Why Jim Cramer Is Buying More Disney Stock Today

Walt Disney Co DIS is trading lower Monday amid increasing COVID-19 omicron variant concerns. The pullback is a buying opportunity, according to Jim Cramer.

"We remain long-term bullish and see an opportunity to reduce our overall cost basis," Cramer said Monday in a letter to members of CNBC's "Investing Club."

Cramer acknowledged the omicron variant certainly adds a headwind to the experiential side of the company's operations, but he reaffirmed his bullish outlook long term.

"As difficult as it can feel during times like this to step in and buy ... our discipline—which is what we rely on to keep us level headed and unemotional—dictates that we step in and add to our position as we see no long-term fundamental change in the business."

See Also: Check Out What Whales Are Doing With DIS

Much of the headwinds presented by the omicron variant are already priced in, Cramer said. He told members of the "Investing Club" that he tries to target companies that have pricing power and are in high demand as capacity restrictions are reduced, which Disney has demonstrated.

Cramer noted that if the stock continues to fall, he will be looking to add more to his Disney position.

DIS Price Action: Disney has traded as high as $203.02 and as low as $145.85 over a 52-week period.

The stock was down 0.54% at $147.30 at time of publication.

Photo: Pexels from Pixabay.