JPMorgan Chase & Co. Purchases 139,900 Shares of Dolby Laboratories $DLB

JPMorgan Chase & Co. increased its holdings in Dolby Laboratories (NYSE:DLB) by 81.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 312,028 shares of the electronics maker’s stock after acquiring an additional 139,900 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.33% of Dolby Laboratories worth $22,582,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DLB. Boothbay Fund Management LLC raised its holdings in shares of Dolby Laboratories by 4.1% in the 2nd quarter. Boothbay Fund Management LLC now owns 4,020 shares of the electronics maker’s stock valued at $299,000 after purchasing an additional 157 shares in the last quarter. Mitchell & Pahl Private Wealth LLC boosted its stake in shares of Dolby Laboratories by 1.1% during the third quarter. Mitchell & Pahl Private Wealth LLC now owns 15,733 shares of the electronics maker’s stock valued at $1,139,000 after purchasing an additional 170 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its stake in shares of Dolby Laboratories by 13.9% during the second quarter. Steward Partners Investment Advisory LLC now owns 1,587 shares of the electronics maker’s stock valued at $118,000 after purchasing an additional 194 shares in the last quarter. Gabelli Funds LLC increased its holdings in Dolby Laboratories by 0.4% during the third quarter. Gabelli Funds LLC now owns 49,143 shares of the electronics maker’s stock valued at $3,556,000 after buying an additional 202 shares during the period. Finally, Hantz Financial Services Inc. increased its holdings in Dolby Laboratories by 166.7% during the third quarter. Hantz Financial Services Inc. now owns 352 shares of the electronics maker’s stock valued at $25,000 after buying an additional 220 shares during the period. 58.56% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Dolby Laboratories news, SVP Shriram Revankar sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $66.14, for a total transaction of $198,420.00. Following the completion of the transaction, the senior vice president directly owned 83,218 shares of the company’s stock, valued at approximately $5,504,038.52. This trade represents a 3.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Ryan Nicholson sold 2,667 shares of Dolby Laboratories stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $66.38, for a total transaction of $177,035.46. Following the sale, the chief accounting officer owned 36,956 shares of the company’s stock, valued at approximately $2,453,139.28. The trade was a 6.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 37.93% of the stock is owned by corporate insiders.

Dolby Laboratories Price Performance

NYSE DLB opened at $58.89 on Wednesday. The company has a market cap of $5.63 billion, a price-to-earnings ratio of 23.75 and a beta of 0.84. The stock’s fifty day moving average price is $63.60 and its 200 day moving average price is $66.28. Dolby Laboratories has a 1 year low of $58.39 and a 1 year high of $82.63.

Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings results on Thursday, January 29th. The electronics maker reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.07. The company had revenue of $346.71 million during 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 revenue was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.14 EPS. Research analysts expect that Dolby Laboratories will post 2.94 earnings per share for the current 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 given a $0.36 dividend. The ex-dividend date was Tuesday, February 10th. This represents a $1.44 dividend on an annualized basis and a yield of 2.4%. Dolby Laboratories’s dividend payout ratio is currently 58.06%.

Analysts Set New Price Targets

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

Dolby Laboratories 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.