Dolby Laboratories (DLB) Stake Lifted by New York State Common Retirement Fund
New York State Common Retirement Fund grew its holdings in Dolby Laboratories (NYSE:DLB) by 26.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 375,424 shares of the electronics maker’s stock after purchasing an additional 77,766 shares during the quarter. New York State Common Retirement Fund owned about 0.37% of Dolby Laboratories worth $21,594,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in DLB. US Bancorp DE lifted 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 purchasing an additional 78 shares during the period. Public Employees Retirement Association of Colorado raised its stake in Dolby Laboratories by 1.1% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 10,226 shares of the electronics maker’s stock worth $501,000 after buying an additional 114 shares during the period. Southport Management L.L.C. acquired a new position in Dolby Laboratories during the 2nd quarter worth approximately $734,000. Trexquant Investment LP acquired a new position in Dolby Laboratories during the 2nd quarter worth approximately $441,000. Finally, Schwab Charles Investment Management Inc. raised its stake in Dolby Laboratories by 4.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 310,210 shares of the electronics maker’s stock worth $15,188,000 after buying an additional 12,045 shares during the period. 52.53% of the stock is currently owned by institutional investors.
A number of research analysts recently weighed in on DLB shares. B. Riley reaffirmed a “buy” rating and set a $65.50 price target on shares of Dolby Laboratories in a research note on Thursday, October 26th. Dougherty & Co reaffirmed a “buy” rating and set a $63.00 price target on shares of Dolby Laboratories in a research note on Wednesday, September 13th. Zacks Investment Research downgraded Dolby Laboratories from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 31st. Piper Jaffray Companies reaffirmed a “hold” rating and set a $52.00 price target (up from $49.00) on shares of Dolby Laboratories in a research note on Wednesday, September 13th. Finally, BidaskClub downgraded Dolby Laboratories from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 22nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $60.17.
Shares of Dolby Laboratories (NYSE:DLB) opened at $61.30 on Wednesday. The company has a market capitalization of $6,330.60, a P/E ratio of 29.75, a PEG ratio of 2.30 and a beta of 0.86. Dolby Laboratories has a 52 week low of $44.98 and a 52 week high of $63.34.
Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings data on Wednesday, October 25th. The electronics maker reported $0.45 EPS for the quarter, topping the consensus estimate of $0.27 by $0.18. The firm had revenue of $242.05 million during the quarter, compared to the consensus estimate of $244.80 million. Dolby Laboratories had a return on equity of 10.62% and a net margin of 18.66%. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.37 earnings per share. analysts anticipate that Dolby Laboratories will post 2.24 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Monday, November 6th were paid a $0.16 dividend. The ex-dividend date was Friday, November 3rd. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a dividend yield of 1.04%. Dolby Laboratories’s dividend payout ratio is 32.99%.
In other news, EVP Mark Andrew Sherman sold 7,000 shares of the stock in a transaction that occurred on Wednesday, October 18th. The stock was sold at an average price of $60.00, for a total value of $420,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peter C. Gotcher sold 9,310 shares of the stock in a transaction that occurred on Wednesday, October 18th. The stock was sold at an average price of $60.00, for a total value of $558,600.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 511,095 shares of company stock valued at $31,288,813. Company insiders own 43.80% of the company’s stock.
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Dolby Laboratories Company 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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