Pinnacle West Asset Management Invests in Walt Disney Company
Pinnacle West Asset Management Inc., a financial institution, has acquired a new position in The Walt Disney Company (NYSE:DIS) by purchasing 13,463 shares of its stock during the second quarter. This investment is valued at approximately $1,296,000. According to the company's most recent Form 13F filing with the SEC, this purchase represents a significant addition to their portfolio.
Other institutional investors and hedge funds have also been active in buying or selling DIS shares over the past few quarters. Swiss RE Ltd., for example, acquired a new position in Walt Disney during the fourth quarter valued at $25,000. Meanwhile, Curio Wealth LLC increased its holdings in shares of Walt Disney by 110.4% in the same period.
Disney's stock price has been influenced by various factors, including analyst commentary and insider activity. Morgan Stanley has described a potential path to $125 for DIS, citing new theme-park and cruise capacity, stronger guest spending, and improving demand. Additionally, Disney's advertising-supported streaming tiers may provide resilience during an economic slowdown.
However, not all news surrounding DIS is positive. Executive Vice President Paul Roeder sold 3,596 shares of Walt Disney stock in a transaction on August 19th, which may modestly weigh on sentiment. The sale was executed under a pre-arranged Rule 10b5-1 trading plan.