Walt Disney plans to spend at least $9 billion on share repurchases this fiscal year, a level not seen since fiscal 2017, as management views the stock as undervalued. The company reported fiscal third-quarter results with experiences segment revenue up 10% and operating income up 20%, while direct-to-consumer streaming revenue rose 11% with a 13% operating margin. Disney also sold its 50% stake in A+E Global Media for $1.2 billion in cash. Shares trade at a price-to-earnings ratio of 16.8, a 33% discount to the S&P 500 index, though the stock has declined 41% over the past five years.
Walt Disney CompanyPlans at least $9 billion in buybacks, citing undervaluation, plus strong segment results and asset sale.
