Zurcher Kantonalbank Zurich Cantonalbank Raises Stock Holdings in Dolby Laboratories, Inc. (NYSE:DLB)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Dolby Laboratories, Inc. (NYSE:DLB) by 19.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,407 shares of the electronics maker’s stock after buying an additional 1,380 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Dolby Laboratories were worth $557,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. California State Teachers Retirement System increased its position in Dolby Laboratories by 1.7% in the second quarter. California State Teachers Retirement System now owns 106,685 shares of the electronics maker’s stock worth $7,027,000 after buying an additional 1,825 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its position in shares of Dolby Laboratories by 11.4% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 25,656 shares of the electronics maker’s stock worth $1,690,000 after purchasing an additional 2,628 shares in the last quarter. Swiss National Bank grew its position in shares of Dolby Laboratories by 16.5% during the second quarter. Swiss National Bank now owns 144,600 shares of the electronics maker’s stock worth $9,525,000 after purchasing an additional 20,500 shares in the last quarter. O Shares Investment Advisers LLC grew its position in shares of Dolby Laboratories by 169.5% during the second quarter. O Shares Investment Advisers LLC now owns 21,869 shares of the electronics maker’s stock worth $1,441,000 after purchasing an additional 13,753 shares in the last quarter. Finally, Strs Ohio grew its position in shares of Dolby Laboratories by 62.3% during the second quarter. Strs Ohio now owns 24,599 shares of the electronics maker’s stock worth $1,620,000 after purchasing an additional 9,442 shares in the last quarter. Institutional investors and hedge funds own 56.47% of the company’s stock.

Several analysts recently issued reports on the company. B. Riley increased their target price on Dolby Laboratories from $73.00 to $79.00 and gave the stock a “neutral” rating in a research report on Friday, November 13th. Barrington Research increased their target price on Dolby Laboratories from $70.00 to $83.00 and gave the stock an “outperform” rating in a research 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 for the company in a research report on Friday, August 7th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $75.00.

In other news, CEO Kevin J. Yeaman sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, October 30th. The stock was sold at an average price of $75.00, for a total value of $2,250,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Giles Baker sold 91,117 shares of the firm’s stock in a transaction that occurred on Monday, November 16th. The shares were sold at an average price of $87.20, for a total value of $7,945,402.40. The disclosure for this sale can be found here. Insiders sold a total of 276,638 shares of company stock valued at $23,151,873 over the last ninety days. Corporate insiders own 38.17% of the company’s stock.

Shares of Dolby Laboratories stock opened at $87.80 on Friday. The stock has a 50 day moving average of $75.18 and a 200 day moving average of $67.67. Dolby Laboratories, Inc. has a 12 month low of $44.68 and a 12 month high of $90.09. The firm has a market cap of $8.83 billion, a PE ratio of 39.02, a PEG ratio of 2.75 and a beta of 0.81.

Dolby Laboratories (NYSE:DLB) last announced its quarterly 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 analyst estimates of $245.04 million. During the same period in the prior year, the company earned $0.66 earnings per share. The firm’s revenue was down 9.3% on a year-over-year basis. On average, sell-side analysts predict that Dolby Laboratories, Inc. will post 2.3 earnings per share for the current 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 paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.00%. The ex-dividend date of this dividend is Monday, November 23rd. Dolby Laboratories’s payout ratio is 38.26%.

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.

Further Reading: Technical Analysis

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Institutional Ownership by Quarter for Dolby Laboratories (NYSE:DLB)

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