Vanguard Group Inc. Boosts Stock Position in Dolby Laboratories $DLB

Vanguard Group Inc. grew its holdings in shares of Dolby Laboratories (NYSE:DLB) by 2.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,756,924 shares of the electronics maker’s stock after buying an additional 203,411 shares during the quarter. Vanguard Group Inc. owned 8.09% of Dolby Laboratories worth $561,369,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in DLB. First Horizon Corp acquired a new stake in Dolby Laboratories in the third quarter valued at $25,000. Hantz Financial Services Inc. grew its position in shares of Dolby Laboratories by 166.7% in the 3rd quarter. Hantz Financial Services Inc. now owns 352 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 220 shares in the last quarter. Allworth Financial LP increased its holdings in shares of Dolby Laboratories by 590.4% in the 2nd quarter. Allworth Financial LP now owns 504 shares of the electronics maker’s stock valued at $37,000 after acquiring an additional 431 shares during the last quarter. Mather Group LLC. acquired a new stake in shares of Dolby Laboratories during the 3rd quarter valued at approximately $38,000. Finally, Atlantic Union Bankshares Corp bought a new position in Dolby Laboratories during the second quarter worth $50,000. Institutional investors and hedge funds own 58.56% of the company’s stock.

Dolby Laboratories Price Performance

Dolby Laboratories stock opened at $63.97 on Wednesday. Dolby Laboratories has a 12-month low of $60.14 and a 12-month high of $84.15. The stock has a market capitalization of $6.11 billion, a PE ratio of 25.79 and a beta of 0.86. The firm has a 50 day simple moving average of $64.39 and a 200-day simple moving average of $67.66.

Dolby Laboratories (NYSE:DLB) last announced its earnings results on Thursday, January 29th. The electronics maker reported $1.06 EPS for the quarter, topping the consensus estimate of $0.99 by $0.07. The firm had revenue of $346.71 million for the quarter, compared to analysts’ expectations of $341.26 million. Dolby Laboratories had a return on equity of 11.50% and a net margin of 17.97%.The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.14 earnings per share. On average, analysts forecast that Dolby Laboratories will post 2.94 earnings per share for the current fiscal year.

Dolby Laboratories Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 18th. Investors of record on Tuesday, February 10th were paid a dividend of $0.36 per share. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $1.44 annualized dividend and a yield of 2.3%. Dolby Laboratories’s dividend payout ratio (DPR) is currently 58.06%.

Insider Buying and Selling at Dolby Laboratories

In related news, SVP John D. Couling sold 7,273 shares of Dolby Laboratories stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $68.75, for a total transaction of $500,018.75. Following the transaction, the senior vice president directly owned 108,065 shares of the company’s stock, valued at $7,429,468.75. The trade was a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kevin J. Yeaman sold 34,367 shares of the company’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $67.08, for a total transaction of $2,305,338.36. Following the completion of the sale, the chief executive officer directly owned 98,377 shares of the company’s stock, valued at $6,599,129.16. The trade was a 25.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 96,924 shares of company stock valued at $6,500,521. Corporate insiders own 37.93% of the company’s stock.

Analyst Upgrades and Downgrades

DLB has been the subject of several research reports. Rosenblatt Securities reaffirmed a “buy” rating and issued a $85.00 price target on shares of Dolby Laboratories in a report on Friday, January 30th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Dolby Laboratories in a report on Monday, December 29th. Wall Street Zen cut Dolby Laboratories from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Finally, Barrington Research cut their price target on Dolby Laboratories from $95.00 to $90.00 and set an “outperform” rating on the stock in a report on Monday, January 26th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Dolby Laboratories presently has an average rating of “Moderate Buy” and an average price target of $90.75.

Dolby Laboratories Company Profile

Dolby Laboratories, Inc is a global leader in audio and imaging technologies, specializing in the development, licensing and deployment of solutions that enhance entertainment and communications experiences. The company’s core business revolves around creating advanced audio codecs, noise reduction systems and spatial sound technologies for a wide range of applications, including cinema, broadcast, gaming, streaming and personal devices. Dolby’s licensing model enables consumer electronics manufacturers, content creators and service providers to integrate its technologies into products such as televisions, smartphones, home theater systems and set-top boxes.

Among its flagship innovations are Dolby Atmos, an immersive audio format that delivers three-dimensional soundscapes for theaters and home systems; Dolby Digital and Dolby Digital Plus, widely adopted audio compression formats for broadcast and streaming; and Dolby Vision, a high-dynamic-range imaging technology that expands color, contrast and brightness in displays.