Disney (DIS) announced it will reinstate a $0.30 per share cash dividend starting January 2024, its first payout since halting dividends in early 2020 amidst the COVID-19 pandemic. TD Cowen Managing Director Doug Creutz asserts the move simply reflects Disney’s healthy post-pandemic cash flows, stating “there is no good reason” not to return capital given its balance sheet.
Creutz believes resuming dividends results from improving fundamentals rather than activist investor Nelson Peltz’s brewing proxy fight. Nonetheless, Creutz notes Disney did recently amend proxy rules partly addressing Peltz’s campaign for a board seat.
“He can make noise,” Creutz tells Yahoo Finance in regards to the Peltz, adding: “At the end of the day, I think he has less than 2% of the vote.”
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