Nelson Peltz, the activist investor who launched and then abandoned a proxy fight earlier this year at Walt Disney Co., has recently added to his stake in the company, according to a person familiar with his holdings.
Trian Partners, Peltz’s company, started the year with 9.4 million Disney shares, before cutting its stake by 34% by the end of March. Trian has since purchased roughly 500,000 more shares, giving it a total of 6.4 million, said the person, who asked not to be identified disclosing nonpublic information.
Disney shares rose 15% in the first quarter. But the stock fell last week after the company reported a loss of subscribers to its flagship Disney+ streaming service.
Peltz halted his campaign for a Disney board seat in February after newly returned Chief Executive Officer Bob Iger announced a $5.5 billion cost-cutting initiative and a plan to restore the company’s dividend.
“Disney committed to strategic and operating improvements that generally aligned with the initiatives we had previously discussed with the company,” Trian said in a statement Monday. “We believe these initiatives can create value and are monitoring management’s execution closely.”
Third Point LLC, another investment firm that has been active in Disney, exited its 950,000-share stake in the company, according to a filing Monday. Third Point declined to comment.
