AG˹ٷ

STOCK TITAN

[Form 4] The Walt Disney Company Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
4
Rhea-AI Filing Summary

The Walt Disney Company (DIS) filed a Form 4 disclosing that director James P. Gorman acquired 1,046.7 shares of Disney common stock on 06/30/2025 at a price of $119.43 per share. The acquisition was coded “A,� indicating it was an award or open-market purchase rather than a sale. Following the transaction, Gorman directly owns 25,395.8 Disney shares. The filing notes that the shares represent (i) 392.5 stock units issued in lieu of cash retainer fees and (ii) 654.2 deferred stock units granted under Disney’s Amended and Restated 2011 Stock Incentive Plan. No derivative security transactions were reported, and there were no disposals of shares. The transaction appears to be part of the director’s routine compensation election rather than an opportunistic trade.

La Walt Disney Company (DIS) ha presentato un Modulo 4 che rivela che il direttore James P. Gorman ha acquisito 1.046,7 azioni ordinarie Disney il 30/06/2025 al prezzo di 119,43 $ per azione. L'acquisizione è stata codificata come “A�, indicando che si tratta di un premio o di un acquisto sul mercato aperto e non di una vendita. Dopo la transazione, Gorman possiede direttamente 25.395,8 azioni Disney. Il documento specifica che le azioni rappresentano (i) 392,5 unità azionarie emesse in sostituzione delle commissioni di ritenuta in contanti e (ii) 654,2 unità azionarie differite concesse nell'ambito del Piano di Incentivi Azionari Modificato e Ristabilito del 2011 di Disney. Non sono state segnalate transazioni su strumenti derivati né cessioni di azioni. L'operazione sembra far parte della normale elezione di compenso del direttore piuttosto che di un'operazione speculativa.

La compañía Walt Disney (DIS) presentó un Formulario 4 que revela que el director James P. Gorman adquirió 1.046,7 acciones ordinarias de Disney el 30/06/2025 a un precio de 119,43 $ por acción. La adquisición fue codificada como “A�, indicando que fue una concesión o una compra en el mercado abierto y no una venta. Tras la transacción, Gorman posee directamente 25.395,8 acciones de Disney. El informe señala que las acciones representan (i) 392,5 unidades de acciones emitidas en lugar de honorarios en efectivo y (ii) 654,2 unidades de acciones diferidas otorgadas bajo el Plan de Incentivos de Acciones Enmendado y Restablecido de Disney de 2011. No se reportaron transacciones con valores derivados ni disposiciones de acciones. La transacción parece formar parte de la elección rutinaria de compensación del director más que de una operación oportunista.

월트 디즈� 컴퍼�(DIS)� 2025� 6� 30� 이사 제임� P. 고먼� 주당 119.43달러� 디즈� 보통� 1,046.7주를 취득했다� 4� 서식� 제출했습니다. 이번 취득은 “A”로 분류되어 상금이나 공개 시장 구매임을 나타내며 매도� 아닙니다. 거래 � 고먼은 직접 25,395.8주의 디즈� 주식� 보유하게 됩니�. 서류에는 � 주식들이 (i) 현금 보수 대� 발행� 392.5� 단위 주식� (ii) 디즈니의 2011� 개정 � 재확� 주식 인센티브 계획� 따라 부여된 654.2� 단위 주식임이 명시되어 있습니다. 파생 증권 거래� 보고되지 않았으며 주식 처분� 없었습니�. 이번 거래� 이사� 일상적인 보상 선택� 일부� 보이� 기회주의� 거래� 아닌 것으� 판단됩니�.

La société Walt Disney (DIS) a déposé un formulaire 4 révélant que le directeur James P. Gorman a acquis 1 046,7 actions ordinaires Disney le 30/06/2025 au prix de 119,43 $ par action. L'acquisition a été codée « A », indiquant qu'il s'agissait d'une attribution ou d'un achat sur le marché ouvert, et non d'une vente. Après la transaction, Gorman détient directement 25 395,8 actions Disney. Le dépôt précise que ces actions représentent (i) 392,5 unités d'actions émises en lieu et place de frais de retenue en espèces et (ii) 654,2 unités d'actions différées accordées dans le cadre du Plan d'incitation en actions modifié et révisé de Disney de 2011. Aucune transaction sur titres dérivés n'a été signalée, et aucune cession d'actions n'a eu lieu. La transaction semble faire partie de l'élection de rémunération habituelle du directeur plutôt que d'une opération opportuniste.

