5 Stocks Billionaire Dan Loeb is Selling in 2022

4. The Walt Disney Company (NYSE:DIS)

Number of Hedge Fund Holders: 113

The Walt Disney Company (NYSE:DIS) is a multinational entertainment company that operates through segments including Disney Media, Entertainment Distribution, and Disney Parks and Experiences. Dan Loeb’s Third Point held 2 million shares of The Walt Disney Company (NYSE:DIS), worth $309.7 million in Q4 2021. The hedge fund sold out of its position in the company in Q1 2022. 

On May 24, Daiwa analyst Jonathan Kees lowered the price target on The Walt Disney Company (NYSE:DIS) to $151 from $201 and kept a Buy rating on the shares. The analyst cited recent contractions in market multiples for slashing the price target but he remains convinced that Disney+ will reach its fiscal 2024 subscriber target.

Among the hedge funds tracked by Insider Monkey, 113 funds held long positions in The Walt Disney Company (NYSE:DIS) at the end of March 2022, up from 111 funds in the last quarter. David Goel and Paul Ferri’s Matrix Capital Management disclosed the biggest stake in the company, comprising 6.33 million shares worth $868.2 million. 

Here is what ClearBridge Investments Sustainability Leaders Strategy has to say about The Walt Disney Company (NYSE:DIS) in its Q4 2021 investor letter:

“The communication services sector was a weak spot in both the benchmark and the portfolio in the fourth quarter. Disney announced lower than expected streaming subscriber growth to the company’s Disney+ offering, attributable primarily to the content release schedule. Disney has been ramping up content spending given strong global response to Disney+, although production capability was temporarily impacted by COVID-19. We still believe Disney is on track to reach the subscriber outlook outlined at its December 2020 analyst day, driven by a very robust slate of content releases, particularly in the 2022–2024 time period.”