Harvard Management Co, which oversees the Ivy League school's $32.7 billion endowment, took a new position in surgical device maker Covidien Plc during the second quarter before news of a planned takeover helped push the stock price higher, a regulatory filing shows. Harvard said it owned 400,000 shares of Covidien, which ranked the company as Harvard's sixth largest U.S. stock investment, making up 3.82 percent of its portfolio, the filing made with the Securities and Exchange Commission last week shows.Large investment managers are required to report their stock holdings 45 days after the end of the quarter in a so-called 13F filing. Many investors, including prominent hedge funds whose holdings are closely guarded, wait until the deadline on Thursday to file their holdings.Medical device company Medtronic Inc plans to pay $43 billion for Covidien and move its headquarters to Ireland, where Covidien is based, to take advantage of lower corporate tax rates. The takeover news sent Covidien's share price up 20 percent, and the price has gained 27 percent since January. On Wednesday, Covidien ended up 2.01 percent at $86.72.Harvard also took new positions in Protective Life Corp and Hillshire Brands and sold out of Beam Inc after the company's stock price surged early in the year thanks to news of takeover by Suntory Holdings. Harvard trimmed its stake in Hudson City Bancorp, which still remained Harvard Management's biggest holding.
Covidien Public Limited Company is engaged in the development, manufacture and sale of healthcare products for use in clinical and home settings. Shares of COV traded higher by 2.01% or $1.71/share to $86.72. In the past year, the shares have traded as low as $59.17 and as high as $92.68. On average, 5660040 shares of COV exchange hands on a given day and today's volume is recorded at 3157474.
Hudson City Bancorp, Inc. (Hudson City Bancorp) serves as the holding company of its subsidiary, Hudson City Savings Bank (the Bank). Shares of HCBK traded higher by 0.21% or $0.02/share to $9.56. In the past year, the shares have traded as low as $8.81 and as high as $10.16. On average, 2482050 shares of HCBK exchange hands on a given day and today's volume is recorded at 1752106.
Medtronic, Inc. (Medtronic) is engaged in medical technology - alleviating pain, restoring health, and extending life for millions of people worldwide. Shares of MDT traded higher by 2.03% or $1.26/share to $63.47. In the past year, the shares have traded as low as $51.22 and as high as $65.50. On average, 8569690 shares of MDT exchange hands on a given day and today's volume is recorded at 6665429.
Protective Life Corporation is a holding company. Shares of PL fell by 0.27% or $-0.19/share to $69.50. In the past year, the shares have traded as low as $41.26 and as high as $69.88. On average, 1636480 shares of PL exchange hands on a given day and today's volume is recorded at 715090.
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