Bob Iger Sold Nearly Half His Disney Stock

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Walt Disney

Executive Chairman
Bob Iger
practically halved his holdings within the media big with a inventory sale on Tuesday, a number of months earlier than his contract with the corporate is about to run out.

According to filings with the Securities and Exchange Commission, Iger bought 550,570

Walt Disney

shares (ticker: DIS) on June 1, for a mean worth of $179.48, totaling $98.67 million. That amounted to roughly 49% of his stake. Following the transaction, he nonetheless owns greater than half 1,000,000 Disney shares, together with some inventory held not directly in his 401(okay) and by his partner.

Iger made quite a lot of smaller inventory gross sales within the first quarter of the yr through his established 10b5-1 buying and selling plan.

“The sale is a part of the diversification of Mr. Iger’s portfolio, and the worth of those shares displays the numerous shareholder worth generated underneath his management, with Disney’s inventory worth rising from simply $24 a share when he grew to become CEO in 2005, far outpacing the

S&P 500,

” a Disney spokesperson stated. “Mr. Iger continues to hold over 500,000 Disney shares in addition to options and other securities.”

The transfer comes as Iger prepares to finish his time at Disney. In February 2020 he stepped down from the place of CEO, which he held since 2005, though his contract doesn’t expire till the top of this yr. At the time, the corporate stated he would keep on to assist his successor,
Bob Chapek,
transition to the nook workplace and concentrate on artistic endeavors.

Disney shares have been trending decrease for the reason that firm’s most recent earnings report in mid-May. Although top- and bottom-line outcomes have been higher than analysts anticipated, the variety of subscribers to its Disney+ streaming service didn’t reside as much as expectations.

Disney inventory is down 2.3% yr thus far, though it’s gained practically 42% previously 12 months. It closed up 0.5%, at $177.18, on Friday.

Write to Teresa Rivas at teresa.rivas@barrons.com