SG Americas Securities LLC slashed its Disney holding by 99.9% in the third quarter, disposing of 2.63 million shares and retaining just 3,710. This divestiture reduced the firm’s exposure to Disney to a nominal position valued at approximately $425,000. Institutional ownership remains high at 65.7%, but this move highlights growing caution among some large asset managers.

In contrast, Cullen/Frost Bankers Inc. modestly boosted its Disney stake by 3.4% during the same period, acquiring 8,031 additional shares to reach a total of 242,745. That purchase raised its Disney allocation to roughly $27.8 million. Other mid‐sized funds, including Coronation Fund Managers and Sterling Investment Counsel, likewise added positions, signaling continued confidence in the company’s long‐term prospects.

Disney reported quarterly earnings per share of $1.11, beating consensus estimates by $0.08, and generated revenue of $22.46 billion, down 0.5% year over year. The company declared a quarterly dividend of $0.75 per share, marking a 21.9% payout ratio. With a debt‐to‐equity ratio of 0.31 and a return on equity of 9.4%, Disney’s balance sheet and cash‐return profile remain supportive of its dividend policy.

Disney is on track to appoint a new CEO in early 2026, concluding a months‐long leadership review that has weighed on investor sentiment. Meanwhile, 19 brokerage firms maintain Buy ratings, six have Holds and one has a Sell recommendation. The consensus target price of $135.20 implies upside potential of roughly 20% from current levels, underscoring optimism about the next management team’s ability to revive growth and shareholder returns.