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Covidien plans another mammoth buy-back

This article was originally published in Clinica

Executive Summary

Less than two years after launching a substantial $2 billion share repurchase programme, Covidien's board has authorised another $3 billion buy-back. The previous programme, started in August 2011 (www.clinica.co.uk, 12 August 2011), currently has around $425 million remaining, the firm said. Covidien is currently well above its stated annual goal of returning at least 50% of free cash flow to shareholders: in 2012, this totalled $1.75 billion, or nearly 100%.

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