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Covidien raises quarterly dividend to 32 cents

DEERFIELD, Ill. (AP) -- Health care products maker Covidien raised its quarterly dividend by 23 percent, to 32 cents from 26 cents, on Thursday.

The company makes medical devices and surgical supplies, among other items. The dividend is payable Nov. 5 to shareholders of record on Oct. 10.

Covidien PLC said the increase is based on its good results in 2013 and confidence in further growth. The company plans to continue increasing its dividend payments and wants its dividend payments to be equal to at least 35 percent of its adjusted earnings per share. That implies a target dividend of about $1.49 per year, or 37 cents per quarter, based on its reported adjusted earnings of $4.26 per share for 2012.