Trian Fund Management, an activist investor hedge fund co-founded by billionaire Nelson Peltz, still owns a piece of Walt Disney Company (NYSE:DIS) after reportedly selling its entire position in late May, according to regulatory filings.
A quarterly 13-F report filed with the Securities and Exchange Commission on May 15 shows that New York-based Trian had 32.4 million shares in the company worth a total of $3.96 billion during the first quarter.
A Thursday filing revealed that Trian sold 29.7 million shares worth $3.69 billion at some point in the second quarter. But the hedge fund still owns almost 2.65 million shares worth nearly $263 million.
Trian reportedly sold its entire stake in Disney at $120 a share as of May 29. The sale came after Peltz unsuccessfully tried to oust Disney CEO Bob Iger at an April shareholder meeting.
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Investors voted against Peltz's board nominees and moved to keep the entire board in place, including Iger.
Peltz reportedly made $1 billion from the divestment, despite losing the activist battle against Disney.
The two 13-Fs also showed that Trian sold 539,884 shares of Ferguson Plc (NYSE:FERG) that were worth more than $166 million during the second quarter. The deal left the firm with 1.95 million shares worth $378 million.
Trian also bought 3.55 million shares of UHaul for $78.6 million, 5.36 million shares of Solventum Corporation (NYSE:SOLV) for $284 million and 470,000 shares of Rentokil Initial plc (NYSE:RTO) for $13.9 million. It sold 1.22 million shares of Sysco Corp. (NYSE:SYY) for $99.3 million.
Price Action: Disney gained 2.66% to $88.60 by Thursday's late-afternoon trading. Exchange-traded funds that track the stock also trended upward.
- First Trust S-Network Streaming & Gaming ETF (NYSE:BNGE) gained 1.34%
- ALPS Global Travel Beneficiaries ETF (NYSE:JRNY) edged up 0.02%
- Vanguard Communication Services ETF (NYSE:VOX) ticked up 1.18%
- iShares Global Comm Services ETF (NYSE:IXP) went up 0.79%
- AdvisorShares Gerber Kawasaki ETF (NYSE:GK) improved 1.72%
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