Highland Capital Management 13F: Exits DIS Stake
Key Points
- Highland Capital Management's sale of 42,769 shares leaves it with no remaining stake in Disney, marking a 100% decrease in its position.
- Disney shares closed at $110.40 on the filing date and were recently trading around the same price, indicating stability in the short term.
- The company's market cap is approximately $190.6 billion, and it has a forward P/E ratio of 14.7, reflecting its valuation in the entertainment sector.
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Not investment advice. TradeTexts is not a registered investment adviser, and this automated The Walt Disney Company alert may contain errors. Disclosures
Highland Capital Management sold 42,769 shares of The Walt Disney Company (DIS) on October 26, 2026, completely exiting its position. This move was disclosed in a filing with the SEC, which reported the fund's total value in Disney at approximately $833 million prior to the sale.
DIS
The Walt Disney Company
Where Disney Fits in Highland Capital Management's Portfolio
Highland Capital Management had ranked Disney as the 415th position in its portfolio before the sale. The shares represented a significant portion of its reported value, but now the fund has no holdings in the company.
The Walt Disney Company Stock Down 1.9%
Disney shares closed at $110.40 on October 26, 2026, which was about equal to their recent trading price. The stock is currently above its 50-day moving average by about 3.2% and above its 200-day average by roughly 6.6%. However, it is about 5.7% below its 52-week high of $117.09.
Recent Earnings
Disney reported trailing twelve-month revenue of approximately $98.9 billion, with an EPS of $4.85. The next earnings report is expected on November 17, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
4 target raises vs 2 cuts.
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EPS & revenue
EPS beat estimates by 4.4%. Revenue beat estimates by 0.6%.
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Profit surprise
EBITDA missed by 7 percent. Operating income missed by 18 percent.
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Pre-earnings setup
Bar was high, analysts already very bullish.
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Analyst signal
4 target raises, 2 target cuts.
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Earnings quality
Operating margin up 4.8 points. Positive free cash flow.
Earnings Call Summary
Disney reported 25.2 billion in revenue and 1.57 dollars earnings per share, beating analyst expectations. Streaming achieved 12 percent margins ahead of the 10 percent target, and parks revenue exceeded 10 billion dollars for the first time. CEO Iger highlighted 6.5 billion in global box office for 2025 and expressed confidence in both entertainment and experiences businesses driving future growth.
Guidance Disney reaffirmed full year guidance without raising numbers. The company aims for 10 percent streaming margins and expects theatrical releases like The Devil Wears Prada 2 and Toy Story 5 to drive entertainment profits in the back half of the year.
Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.
Dividend
Disney pays an annual dividend of $1.50 per share, yielding about 1.36%. The dividend payout ratio stands at 30.9%.
Insider Buying and Selling at The Walt Disney Company
Several insiders sold shares recently, including Brent A. Woodford, who sold 7,238 shares on August 14, 2026, at an average price of $105.31, totaling around $762,234. Other insiders also sold shares in the months leading up to this filing.
Analysts Set New Price Targets
On October 16, 2026, Citigroup maintained a 'Buy' rating on Disney with a price target of $140. This comes as analysts generally remain positive, with several firms reiterating their ratings in the months prior, including Guggenheim's 'Buy' rating with a target of $120. The consensus rating among analysts is a 'strong buy' with a mean price target of about $126.58.
About The Walt Disney Company
The Walt Disney Company is a major entertainment company based in Burbank, California, operating across various segments such as entertainment, sports, and experiences. Its vast portfolio includes theme parks, media networks, and film studios, making it a leader in the global entertainment industry.
Bottom Line
Investors should keep an eye on Disney's next earnings report on November 17, 2026, for insights into its performance trends. Highland Capital Management's exit from Disney marks a significant shift in its investment strategy, and analysts continue to provide varied ratings on the stock.
Related Filing Alerts
Source: Highland Capital Management's 13F filing on $DIS (Oct 26, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts