Exciting news from the world of Disney! Earnest Partners LLC recently updated its stock holdings in The Walt Disney Company (NYSE:DIS). According to their latest SEC filing, the firm has reduced its stake by an astounding 50.6% during the first quarter of this year! They’ve sold off 69,973 shares, leaving them with 68,342 shares, now valued at approximately $8,362,000.
This major shift reflects a broader trend among institutional investors. Norges Bank, for instance, embarked on a similar path by scooping up a substantial number of Disney shares last quarter. Meanwhile, Jennison Associates LLC, Capital World Investors, ValueAct Holdings L.P., and Ontario Teachers Pension Plan Board have all made significant investments in the entertainment giant recently. As a result, institutional investors now account for a whopping 65.71% of the company’s stock!
Disney’s stock performance is keeping the excitement alive! In recent trading hours, shares of Disney climbed by $2.21, reaching $92.14. With a market cap of $167.97 billion and shares frequently changing hands at around 12.7 million, the stock maintains its allure for investors. While there has been some recent volatility, the general sentiment remains optimistic, aided by an average price target of $128.54 and a ‘Moderate Buy’ rating from analysts.
Disney’s recent earnings report added more glitter to its investor appeal. The company posted quarterly earnings of $1.21 per share, surpassing analysts’ expectations by $0.09. Its revenue for the quarter also grew by 1.2% year-over-year, showcasing a positive trend. This robust performance points to a bright future, with analysts predicting continued strong earnings throughout the fiscal year.
On another note, insider transactions have stirred some buzz as well. EVP Sonia L. Coleman sold 4,400 shares recently, while Director James P. Gorman purchased 20,000 shares, signaling confidence in Disney’s ongoing success story. Such moves always add another layer of intrigue and ensure everyone is watching what Disney’s top brass will do next.
With its vast array of entertainment segments, including film, television, theme parks, and a burgeoning streaming platform, The Walt Disney Company continues to be a pivotal player in the entertainment industry. Keep an eye on this fascinating company as it navigates the ever-evolving landscape of media and entertainment!
What are your thoughts on Disney’s current stock performance? Do you think their upward trajectory will continue? Share your thoughts in the comments below and don’t forget to share this article with other Disney enthusiasts!
Source: MarketBeat
