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    NESN   CH0038863350

NESTLÉ S.A.

(NESN)
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Delayed Swiss Exchange  -  11:30 2022-08-19 am EDT
116.92 CHF   +0.43%
08/16Baby formula supplies improving, say U.S. retailers Walmart and Target
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08/09A2 Milk's hopes to sell baby food in U.S. curdled, shares plunge
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U.S. FTC launches inquiry into infant formula shortage

05/24/2022 | 04:16pm EDT

WASHINGTON, May 24 (Reuters) - The Federal Trade Commission said on Tuesday it had launched an inquiry into the ongoing shortage for infant formula in the United States and would examine the pattern of mergers and acquisitions in the formula market.

The inquiry comes after a Feb. 17 recall by top baby formula maker Abbott Laboratories and the closing of its manufacturing plant in Sturgis, Michigan created one of the biggest baby formula shortages in recent history for U.S. families.

President Joe Biden's administration has sought to relieve the shortage by importing emergency supplies from Europe, the first of which arrived earlier this week. Biden invoked the Cold War-era Defense Production Act to help boost supplies.

In a statement, FTC Chair Lina Khan said the inquiry would "identify the factors that contributed to the shortage or hampered out ability to respond to it."

The inquiry will also examine mergers and acquisitions in the infant formula market "to better understand current concentration, how it came to be, and how that should inform future merger review," the FTC said.

The FTC will also seek public comment on whether the FTC itself or state or federal agencies may have taken steps that contributed to fragile supply chains for infant formula, it added.

(Reporting by Rami Ayyub; Editing by Leslie Adler, Bernard Orr)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ABBOTT LABORATORIES 0.09% 110.06 Delayed Quote.-21.80%
NESTLÉ S.A. 0.43% 116.92 Delayed Quote.-8.65%
RECKITT BENCKISER GROUP PLC 2.46% 6674 Delayed Quote.5.23%
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Analyst Recommendations on NESTLÉ S.A.
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Financials
Sales 2022 94 207 M 98 246 M 98 246 M
Net income 2022 11 868 M 12 376 M 12 376 M
Net Debt 2022 41 374 M 43 148 M 43 148 M
P/E ratio 2022 27,2x
Yield 2022 2,53%
Capitalization 323 B 336 B 336 B
EV / Sales 2022 3,86x
EV / Sales 2023 3,73x
Nbr of Employees 276 000
Free-Float 97,9%
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Mean consensus OUTPERFORM
Number of Analysts 26
Last Close Price 116,92 CHF
Average target price 124,96 CHF
Spread / Average Target 6,87%
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Managers and Directors
Ulf Mark Schneider Chief Executive Officer & Director
François-Xavier Michel Marie Roger Chief Financial Officer & Executive Vice President
Paul Bulcke Chairman
Stefan Palzer Chief Technology Officer & Executive VP
Magdi Batato Head-Operations & Executive Vice President
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