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).
Pfizer 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.