV) said it expects to close its spinout of the Mallinckrodt pharmaceuticals business by the end of this month, with a distribution of shares in the new company.
Mansfield, Mass.-based Covidien said it will issue 1 single share of Mallinckrodt stock for 8 shares of COV stock to interested investors, will all distributions scheduled for completion by June 28.
Mallinckrodt will trade on the New York Stock Exchange under the MNK symbol, according to a press release.
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Analysts’ ups and downs
- Abbott (NYSE:ABT): Zacks reiterates "neutral" rating, $39 price target.
- Abiomed (NSDQ:ABMD): TheStreet upgrades from “hold” to “buy” rating; Zacks downgrades from "outperform" to "neutral" rating, $23 price target.
- Allscripts (NSDQ:MDRX): Sterne Agee initiates with "buy" rating, $17 price target.
- Amgen (NSDQ:AMGN): Ned Davis Research downgrades from “buy” to “neutral” rating.
- AthenaHealth (NSDQ:ATHN): Ned Davis Research downgrades from a “neutral” to “sell” rating; Sterne Agee initiates with "neutral" rating, $84 price target.
- Becton Dickinson & Co. (NYSE:BDX): Argus raises price target from $95 to $115, "buy" rating
- Boston Scientific (NYSE:BSX): Deutsche Bank raises price target to $9; Wedbush restates "hold" rating, $10 price target
- Cardinal Health (NYSE:CAH): Credit Suisse raises price target to $55.
- Cerner (NSDQ:CERN): Sterne Agee initiates coverage with "neutral" rating, $100 price target.
- Cyberonics (NSDQ:CYBX): Jefferies reiterates "buy" rating, raises price target from $59 to $60.
- Dexcom Inc. (NSDQ:DXCM): Feltl & Co. downgrades from “hold” to “sell” rating.
- Echo Therapeutics (NSDQ:ECTE): LifeTech Capital downgrades from “buy” to “neutral” rating, $3.75 price target.
- Edwards Lifesciences (NYSE:EW): Credit Suisse upgrades from "neutral" to "outperform" rating, raises price target to $77 from $73; Deutsche Bank lowers price target to $75.
- Endo Health Solutions (NSDQ:ENDP): UBS raises price target to $41.
- Globus Medical (NYSE:GMED): Canaccord Genuity reiterates "buy" rating, $22 price target; Leerink Swann reiterates "outperform" rating, $19 price target; Piper Jaffray reiterates "overweight" rating, maintains $22 price target.
- Greenway Medical Technologies (NSDQ:GWAY): Sterne Agee resumes coverage with "underperform" rating, $5 price target.
- Haemonetics (NYSE:HAE): JMP Securities initiates coverage with market "outperform" rating, $52 price target.
- HeartWare International (N; SDQ:HTWR): J.P. Morgan reiterates "overweight" rating; Leerink Swann reiterates "outperform" rating, raises price target to $110 from $100.
- Henry Schein (NSDQ:HSIC): Wells Fargo initiates with “outperform” rating.
- Intuitive Surgical (NSDQ:ISRG): Wedbush initiates coverage with "outperform" rating, $580 price target.
- Medtronic (NYSE:MDT): Cowen & Co. reaffirms "outperform" rating, $58 price target; Leerink Swann reiterates "market perform" rating, $54 price target; Stifel maintains "hold" rating.
- NuVasive Inc. (NSDQ:NUVA): Leerink Swann maintains “market perform” rating, raises price target to $21 from $20.
- Philips (NYSE:PHG): Deutsche Bank upgrades from “hold” to “buy” rating.
- Smith & Nephew (FTSE:SN, NYSE:SNN): AlphaValue reissues "reduce" rating, £7.05 ($11.07) price target.
- SurModics (NSDQ:SRDX): Sidoti upgrades from “neutral” to “buy” rating.
