RNC Capital Management Reduces Walt Disney Holdings by 365 Shares

RNC Capital Management LLC has decreased its holdings in The Walt Disney Company (NYSE: DIS) by 365 shares, representing a reduction of 0.7% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the fund now owns 49,646 shares of the entertainment giant, valued at approximately $6,157,000 as of the end of the quarter.

The shift in RNC Capital Management’s investment reflects broader trends among institutional investors in the entertainment sector. Other funds have also adjusted their stakes in The Walt Disney Company recently. For example, J. Safra Sarasin Holding AG increased its holdings by 8.1% in the first quarter, now owning 222,747 shares worth around $21,983,000 after acquiring an additional 16,781 shares. Similarly, Planning Directions Inc. initiated a new stake valued at $326,000, while Kingstone Capital Partners Texas LLC invested $4,220,599,000 in the second quarter.

In a notable move, Wedge Capital Management L L P NC significantly expanded its investment by 8,744.0% during the same period, acquiring 320,329 shares worth about $39,724,000 after purchasing an additional 316,707 shares. Additionally, Lodge Hill Capital LLC entered the field with a new stake valued at $24,373,000. Currently, institutional investors collectively own 65.71% of Disney’s stock.

Current Stock Performance and Analyst Ratings

As of Thursday, The Walt Disney Company’s stock opened at $113.00, reflecting a 1.1% decline. The company maintains a debt-to-equity ratio of 0.32, with a current ratio of 0.72 and a quick ratio of 0.66. Over the past year, Disney’s stock has fluctuated between a low of $80.10 and a high of $124.69. The firm’s market capitalization stands at $203.16 billion, featuring a price-to-earnings (P/E) ratio of 17.71 and a P/E/G ratio of 1.50.

Recent analysis from various brokerages has offered a mixed perspective on the stock. On August 11, 2023, Keefe, Bruyette & Woods reiterated a “market perform” rating. In contrast, UBS Group raised its price target from $120.00 to $138.00 and maintained a “buy” rating as of July 16, 2023. Additionally, Rosenblatt Securities reaffirmed a “buy” rating, setting a price target of $141.00 in a report dated October 17, 2023. Weiss Ratings issued a “hold (C+)” rating on October 8, 2023, while Jefferies Financial Group downgraded its rating from “strong-buy” to “hold” on August 11, 2023.

Overall, among the analysts covering Disney, 19 have rated the stock as a buy, while 8 have given it a hold rating. According to MarketBeat, the stock currently holds an average rating of “Moderate Buy” along with a consensus price target of $132.90.

About The Walt Disney Company

The Walt Disney Company operates as a global entertainment conglomerate. It functions through three primary segments: Entertainment, Sports, and Experiences. The company is renowned for producing and distributing a variety of film and television content across multiple platforms, including the ABC Television Network, Disney, FX, and National Geographic, among others. Disney also creates original content through its various production divisions, including Pixar, Marvel, and Lucasfilm.

As institutional investors continue to reshape their stakes in The Walt Disney Company, the market will closely monitor how these changes impact the company’s future performance and stock valuation.