Dolby Laboratories (DLB) Shares Sold by Algert Global LLC
Algert Global LLC decreased its stake in Dolby Laboratories (NYSE:DLB) by 2.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,115 shares of the electronics maker’s stock after selling 611 shares during the period. Algert Global LLC’s holdings in Dolby Laboratories were worth $1,181,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in DLB. Watermark Asset Management Inc. acquired a new stake in Dolby Laboratories during the first quarter valued at $114,000. James Investment Research Inc. acquired a new stake in Dolby Laboratories during the first quarter valued at $155,000. US Bancorp DE increased its stake in Dolby Laboratories by 4.8% in the first quarter. US Bancorp DE now owns 2,951 shares of the electronics maker’s stock valued at $155,000 after buying an additional 135 shares during the period. Northeast Financial Consultants Inc acquired a new stake in Dolby Laboratories during the first quarter valued at $229,000. Finally, Eqis Capital Management Inc. acquired a new stake in Dolby Laboratories during the first quarter valued at $249,000. Institutional investors and hedge funds own 50.46% of the company’s stock.
Shares of Dolby Laboratories (NYSE:DLB) opened at 51.08 on Thursday. Dolby Laboratories has a 52-week low of $44.99 and a 52-week high of $55.02. The company has a market capitalization of $5.24 billion, a P/E ratio of 26.13 and a beta of 0.79. The stock’s 50 day moving average price is $51.26 and its 200 day moving average price is $50.73.
Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings results on Tuesday, July 25th. The electronics maker reported $0.75 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.10. Dolby Laboratories had a return on equity of 10.25% and a net margin of 19.02%. The business had revenue of $305.67 million for the quarter, compared to analyst estimates of $296.88 million. During the same quarter in the prior year, the company posted $0.62 EPS. The company’s quarterly revenue was up 10.1% on a year-over-year basis. On average, equities research analysts forecast that Dolby Laboratories will post $1.99 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, August 7th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.10%. The ex-dividend date of this dividend is Thursday, August 3rd. Dolby Laboratories’s dividend payout ratio (DPR) is presently 28.57%.
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Several analysts have recently weighed in on the company. BidaskClub downgraded Dolby Laboratories from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. B. Riley reiterated a “neutral” rating and set a $57.00 target price (up from $52.00) on shares of Dolby Laboratories in a research report on Tuesday, April 25th. Finally, Zacks Investment Research upgraded Dolby Laboratories from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, three have given 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 $54.38.
In related news, CFO Lewis Chew sold 14,300 shares of the stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $50.34, for a total transaction of $719,862.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Dagmar Dolby sold 100,000 shares of the stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $52.22, for a total value of $5,222,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 474,300 shares of company stock worth $24,451,762. 43.80% of the stock is owned by corporate insiders.
Dolby Laboratories Company Profile
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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