Dolby Laboratories (DLB) Shares Sold by Riverhead Capital Management LLC
Riverhead Capital Management LLC lowered its position in Dolby Laboratories (NYSE:DLB) by 76.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,318 shares of the electronics maker’s stock after selling 10,688 shares during the period. Riverhead Capital Management LLC’s holdings in Dolby Laboratories were worth $162,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Trigran Investments Inc. increased its position in Dolby Laboratories by 604.9% during the second quarter. Trigran Investments Inc. now owns 112,374 shares of the electronics maker’s stock valued at $5,501,000 after acquiring an additional 96,432 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in Dolby Laboratories by 2.9% in the second quarter. Baillie Gifford & Co. now owns 273,472 shares of the electronics maker’s stock valued at $13,390,000 after acquiring an additional 7,764 shares during the period. Alliancebernstein L.P. lifted its holdings in Dolby Laboratories by 157.2% in the second quarter. Alliancebernstein L.P. now owns 907,989 shares of the electronics maker’s stock valued at $44,455,000 after acquiring an additional 555,020 shares during the period. Wells Fargo & Company MN lifted its holdings in Dolby Laboratories by 7.0% in the second quarter. Wells Fargo & Company MN now owns 593,481 shares of the electronics maker’s stock valued at $29,057,000 after acquiring an additional 38,984 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. lifted its holdings in Dolby Laboratories by 0.3% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 141,530 shares of the electronics maker’s stock valued at $6,929,000 after acquiring an additional 380 shares during the period. 51.87% of the stock is owned by institutional investors.
Several brokerages have recently weighed in on DLB. B. Riley reiterated a “dlb (” rating and issued a $61.50 price objective on shares of Dolby Laboratories in a research note on Wednesday, August 23rd. Zacks Investment Research raised shares of Dolby Laboratories from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. Piper Jaffray Companies reiterated a “hold” rating and issued a $52.00 price target (up from $49.00) on shares of Dolby Laboratories in a research report on Wednesday, September 13th. Finally, BidaskClub downgraded shares of Dolby Laboratories from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $57.30.
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Shares of Dolby Laboratories (DLB) opened at 57.52 on Monday. Dolby Laboratories has a 52 week low of $44.99 and a 52 week high of $59.79. The company’s 50-day moving average price is $51.48 and its 200 day moving average price is $51.27. The company has a market cap of $5.90 billion, a P/E ratio of 29.42 and a beta of 0.84.
Dolby Laboratories (NYSE:DLB) last announced its earnings results on Tuesday, July 25th. The electronics maker reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.10. Dolby Laboratories had a return on equity of 10.25% and a net margin of 19.02%. The firm had revenue of $305.67 million for the quarter, compared to analyst estimates of $296.88 million. During the same quarter last year, the firm posted $0.62 EPS. The business’s revenue was up 10.1% on a year-over-year basis. Equities research analysts anticipate that Dolby Laboratories will post $1.99 earnings per share for the current fiscal year.
In related news, insider Kevin J. Yeaman sold 10,000 shares of Dolby Laboratories stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $51.79, for a total value of $517,900.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Dagmar Dolby sold 100,000 shares of the business’s stock in a transaction that occurred on 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 sold 1,419,000 shares of company stock valued at $71,701,100. 43.80% of the stock is owned by insiders.
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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