Novartis (NVS)

[DewDiligence]

NVS has never been a proponent of share buybacks to anywhere near the same degree as, say, PFE. One reason is that, for most of the past decade, NVS has sold at a considerably higher valuation than PFE. Moreover, European-based companies in general are less inclined to buy back shares aggressively than are US companies and may even have corporate limitations on doing so (e.g. Shell: #msg-71739798).