What's Going On With Disney Stock Today?

Walt Disney Co (NYSE: DIS) shares are trading higher Monday after Third Point's Dan Loeb repurchased a "significant stake" in the company. 

In a letter to CEO Bob Chapek, the activist investor congratulated Disney on a terrific quarter, noting positive momentum in several segments of the company's business. 

"This quarter's results are an important proof point that Disney's complex transformation is succeeding and our confidence in Disney's current trajectory is such that we have, in recent weeks, repurchased a significant stake in the company," Loeb wrote in the letter. 

Third Point initially took a stake in the media giant in 2020, highlighting the potential of Disney+. Loeb noted in the new letter to Chapek that he expects Disney's financials to continue to improve as the company's business shifts further.

Third Point said it also filed Hart-Scott-Rodino approval with the Federal Trade Commission in order to work directly with management and the company's board. Suggestions for unlocking further value include cost cutting, continued dividend suspension, a board refresh, an ESPN spin-off and Hulu integration with Disney+.

DIS Price Action: Disney has a 52-week high of $160.32 and a 52-week low of $90.23.

The stock was up 1.21% at $123.02 at press time, according to Benzinga Pro.

Photo: Pexels from Pixabay.