Covidien: consistent IR until the end
This is an edited version of IR Week, IR Magazine's weekly newsletter. To receive the newsletter, please register here.
Covidien signed off on a high at the IR Magazine Awards – US 2015 last week. The healthcare firm, which was acquired by Medtronic for $43 bn in January, ruling it out of future awards events, picked up the large-cap grand prix for a hugely impressive fifth year in a row.
Cole Lannum, Covidien’s head of IR, also picked up the individual prize for best IR officer at a large cap for the fifth consecutive year – another remarkable achievement.
Speaking on the night, Lannum highlighted one of the reasons why Covidien’s IR department has received so many votes from investors and analysts over the years: consistency. Right up until the day the Medtronic deal closed, Covidien’s IR team continued to go about its work as normal, he explained. The shareholder base may have filled up with arbitrage hedge funds and others that didn’t know the story so well, but Covidien kept to its philosophy of treating all investors the same.
Many congratulations to all the winners and nominees on the night. Another star performer was Ryder System, which picked up the mid-cap prizes for best overall IR and best IRO. Wright Medical, meanwhile, followed up its 2014 success by winning the small-cap grand prix for the second time in two years.
More videos can be viewed on IR TV. The research behind the awards is contained in the IR Magazine Investor Perception Study – US 2015, which has now been published. The report includes the IR Magazine US Top 100, profiles of the top 20 IR departments, and comments from investors and analysts on what they look for in IR across a range of categories. To find out how to receive your copy, please click here.
Correction: Last week's newsletter stated that Cole Lannum has won the best IRO award (large cap) at the IR Magazine Awards – US for four years in a row. In fact, Lannum has won the award five years running.