Comerica Bank Trims Stake in Dolby Laboratories (DLB)
Comerica Bank trimmed its position in shares of Dolby Laboratories (NYSE:DLB) by 3.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,455 shares of the electronics maker’s stock after selling 308 shares during the quarter. Comerica Bank’s holdings in Dolby Laboratories were worth $505,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also recently made changes to their positions in DLB. Watermark Asset Management Inc. acquired a new stake in shares of Dolby Laboratories during the 1st quarter valued at about $114,000. US Bancorp DE raised its stake in shares of Dolby Laboratories by 2.6% in the 2nd quarter. US Bancorp DE now owns 3,029 shares of the electronics maker’s stock valued at $149,000 after acquiring an additional 78 shares in the last quarter. Teacher Retirement System of Texas raised its stake in shares of Dolby Laboratories by 4.6% in the 2nd quarter. Teacher Retirement System of Texas now owns 4,637 shares of the electronics maker’s stock valued at $227,000 after acquiring an additional 205 shares in the last quarter. CrestPoint Capital Management LLC bought a new position in shares of Dolby Laboratories in the 2nd quarter valued at approximately $240,000. Finally, Airain ltd bought a new position in shares of Dolby Laboratories in the 1st quarter valued at approximately $257,000. Institutional investors and hedge funds own 51.87% of the company’s stock.
A number of research analysts recently weighed in on DLB shares. BidaskClub downgraded Dolby Laboratories from a “hold” rating to a “sell” rating in a research note on Saturday, June 10th. Zacks Investment Research downgraded Dolby Laboratories from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. Finally, B. Riley raised Dolby Laboratories from a “neutral” rating to a “buy” rating and raised their price objective for the company from $57.00 to $61.50 in a research note on Monday, July 17th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $57.30.
Dolby Laboratories (NYSE:DLB) opened at 58.18 on Monday. The company has a 50 day moving average price of $51.48 and a 200-day moving average price of $51.27. Dolby Laboratories has a 52 week low of $44.99 and a 52 week high of $59.79. The company has a market capitalization of $5.97 billion, a P/E ratio of 29.76 and a beta of 0.81.
Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings results on Tuesday, July 25th. The electronics maker reported $0.75 EPS for the quarter, beating the 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 firm had revenue of $305.67 million during the quarter, compared to analysts’ expectations of $296.88 million. During the same period in the prior year, the firm posted $0.62 earnings per share. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. On average, equities analysts anticipate that Dolby Laboratories will post $1.99 earnings per share for the current fiscal year.
In related news, major shareholder Dagmar Dolby sold 100,000 shares of the stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $52.22, for a total transaction of $5,222,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kevin J. Yeaman sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $51.79, for a total value of $517,900.00. The disclosure for this sale can be found here. Insiders have sold 1,419,000 shares of company stock valued at $71,701,100 over the last three months. Insiders own 43.80% of the company’s stock.
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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