California Public Employees Retirement System Raises Stock Holdings in Dolby Laboratories, Inc. (NYSE:DLB)
California Public Employees Retirement System boosted its holdings in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 2.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 146,918 shares of the electronics maker’s stock after purchasing an additional 3,968 shares during the quarter. California Public Employees Retirement System owned approximately 0.15% of Dolby Laboratories worth $9,738,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the business. Nachman Norwood & Parrott Inc purchased a new position in shares of Dolby Laboratories in the third quarter valued at approximately $28,000. Pflug Koory LLC acquired a new stake in shares of Dolby Laboratories in the second quarter valued at approximately $33,000. Prospera Financial Services Inc acquired a new stake in shares of Dolby Laboratories in the third quarter valued at approximately $52,000. Meeder Asset Management Inc. acquired a new stake in shares of Dolby Laboratories in the third quarter valued at approximately $92,000. Finally, Spark Investment Management LLC acquired a new stake in shares of Dolby Laboratories in the second quarter valued at approximately $204,000. Institutional investors own 56.47% of the company’s stock.
Several equities research analysts have issued reports on the company. Zacks Investment Research raised Dolby Laboratories from a “sell” rating to a “hold” rating and set a $73.00 target price for the company in a research note on Friday, August 7th. B. Riley raised their target price on Dolby Laboratories from $73.00 to $79.00 and gave the stock a “neutral” rating in a research note on Friday, November 13th. Finally, Barrington Research raised their target price on Dolby Laboratories from $70.00 to $83.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 5th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $75.00.
Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings results on Thursday, November 12th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.25. Dolby Laboratories had a return on equity of 9.95% and a net margin of 19.91%. The firm had revenue of $271.20 million for the quarter, compared to analysts’ expectations of $245.04 million. During the same quarter in the previous year, the firm posted $0.66 EPS. The firm’s revenue for the quarter was down 9.3% on a year-over-year basis. As a group, equities research analysts predict that Dolby Laboratories, Inc. will post 2.3 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 4th. Investors of record on Tuesday, November 24th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date of this dividend is Monday, November 23rd. Dolby Laboratories’s payout ratio is currently 38.26%.
In other Dolby Laboratories news, SVP Steven E. Forshay sold 22,698 shares of the stock in a transaction on Wednesday, November 18th. The stock was sold at an average price of $89.15, for a total transaction of $2,023,526.70. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Lewis Chew sold 30,652 shares of the stock in a transaction on Tuesday, November 17th. The stock was sold at an average price of $89.37, for a total value of $2,739,369.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 276,638 shares of company stock worth $23,151,873. 38.17% of the stock is owned by corporate insiders.
About Dolby Laboratories
Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment and communications at the cinema, at home, at work, and on mobile devices. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for a range of media applications.; AVC, a digital video codec with high bandwidth efficiency used in media devices; Dolby AC-4, an audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for cinema and a range of media devices.
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