Janney Montgomery Scott LLC grew its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 5.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,334 shares of the electronics maker’s stock after purchasing an additional 1,286 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Dolby Laboratories were worth $1,613,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Dolby Laboratories by 19.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,407 shares of the electronics maker’s stock worth $557,000 after purchasing an additional 1,380 shares during the period. California Public Employees Retirement System raised its stake in shares of Dolby Laboratories by 2.8% during the 3rd quarter. California Public Employees Retirement System now owns 146,918 shares of the electronics maker’s stock worth $9,738,000 after buying an additional 3,968 shares during the period. First Trust Advisors LP lifted its position in shares of Dolby Laboratories by 14.3% during the 3rd quarter. First Trust Advisors LP now owns 163,021 shares of the electronics maker’s stock valued at $10,805,000 after buying an additional 20,435 shares in the last quarter. Prospera Financial Services Inc purchased a new stake in Dolby Laboratories in the 3rd quarter worth $52,000. Finally, Seizert Capital Partners LLC lifted its holdings in Dolby Laboratories by 17.9% during the third quarter. Seizert Capital Partners LLC now owns 113,507 shares of the electronics maker’s stock valued at $7,523,000 after purchasing an additional 17,209 shares in the last quarter. 56.47% of the stock is owned by institutional investors.
In related news, CEO Kevin J. Yeaman sold 30,000 shares of the business’s stock in a transaction on Friday, October 30th. The shares were sold at an average price of $75.00, for a total transaction of $2,250,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Giles Baker sold 8,334 shares of the stock in a transaction on Monday, August 31st. The shares were sold at an average price of $70.28, for a total value of $585,713.52. In the last 90 days, insiders have sold 276,638 shares of company stock worth $23,151,873. 38.17% of the stock is owned by company insiders.
Several equities research analysts have commented on the company. B. Riley boosted their price objective on Dolby Laboratories from $73.00 to $79.00 and gave the stock a “neutral” rating in a research note on Friday, November 13th. Barrington Research increased their price objective on shares of Dolby Laboratories from $70.00 to $83.00 and gave the company an “outperform” rating in a report on Wednesday, August 5th. Finally, Zacks Investment Research upgraded Dolby Laboratories from a “sell” rating to a “hold” rating and set a $73.00 target price on the stock in a report on Friday, August 7th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $75.00.
Shares of DLB stock opened at $87.80 on Friday. The firm has a market cap of $8.83 billion, a P/E ratio of 39.02, a P/E/G ratio of 2.75 and a beta of 0.81. The firm’s 50 day moving average price is $75.18 and its 200-day moving average price is $67.67. Dolby Laboratories, Inc. has a one year low of $44.68 and a one year high of $90.09.
Dolby Laboratories (NYSE:DLB) last announced its earnings results on Thursday, November 12th. The electronics maker reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.25. Dolby Laboratories had a return on equity of 9.95% and a net margin of 19.91%. The company had revenue of $271.20 million during the quarter, compared to analysts’ expectations of $245.04 million. During the same period last year, the business posted $0.66 EPS. Dolby Laboratories’s revenue for the quarter was down 9.3% on a year-over-year basis. Analysts forecast that Dolby Laboratories, Inc. will post 2.3 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 4th. Stockholders of record on Tuesday, November 24th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date of this dividend is Monday, November 23rd. Dolby Laboratories’s dividend payout ratio is currently 38.26%.
Dolby Laboratories Company Profile
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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