NEW YORK (

TheStreet

) --

Covidien

(NYSE:

COV

) hit a new 52-week high Monday as it is currently trading at $55.15, above its previous 52-week high of $55.13 with 1.6 million shares traded as of 2:15 p.m. ET. Average volume has been six million shares over the past 30 days.

Covidien has a market cap of $27.1 billion and is part of the

health care

sector and

health services

industry. Shares are up 16% year to date as of the close of trading on Thursday.

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Covidien plc develops, manufactures, and sells healthcare products for use in clinical and home settings in the United States and internationally. The company has a P/E ratio of 16.3, below the average health services industry P/E ratio of 16.8 and below the S&P 500 P/E ratio of 16.7.

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TheStreet Ratings rates Covidien as a

buy

. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in stock price during the past year, growth in earnings per share, expanding profit margins and increase in net income. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook. You can view the full

Covidien Ratings Report

.

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