Soros: Billionaire Recently Bought Shares Of DIS Stock
Disney stock among those bought by billionaire Soros in September
Listed as the 162nd most wealthy person on Earth, billionaire George Soros just bought a bunch of Disney Stock.
In the article, “Top 10 Stocks Billionaire George Soros Just Bought,” Disney ranked at No. 7.
Tim Frederick of Insider Monkey explained:
According to Soros Fund Management’s latest 13F filing for the reporting period of September 30, the fund added 46 new stocks to its portfolio and sold out of 55 positions.
7. Walt Disney Company (The) (NYSE: DIS)
One of the 30 Most Popular Stocks Among Hedge Funds in Q2, Walt Disney Company… Soros Fund bought 150,000 DIS shares valued at $18.61 million on September 30.
The purchase by Soros comes after Disney shares have endured a rare slump in 2020 brought about by the pandemic, sliding by 4.34%. They have rallied by over 11% in recent days however following Pfizer Inc. (NYSE: PFE)’s announcement of the results of a promising Covid-19 vaccine.
A vaccine would certainly be a huge boon for Disney’s struggling theme parks division, though Daniel Loeb of Third Point pointed out the silver lining to the situation in his fund’s Q2 investor letter, stating:
“A slew of sell‐side analysts had recently downgraded the stock but we believed they failed to grasp that the pandemic also provided Disney with an important opportunity – to accelerate a plan to bring its blockbuster content directly to the consumer via streaming, which will further elevate Disney’s position as the world’s pre‐ eminent media company…”
Meanwhile, Adam Levine-Weinberg (of The Motley Fool), posted on NASDAQ.com:
In short, most of the disruption to Disney’s legacy businesses is temporary. By contrast, the accelerated growth of Disney+ this year dramatically improves the long-term prospects of that service. With Disney stock still trading about 10% below the all-time high reached late last year, Disney might be an even better bet on the growth of streaming than Netflix stock.
So, as a result, I will not be selling my illustrious 11.5 shares of DIS anytime soon.
But how about you? Are you bullish on Disney stock? Let us know in the comments.
Feature Image: Disney