Surevest Wealth Management likes Walt Disney Co (NYSE:DIS) very much – so much so that the company’s Robert Luna that it’s their biggest position.
Furthermore, the Surevest CEO who talked to CNBC said that Walt Disney Co (NYSE:DIS) is personally his biggest position.
“It is our firm’s largest position [and] full disclosure, my own personally largest position,” Luna said, adding that there is a lot to be excited about with the entertainment empire.
Walt Disney Co (NYSE:DIS), led by Bob Iger who recently extended his contract with the company and is one of the highest-paid American bosses of 2014, is fresh off of reporting its performance for the firm’s fiscal fourth quarter. The company said that revenue increased 7% to $12.4 billion from $11.6 billion in the year-ago quarter. Net income was reported to be $1.5 billion, up 8%. On an earnings-per-share basis, the firm made $0.86, an increase of 12%.
For the whole 2014 fiscal year, Walt Disney Co (NYSE:DIS) reported a 22% increase in profit to $7.5 billion riding on the back of an 8% increase in revenue to $48.8 billion.
If the numbers for Disney are bright, Luna couldn’t seem to agree more. The Surevest Wealth Management boss explained why his company and he personally are betting big on the entertainment giant.
“Somebody asked me a couple years ago, ‘Robert, what’s your favorite Internet stock?” and I said ‘Disney’ and I think people kind of scratched their head. The reason is, we’re finding out that content truly is king right now,” Luna said.
He noted that this is manifested in Disney’s recent deal with Google Play and Apple iTunes to share content across a plethora of platforms. Luna seems to be of the opinion that Disney’s content factory will see the company to greater heights.
Walt Disney Co (NYSE:DIS) shareholders include Ken Fisher’s Fisher Asset Management which reported by June 30 that it owned about 8.44 million shares in the company.