NEW YORK ( TheStreet) -- Shares of the following stocks hit 52-week highs on Wednesday: Pfizer (PFE), Lockheed Martin (LMT), Valspar (VAL), Biogen Idec (BIIB), Madison Square Garden (MSG) and Bally Technologies (BYI).
The drug company announced on Monday that Nestle is buying its infant nutrition division for $11.85 billion.
Shares of Pfizer hit a 52-week high Wednesday of $22.98. The stock's 52-week low of $16.63 was set on Aug 9.Pfizer trades at an estimated price-to-earnings ratio for next year of 9.73 times; the average for pharmaceutical companies is 21.49. For comparison, Merck (MRK) has a higher forward P/E of 10.32. Twenty-one of the 28 analysts who cover Pfizer rated it buy. Five analysts gave the stock a hold rating and two rated it sell. TheStreet Ratings gives Pfizer an A- grade with a buy rating and $27.96 price target. The stock has risen 5.82% year to date.
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