Picton Mahoney Asset Management Acquires New Holdings in Dolby Laboratories (DLB)
Picton Mahoney Asset Management acquired a new stake in shares of Dolby Laboratories (NYSE:DLB) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 32,700 shares of the electronics maker’s stock, valued at approximately $1,601,000.
A number of other large investors have also modified their holdings of DLB. BlackRock Inc. boosted its position in Dolby Laboratories by 13,583.7% during the first quarter. BlackRock Inc. now owns 2,431,722 shares of the electronics maker’s stock worth $127,449,000 after purchasing an additional 2,413,951 shares during the period. Alliancebernstein L.P. increased its stake in shares of Dolby Laboratories by 157.2% in the second quarter. Alliancebernstein L.P. now owns 907,989 shares of the electronics maker’s stock worth $44,455,000 after purchasing an additional 555,020 shares in the last quarter. Clearbridge Investments LLC raised its position in shares of Dolby Laboratories by 8.8% in the first quarter. Clearbridge Investments LLC now owns 6,181,361 shares of the electronics maker’s stock valued at $323,965,000 after purchasing an additional 497,767 shares during the period. Vanguard Group Inc. raised its position in shares of Dolby Laboratories by 8.4% in the first quarter. Vanguard Group Inc. now owns 4,621,794 shares of the electronics maker’s stock valued at $242,228,000 after purchasing an additional 359,509 shares during the period. Finally, Marathon Asset Management LLP raised its position in shares of Dolby Laboratories by 137.5% in the second quarter. Marathon Asset Management LLP now owns 566,381 shares of the electronics maker’s stock valued at $27,729,000 after purchasing an additional 327,901 shares during the period. Hedge funds and other institutional investors own 51.87% of the company’s stock.
Shares of Dolby Laboratories (NYSE DLB) traded up 0.12% during midday trading on Monday, hitting $57.59. The stock had a trading volume of 10,235 shares. Dolby Laboratories has a 12 month low of $44.99 and a 12 month high of $59.79. The stock’s 50 day moving average price is $51.48 and its 200 day moving average price is $51.27. The firm has a market cap of $5.91 billion, a price-to-earnings ratio of 29.46 and a beta of 0.84.
Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings results on Tuesday, July 25th. The electronics maker reported $0.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.10. Dolby Laboratories had a net margin of 19.02% and a return on equity of 10.25%. The business had revenue of $305.67 million for the quarter, compared to analysts’ expectations of $296.88 million. During the same quarter last year, the company posted $0.62 EPS. The company’s revenue was up 10.1% compared to the same quarter last year. On average, equities analysts forecast that Dolby Laboratories will post $1.99 EPS for the current fiscal year.
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A number of brokerages recently commented on DLB. Zacks Investment Research cut shares of Dolby Laboratories from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. Piper Jaffray Companies reiterated a “hold” rating and issued a $52.00 price objective (up from $49.00) on shares of Dolby Laboratories in a research note on Wednesday, September 13th. BidaskClub upgraded shares of Dolby Laboratories from a “sell” rating to a “hold” rating in a research note on Saturday, July 8th. Dougherty & Co reissued a “buy” rating and set a $63.00 target price on shares of Dolby Laboratories in a report on Wednesday, September 13th. Finally, B. Riley raised shares of Dolby Laboratories to a “buy” rating and set a $61.50 target price on the stock in a report on Saturday, July 22nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $57.30.
In other Dolby Laboratories news, insider Kevin J. Yeaman sold 10,000 shares of the company’s 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Dagmar Dolby sold 100,000 shares of the company’s 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. Insiders sold a total of 1,419,000 shares of company stock valued at $71,701,100 over the last 90 days. 43.80% of the stock is currently owned by company insiders.
Dolby Laboratories 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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