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Shares of Walt Disney (NYSE: DIS) surged in the first quarter as the entertainment and media giant was the top performer among all stocks on the Dow Jones Industrial Average through Q1. Disney stock reached a 52-week high of $122 per share on March 28, up by about 35% year to date. However, it has since fallen back about 16% to its current price of around $102 per share. Disney stock is still up 16% YTD but well off its late March/ early April highs. As we head into the second half of the year, let’s take a closer look at the outlook for Disney — and if the stock a buy right now. Winning the proxy fight Disney’s rise in the first quarter was due to several factors, including solid earningsresults, gains in its struggling streaming business, a new venture for a sports-streaming service, and a victory of sorts in holding off a proxy challenge from activist investors, particularly hedge fund manager Nelson Peltz from Trian Partners. Peltz had long been pushing for changes at Disney, mainly calling for expense reductions and improvements in the streaming business. Disney has made significant progress on both. Now with the proxy fight in the past, investors have been hoping that Disney might enjoy easier sailing going forward, but that has not been the case. Stock price drops from 52-week highs After the company released its fiscal second-quarter earnings results on May 7, its stock tanked about 9%, tumbling to about $105 per share, and it kept dropping from there. Disney posted another decent quarter that beat earnings estimates. However, its revenue was only up 1% year over year, and it had a net loss of 1 cent per share. Those lackluster numbers may have spooked investors, but if you look inside the…

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Filed under: News - @ June 5, 2024 5:12 am