Die Walt Disney Company (DIS) reichte ein Formular 4 ein, das offenlegt, dass Direktor James P. Gorman am 30.06.2025 1.046,7 Disney-Stammaktien zu einem Preis von 119,43 $ pro Aktie erworben hat. Der Erwerb wurde mit „A� codiert, was darauf hinweist, dass es sich um eine Zuteilung oder einen Kauf am offenen Markt handelt und nicht um einen Verkauf. Nach der Transaktion besitzt Gorman direkt 25.395,8 Disney-Aktien. Die Einreichung weist darauf hin, dass die Aktien (i) 392,5 Aktienanteile darstellen, die anstelle von Barvergütungen ausgegeben wurden, und (ii) 654,2 zurückgestellte Aktienanteile, die im Rahmen von Disneys geändertem und neu aufgelegtem Aktienanreizplan von 2011 gewährt wurden. Es wurden keine Derivatgeschäfte gemeldet und keine Aktienverkäufe vorgenommen. Die Transaktion scheint Teil der routinemäßigen Vergütungsauswahl des Direktors zu sein und nicht eines opportunistischen Handels.

Positive
  • Director increased direct holdings, modestly improving insider-ownership alignment with shareholders.
Negative
  • None.

Insights

TL;DR: Routine director stock grant; signals board alignment but immaterial to Disney’s valuation.

The Form 4 reflects Mr. Gorman’s quarterly compensation election under Disney’s stock incentive plan. The addition of roughly 1 k shares (<0.001% of shares outstanding) modestly increases insider ownership, enhancing director–shareholder alignment. No disposals or derivative activity reduce governance concerns. Given Disney’s multibillion-dollar market cap, the financial impact is negligible; therefore, I view the filing as housekeeping rather than a catalyst.

TL;DR: Neutral event; insignificant volume, no strategic signal for DIS investors.

The 1,046.7-share acquisition (~$125 k) is immaterial against Disney’s daily trading volume and market cap. The purchase price aligns with market levels on 06/30/25, suggesting no timing edge. Because the shares were granted in lieu of cash and as deferred units, this does not imply heightened insider conviction. I classify the filing as non-impactful for portfolio positioning.

La Walt Disney Company (DIS) ha presentato un Modulo 4 che rivela che il direttore James P. Gorman ha acquisito 1.046,7 azioni ordinarie Disney il 30/06/2025 al prezzo di 119,43 $ per azione. L'acquisizione è stata codificata come “A�, indicando che si tratta di un premio o di un acquisto sul mercato aperto e non di una vendita. Dopo la transazione, Gorman possiede direttamente 25.395,8 azioni Disney. Il documento specifica che le azioni rappresentano (i) 392,5 unità azionarie emesse in sostituzione delle commissioni di ritenuta in contanti e (ii) 654,2 unità azionarie differite concesse nell'ambito del Piano di Incentivi Azionari Modificato e Ristabilito del 2011 di Disney. Non sono state segnalate transazioni su strumenti derivati né cessioni di azioni. L'operazione sembra far parte della normale elezione di compenso del direttore piuttosto che di un'operazione speculativa.

La compañía Walt Disney (DIS) presentó un Formulario 4 que revela que el director James P. Gorman adquirió 1.046,7 acciones ordinarias de Disney el 30/06/2025 a un precio de 119,43 $ por acción. La adquisición fue codificada como “A�, indicando que fue una concesión o una compra en el mercado abierto y no una venta. Tras la transacción, Gorman posee directamente 25.395,8 acciones de Disney. El informe señala que las acciones representan (i) 392,5 unidades de acciones emitidas en lugar de honorarios en efectivo y (ii) 654,2 unidades de acciones diferidas otorgadas bajo el Plan de Incentivos de Acciones Enmendado y Restablecido de Disney de 2011. No se reportaron transacciones con valores derivados ni disposiciones de acciones. La transacción parece formar parte de la elección rutinaria de compensación del director más que de una operación oportunista.

