Novartis (NVS)

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NVS claimed that the share repurchases last year were done to offset dilution which occurred as a result of the Alcon acquisition. However, they have conducted several different buybacks in the past 5 years and have increased the dividend each year. NVS has tried to return cash to investors and was not rewarded by wall street despite sales and income growth which outpaced their peers. We will have to see how things play out this year when no growth is expected.

FL