Jim Cramer added to his Walt Disney Co (NYSE:DIS) stake Tuesday, bringing the total position to 1.04% of his charitable trust.
Cramer told members of CNBC’s “Investing Club” he planned to buy 75 shares at approximately $174.57 per share. He first initiated position in Disney on Sept. 21 following a pullback in the stock to the low $170s.
Disney traded lower in mid-September after the company provided worse-than-expected quarterly global net additions guidance for Disney+. Speaking at the virtual Goldman Sachs Communacopia Conference later that month, CEO Bob Chapek warned of potential headwinds related to COVID-19.
Related Link: Why Jim Cramer Bought Disney Stock For His Charitable Trust
“We are willing to look past this noise because Disney is a hit machine,” Cramer said. “We see no reason why the company will not deliver on its long-term subscriber and profitability goals, making the stock’s recent pullback a great opportunity to start or add to a position.”
Cramer expects theme park attendance to show strength following a decline in daily COVID-19 infections and the continuing development of COVID-19 treatments. He also expects attendance numbers to get a boost from international visitors.
DIS Price Action: Disney has traded as high as $203.02 and as low as $117.23 over a 52-week period.
The stock was up 1.5% to $176.09 at time of publication.
Photo: Chris Flynn from Pixabay.
