78,767 Shares in Dolby Laboratories (DLB) Purchased by Alyeska Investment Group L.P.
Alyeska Investment Group L.P. bought a new position in Dolby Laboratories (NYSE:DLB) in the third quarter, according to the company in its most recent disclosure with the SEC. The fund bought 78,767 shares of the electronics maker’s stock, valued at approximately $4,531,000. Alyeska Investment Group L.P. owned 0.08% of Dolby Laboratories at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of DLB. Schroder Investment Management Group bought a new stake in Dolby Laboratories in the 3rd quarter worth approximately $35,761,000. Alliancebernstein L.P. grew its position in Dolby Laboratories by 157.2% in the 2nd quarter. Alliancebernstein L.P. now owns 907,989 shares of the electronics maker’s stock worth $44,455,000 after purchasing an additional 555,020 shares during the period. BlackRock Inc. grew its position in Dolby Laboratories by 19.8% in the 2nd quarter. BlackRock Inc. now owns 2,913,371 shares of the electronics maker’s stock worth $142,639,000 after purchasing an additional 481,649 shares during the period. Timucuan Asset Management Inc. FL grew its position in Dolby Laboratories by 61.3% in the 2nd quarter. Timucuan Asset Management Inc. FL now owns 1,172,271 shares of the electronics maker’s stock worth $57,394,000 after purchasing an additional 445,411 shares during the period. Finally, Renaissance Technologies LLC grew its position in Dolby Laboratories by 14.1% in the 2nd quarter. Renaissance Technologies LLC now owns 1,549,100 shares of the electronics maker’s stock worth $75,844,000 after purchasing an additional 191,600 shares during the period. 52.53% of the stock is owned by institutional investors and hedge funds.
Shares of Dolby Laboratories (DLB) opened at $61.30 on Wednesday. The stock has a market cap of $6,330.60, a price-to-earnings ratio of 29.75, a PEG ratio of 2.30 and a beta of 0.86. Dolby Laboratories has a 1 year low of $44.98 and a 1 year high of $63.34.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Monday, November 6th were given a $0.16 dividend. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.14. This represents a $0.64 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date was Friday, November 3rd. Dolby Laboratories’s dividend payout ratio is 32.99%.
In other Dolby Laboratories news, CMO Bob Borchers sold 50,000 shares of the firm’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $62.72, for a total value of $3,136,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Steven E. Forshay sold 9,355 shares of the firm’s stock in a transaction on Monday, October 30th. The stock was sold at an average price of $57.86, for a total transaction of $541,280.30. The disclosure for this sale can be found here. Insiders sold a total of 511,095 shares of company stock worth $31,288,813 over the last 90 days. Insiders own 43.80% of the company’s stock.
A number of equities research analysts have commented on the stock. B. Riley reaffirmed a “dlb (” rating and issued a $61.50 target price on shares of Dolby Laboratories in a research report on Wednesday, August 23rd. BidaskClub downgraded shares of Dolby Laboratories from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 22nd. Zacks Investment Research downgraded shares of Dolby Laboratories from a “strong-buy” rating to a “hold” rating in a research 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 research report on Wednesday, September 13th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and issued a $52.00 target price (up previously from $49.00) on shares of Dolby Laboratories in a research report on Wednesday, September 13th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $60.17.
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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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