KCM Investment Advisors Reduces Walt Disney Holdings by 22.6%

KCM Investment Advisors LLC has reduced its stake in The Walt Disney Company (NYSE: DIS) by 22.6% during the third quarter of 2023. The firm disclosed in its latest 13F filing with the Securities and Exchange Commission that it now holds 25,965 shares after selling 7,560 shares of the entertainment giant’s stock. As of the recent filing, KCM’s holdings in Disney were valued at approximately $2,973,000.

Several other institutional investors have also adjusted their positions in Walt Disney. Norges Bank, for instance, acquired a new stake valued at around $2.6 billion during the second quarter, while Viking Global Investors LP took a position worth approximately $725 million. Assenagon Asset Management S.A. significantly increased its holdings by 231.4%, now owning 4,711,353 shares valued at $539 million after purchasing an additional 3,289,707 shares in the last quarter.

Boston Partners raised its stake by 84.2%, bringing its total to 6,921,229 shares, valued at $856 million. Additionally, Laurel Wealth Advisors LLC made a remarkable increase of 11,943.6% in its holdings, now owning 2,827,112 shares worth $350 million after acquiring 2,803,638 shares during the last quarter. Currently, institutional investors hold 65.71% of Disney’s stock.

Analysts Adjust Ratings and Price Targets

A number of research firms have recently updated their ratings and price targets for Walt Disney. Weiss Ratings downgraded the company from a “buy (b-)” to a “hold (c+)” rating on February 3, 2024. In contrast, Phillip Securities upgraded Disney to a “moderate buy” in a report dated January 12, 2024. Jefferies Financial Group lowered its price target for Disney from $136.00 to $132.00, maintaining a “buy” rating in a note released on February 3.

KeyCorp reaffirmed a “sector weight” rating, while Raymond James Financial restated a “market perform” rating for the shares. Currently, seventeen analysts have rated Disney with a Buy rating, six have given a Hold rating, and one has assigned a Sell rating. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” with an average target price of $135.80.

Walt Disney’s Stock Performance

On February 2, 2024, shares of Walt Disney opened at $102.29. The company maintains a debt-to-equity ratio of 0.31 and a current ratio of 0.67. The stock boasts a market capitalization of $181.21 billion and a price-to-earnings ratio of 15.04. Disney’s 52-week range has seen a low of $80.10 and a high of $124.69.

In its most recent quarterly earnings report, released on February 2, Walt Disney reported earnings of $1.63 per share, surpassing the consensus estimate of $1.57 by $0.06. The company achieved a net margin of 12.80% and a return on equity of 8.90%. Revenue for the quarter reached $25.98 billion, exceeding analysts’ expectations of $25.54 billion and marking a 5.2% increase compared to the same quarter last year. Analysts now project that Disney will post earnings of $5.47 per share for the current fiscal year.

Founded in 1923, The Walt Disney Company has evolved from an animation studio into a diversified global entertainment and media conglomerate. With operations spanning film and television production, streaming services, theme parks, and consumer products, Disney is renowned for its iconic intellectual properties and family-oriented storytelling. The company’s studios include Walt Disney Pictures, Pixar, Marvel Studios, and Lucasfilm, among others.

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