31,703 Shares in Dolby Laboratories (DLB) Acquired by Convergence Investment Partners LLC
Convergence Investment Partners LLC bought a new position in shares of Dolby Laboratories (NYSE:DLB) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 31,703 shares of the electronics maker’s stock, valued at approximately $1,824,000.
Other hedge funds also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Dolby Laboratories by 9.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,331 shares of the electronics maker’s stock worth $114,000 after buying an additional 209 shares during the period. US Bancorp DE lifted its position in shares of Dolby Laboratories by 2.6% during the second quarter. US Bancorp DE now owns 3,029 shares of the electronics maker’s stock worth $149,000 after purchasing an additional 78 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Dolby Laboratories by 25.5% during the second quarter. The Manufacturers Life Insurance Company now owns 3,564 shares of the electronics maker’s stock worth $174,000 after purchasing an additional 725 shares in the last quarter. Berkshire Asset Management LLC PA acquired a new stake in Dolby Laboratories in the third quarter valued at approximately $200,000. Finally, CIBC Asset Management Inc acquired a new stake in Dolby Laboratories in the third quarter valued at approximately $204,000. 52.53% of the stock is owned by institutional investors.
In other news, EVP Mark Andrew Sherman sold 14,000 shares of Dolby Laboratories stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $56.25, for a total transaction of $787,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kevin J. Yeaman sold 45,000 shares of Dolby Laboratories stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $56.46, for a total value of $2,540,700.00. The disclosure for this sale can be found here. Insiders have sold a total of 570,095 shares of company stock worth $34,617,013 over the last 90 days. Insiders own 43.80% of the company’s stock.
Several brokerages recently weighed in on DLB. B. Riley reaffirmed a “dlb (” rating and issued a $61.50 target price on shares of Dolby Laboratories in a report on Wednesday, August 23rd. BidaskClub cut shares of Dolby Laboratories from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 22nd. Zacks Investment Research cut shares of Dolby Laboratories from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 31st. Dougherty & Co reaffirmed a “buy” rating and issued a $63.00 target price on shares of Dolby Laboratories in a report on Wednesday, September 13th. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $52.00 price objective (up previously from $49.00) on shares of Dolby Laboratories in a report on Wednesday, September 13th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $60.17.
Shares of Dolby Laboratories (NYSE:DLB) traded down $0.42 on Wednesday, hitting $61.40. 296,300 shares of the stock were exchanged, compared to its average volume of 383,287. The stock has a market capitalization of $6,323.44, a price-to-earnings ratio of 29.72, a PEG ratio of 2.30 and a beta of 0.86. Dolby Laboratories has a twelve month low of $44.98 and a twelve month high of $63.34.
Dolby Laboratories (NYSE:DLB) last announced its earnings results on Wednesday, October 25th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.18. The business had revenue of $242.05 million for the quarter, compared to analyst estimates of $244.80 million. Dolby Laboratories had a net margin of 18.66% and a return on equity of 10.62%. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period last year, the firm posted $0.37 earnings per share. equities analysts forecast that Dolby Laboratories will post 2.24 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Monday, November 6th were given a dividend of $0.16 per share. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a dividend yield of 1.04%. The ex-dividend date was Friday, November 3rd. Dolby Laboratories’s payout ratio is presently 32.99%.
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About Dolby Laboratories
Dolby Laboratories, Inc designs and manufactures audio and imaging products for the cinema, television, broadcast and entertainment industries. Its products for cinema include Digital Cinema Servers and Cinema Audio Products, and broadcast and other include Dolby Conference Phone and Other Products. It offers services to support theatrical and television production for cinema exhibition, broadcast and home entertainment, including equipment training and maintenance, mixing room alignment and equalization, as well as audio, color and light image calibration.
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