Puts Purchased on Covidien (COV)

Shares of Covidien Public Limited Company COV are higher on the session by 1.89%, currently trading at $54.89. The stock has been moving largely higher over the past six months and is currently trading above the 50-day and 200-day moving averages. Options traders are buying puts on the name today. A short while ago the May $52.50 put was purchased 1,100 times, on the offer, on open interest of 1,175 contracts. Overall put volume is now running at 2.20x the daily average with 86% of all puts traded being purchases on the offer. Covidien Public Limited Company, formerly Covidien Ltd. is engaged in the development, manufacture and sale of healthcare products for use in clinical and home settings. The company operates its businesses through three segments: Medical Devices, Pharmaceuticals and Medical Supplies.