New World Advisors LLC has significantly reduced its investment in The Walt Disney Company (NYSE: DIS), trimming its holdings by 49.6% during the second quarter of 2023. The firm now owns 2,394 shares after selling 2,357 shares, with a total valuation of approximately $297,000 as reported in its latest filing with the U.S. Securities and Exchange Commission.
Several other institutional investors have also made adjustments to their positions in Disney. For instance, Kondo Wealth Advisors Inc. increased its stake by 1.2%, now holding 7,317 shares valued at $904,000. Similarly, Cornerstone Advisory LLC raised its investment by 1.5%, owning 5,890 shares worth $730,000, while Physician Wealth Advisors Inc. boosted its position by 3.5%, now holding 2,606 shares valued at $323,000. Other firms such as Childress Capital Advisors LLC and Apollon Financial LLC also reported slight increases in their shareholdings.
Institutional investors collectively own 65.71% of Disney’s stock, reflecting a significant level of institutional confidence in the entertainment behemoth.
Analyst Ratings and Market Performance
Disney’s stock has attracted considerable attention from analysts, with a mix of ratings influencing its market position. Weiss Ratings recently reaffirmed a “hold (C+)” rating, while Morgan Stanley raised its price target from $120.00 to $140.00, also assigning an “overweight” rating. In contrast, Wells Fargo & Company lowered its price target from $159.00 to $152.00 but maintained an “overweight” rating.
As of the latest assessments, eighteen analysts have rated Disney as a Buy, with eight issuing a Hold rating and one assigning a Sell rating. The average rating stands at “Moderate Buy,” with a consensus target price of $134.41, according to MarketBeat.
On November 13, 2023, Disney reported its quarterly earnings, revealing an earnings per share (EPS) of $1.11, surpassing analyst expectations of $1.03 by $0.08. The company recorded a net margin of 12.22% and a return on equity of 9.67%, with quarterly revenue reported at $22.46 billion, slightly below the anticipated $22.78 billion.
Dividend Announcement and Stock Performance
In addition to its earnings announcement, The Walt Disney Company declared a dividend of $0.75 per share, set to be paid on July 22, 2024. Shareholders on record by June 30, 2024, will be eligible for this dividend, which reflects a payout ratio of 21.87%.
As of the latest trading session, Disney shares opened at $104.15. The company has a market capitalization of $185.94 billion, with a price-to-earnings (P/E) ratio of 16.32 and a beta of 1.55. Over the past year, the stock has fluctuated between a low of $80.10 and a high of $124.69.
The Walt Disney Company, a global leader in entertainment, operates across three main segments: Entertainment, Sports, and Experiences. It produces and distributes content through renowned platforms including the ABC Television Network, Disney+, and various film studios, making it a cornerstone of the international entertainment industry.
