Empirical Asset Management Reduces Walt Disney Stake by 63%

Empirical Asset Management LLC has significantly reduced its investment in The Walt Disney Company (NYSE: DIS), cutting its position by 63% during the second quarter of 2023. According to a filing with the Securities and Exchange Commission, the institutional investor now holds 2,211 shares of Disney, down from 5,975 shares after selling 3,764 shares in the quarter. As of the latest report, Empirical’s stake in Disney is valued at approximately $274,000.

Other institutional investors have also made noteworthy adjustments to their holdings in Disney. For instance, Consilio Wealth Advisors LLC established a new position in Disney shares during the second quarter, valued at around $228,000. Similarly, Harbor Asset Planning Inc. acquired a new stake worth approximately $37,000, while Werba Rubin Papier Wealth Management invested about $244,000 in the entertainment giant. Activest Wealth Management increased its position by 5.8%, now owning 3,465 shares valued at $430,000 after purchasing an additional 191 shares.

As a whole, institutional investors and hedge funds currently own 65.71% of Disney’s stock, reflecting a strong interest in the company despite recent fluctuations.

Analysts’ Perspectives on Disney’s Stock

Wall Street analysts have recently provided their insights on Disney shares. Barclays has raised its price target from $120.00 to $140.00, assigning the company an “overweight” rating as of July 9, 2023. Following suit, Evercore ISI also increased its price target from $134.00 to $140.00 with an “outperform” rating reported on August 4, 2023. Chardan Capital reaffirmed a “buy” rating on August 11, 2023.

Other notable adjustments include Guggenheim’s increase of the price target to $140.00 on June 27, 2023, and JPMorgan Chase & Co.’s revision from $130.00 to $138.00 with an “overweight” rating on July 29, 2023. Currently, nineteen investment analysts rate the stock as a “buy,” while eight have issued a “hold” rating. According to MarketBeat, the stock has an average rating of “Moderate Buy” with a price target of $132.90.

Current Market Performance

As of the most recent trading session, Disney shares opened at $110.69, reflecting a 0.7% increase. The company’s stock has experienced significant volatility, with a fifty-two week low of $80.10 and a high of $124.69. Disney’s financial metrics include a debt-to-equity ratio of 0.32 and a current ratio of 0.72. The market capitalization stands at $199.00 billion, with a price-to-earnings ratio of 17.35.

Disney’s most recent earnings report, released on August 6, 2023, showed earnings per share of $1.61, surpassing analysts’ expectations of $1.45. The company reported revenue of $23.65 billion for the quarter, slightly below projected estimates of $23.69 billion, but up 2.1% year-over-year.

The Walt Disney Company continues to operate as a global leader in the entertainment sector, with diverse offerings through its various segments, including film, television, and digital streaming content. As it navigates market challenges, the ongoing adjustments by institutional investors and positive analyst ratings reflect a complex yet optimistic outlook for the company moving forward.