월트 디즈� 컴퍼�(DIS)� 2025� 6� 30� 이사 제임� P. 고먼� 주당 119.43달러� 디즈� 보통� 1,046.7주를 취득했다� 4� 서식� 제출했습니다. 이번 취득은 “A”로 분류되어 상금이나 공개 시장 구매임을 나타내며 매도� 아닙니다. 거래 � 고먼은 직접 25,395.8주의 디즈� 주식� 보유하게 됩니�. 서류에는 � 주식들이 (i) 현금 보수 대� 발행� 392.5� 단위 주식� (ii) 디즈니의 2011� 개정 � 재확� 주식 인센티브 계획� 따라 부여된 654.2� 단위 주식임이 명시되어 있습니다. 파생 증권 거래� 보고되지 않았으며 주식 처분� 없었습니�. 이번 거래� 이사� 일상적인 보상 선택� 일부� 보이� 기회주의� 거래� 아닌 것으� 판단됩니�.

La société Walt Disney (DIS) a déposé un formulaire 4 révélant que le directeur James P. Gorman a acquis 1 046,7 actions ordinaires Disney le 30/06/2025 au prix de 119,43 $ par action. L'acquisition a été codée « A », indiquant qu'il s'agissait d'une attribution ou d'un achat sur le marché ouvert, et non d'une vente. Après la transaction, Gorman détient directement 25 395,8 actions Disney. Le dépôt précise que ces actions représentent (i) 392,5 unités d'actions émises en lieu et place de frais de retenue en espèces et (ii) 654,2 unités d'actions différées accordées dans le cadre du Plan d'incitation en actions modifié et révisé de Disney de 2011. Aucune transaction sur titres dérivés n'a été signalée, et aucune cession d'actions n'a eu lieu. La transaction semble faire partie de l'élection de rémunération habituelle du directeur plutôt que d'une opération opportuniste.

Die Walt Disney Company (DIS) reichte ein Formular 4 ein, das offenlegt, dass Direktor James P. Gorman am 30.06.2025 1.046,7 Disney-Stammaktien zu einem Preis von 119,43 $ pro Aktie erworben hat. Der Erwerb wurde mit „A� codiert, was darauf hinweist, dass es sich um eine Zuteilung oder einen Kauf am offenen Markt handelt und nicht um einen Verkauf. Nach der Transaktion besitzt Gorman direkt 25.395,8 Disney-Aktien. Die Einreichung weist darauf hin, dass die Aktien (i) 392,5 Aktienanteile darstellen, die anstelle von Barvergütungen ausgegeben wurden, und (ii) 654,2 zurückgestellte Aktienanteile, die im Rahmen von Disneys geändertem und neu aufgelegtem Aktienanreizplan von 2011 gewährt wurden. Es wurden keine Derivatgeschäfte gemeldet und keine Aktienverkäufe vorgenommen. Die Transaktion scheint Teil der routinemäßigen Vergütungsauswahl des Direktors zu sein und nicht eines opportunistischen Handels.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Chang Amy

(Last) (First) (Middle)
500 SOUTH BUENA VISTA STREET

(Street)
BURBANK CA 91521

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Walt Disney Co [ DIS ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Disney Common Stock 06/30/2025 A 764(1) A $119.43 12,108.1 D
Disney Common Stock 120 I By Trust
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. Includes: (1) 261.6 stock units and/or shares of the Issuer's common stock issued under the Amended and Restated 2011 Stock Incentive Plan (the "Plan") credited in lieu of all or a portion of the reporting person's quarterly cash retainer fees for Board services pursuant to the reporting person's election, which shares shall be issued to the reporting person at such times and subject to such terms and conditions governing the election, and (2) 502.4 deferred stock units under the Plan credited as a quarterly grant under the Plan. Stock units are issued to the reporting person in the form of shares of the Issuer's common stock issued under the Plan.
Remarks:
/s/ Karen Young, as attorney-in-fact 07/02/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Disney (DIS) shares did James P. Gorman acquire?

He acquired 1,046.7 shares on 06/30/2025.

What was the acquisition price reported in the Form 4?

The price was $119.43 per share.

What is Gorman’s total Disney share ownership after the transaction?

He now directly owns 25,395.8 shares.

Was this a purchase or a sale of Disney stock?

The Form 4 lists the transaction code "A," indicating an acquisition; no shares were sold.

Why were the shares issued to the director?

They consist of stock units issued in lieu of cash retainer fees and deferred stock units granted under Disney’s 2011 Stock Incentive Plan.
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214.69B
1.80B
0.06%
71.65%
1.19%
Entertainment
Services-miscellaneous Amusement & Recreation
United States
BURBANK