Covidien Announces Dividend Increase

Covidien plc (NYSE: COV) today announced that its Board of Directors has declared a 13% increase in the quarterly dividend rate, from $0.32 per ordinary share to $0.36 per ordinary share.

“This increase is consistent with our Board’s stated objective of moving to a higher payout ratio and returning free cash flow to shareholders,” said José E. Almeida, chairman, president and CEO, Covidien. “In the last 12 months we have returned 100 percent of our free cash flow1 through dividends and share buybacks, well above our ongoing target of 50 percent.”

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