Alliancebernstein L.P. Has $44.59 Million Holdings in Dolby Laboratories, Inc. (DLB)
Alliancebernstein L.P. trimmed its stake in Dolby Laboratories, Inc. (NYSE:DLB) by 41.7% in the fourth quarter, HoldingsChannel reports. The firm owned 719,256 shares of the electronics maker’s stock after selling 514,804 shares during the quarter. Alliancebernstein L.P.’s holdings in Dolby Laboratories were worth $44,594,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of the business. Geode Capital Management LLC grew its stake in Dolby Laboratories by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 518,535 shares of the electronics maker’s stock valued at $32,149,000 after purchasing an additional 6,745 shares in the last quarter. Icon Wealth Partners LLC bought a new position in Dolby Laboratories in the fourth quarter valued at approximately $215,000. Allianz Asset Management GmbH grew its stake in Dolby Laboratories by 180.2% in the fourth quarter. Allianz Asset Management GmbH now owns 563,010 shares of the electronics maker’s stock valued at $34,907,000 after purchasing an additional 362,095 shares in the last quarter. Carillon Tower Advisers Inc. bought a new position in Dolby Laboratories in the fourth quarter valued at approximately $602,000. Finally, Group One Trading L.P. lifted its position in shares of Dolby Laboratories by 707.3% in the fourth quarter. Group One Trading L.P. now owns 36,327 shares of the electronics maker’s stock valued at $2,252,000 after buying an additional 31,827 shares during the last quarter. Hedge funds and other institutional investors own 53.28% of the company’s stock.
A number of analysts have recently issued reports on DLB shares. Zacks Investment Research cut Dolby Laboratories from a “hold” rating to a “sell” rating in a research report on Thursday, January 18th. ValuEngine raised Dolby Laboratories from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. B. Riley cut Dolby Laboratories from a “buy” rating to a “neutral” rating and set a $63.00 price objective for the company. in a research report on Tuesday, January 16th. Finally, JPMorgan Chase & Co. raised their price objective on Dolby Laboratories from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, January 25th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $62.00.
Dolby Laboratories (NYSE:DLB) last released its quarterly earnings data on Wednesday, January 24th. The electronics maker reported $0.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.35. Dolby Laboratories had a return on equity of 12.02% and a net margin of 6.06%. The company had revenue of $287.80 million during the quarter, compared to analysts’ expectations of $265.75 million. During the same period last year, the firm posted $0.66 earnings per share. The business’s revenue was up 8.1% on a year-over-year basis. equities research analysts predict that Dolby Laboratories, Inc. will post 0.99 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 14th. Stockholders of record on Monday, February 5th were given a $0.16 dividend. The ex-dividend date was Friday, February 2nd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.94%. Dolby Laboratories’s payout ratio is 101.59%.
In related news, Director Peter C. Gotcher sold 5,233 shares of Dolby Laboratories stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $62.12, for a total transaction of $325,073.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kevin J. Yeaman sold 11,130 shares of Dolby Laboratories stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $62.47, for a total value of $695,291.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 532,134 shares of company stock valued at $33,369,380. 43.74% of the stock is currently owned by insiders.
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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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