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Should You Sell Disney Stock After Bob Iger Cuts His Holdings in Half?
© Reuters. Should You Sell Disney Stock After Bob Iger Cuts His Holdings in Half?
As one of the biggest recreational and media platforms in the world, Walt Disney (DIS) has been recovering from COVID-19-pandemic-led damages quickly, with the reopening of its entertainment parks across the United States. However, the company’s former long-term CEO and current executive chairman, Robert Iger, who is accredited with DIS’ impressive growth over the past decade, has lately been liquidating his holdings in the company. So, will DIS be able to hold investors’ interest with the company’s biggest visionary stepping back? Read more to find out.The Walt Disney Company (NYSE:DIS) has been making a comeback from pandemic driven lows with the reopening of its recreational parks and resorts across the United States, following solid progress on the vaccination front. The huge success of DIS’ over-the-top (OTT) media platform Disney+ has also contributed to its recovery because the platform crossed the 100 million-paid-subscribers mark within just 16 months of its launch. DIS’ net income for its fiscal second quarter, ended April 3, came in at $912 million, representing a 95% rise year-over-year. Its EPS has improved 92% from the same period last year to $0.50.
Robert (Bob) Iger, DIS’ CEO for the past 15 years, retired in February last year to be executive chairman of DIS’ board. Iger has been accredited with building Disney into one of the world’s largest and most admired media and entertainment companies, as well as with the successful launch of Disney+ in November 2019. DIS’ stock has gained 43.3% over the past year, and 15% over the past six months.
Iger’s personal trading activity on DIS shares have made investors skeptical, however. Iger sold $98.70 million of DIS shares on June 1. The sale has been characterized as an attempt by Iger to diversify his portfolio. However, many analysts think that with a lower stake in the company, Iger’s position as the executive chairman of the board might be compromised. DIS’ stock has declined 2.2% year-to-date and 3.8% over the past month.
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