NEW YORK (TheStreet) -- Covidien (COV) shares are up 3.47% to $106 in trading on Thursday after the healthcare products manufacturer reported its financial results before the opening bell today.

The company reported first quarter earnings of $511 million, or $1.11 per diluted share, seven cents better than the $1.04 per share analysts were expecting for the quarter.

The Dublin, Ireland-based company also generated quarterly revenue of$2.69 billion, missing analysts estimates of $2.72 billion in revenue. The stock has risen more than 50% over the last 12 months.

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TheStreet Ratings team rates COVIDIEN PLC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate COVIDIEN PLC (COV) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, increase in net income, revenue growth and expanding profit margins. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."

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Highlights from the analysis by TheStreet Ratings Team goes as follows:

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COV

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