Strs Ohio Purchases 9,442 Shares of Dolby Laboratories, Inc. (NYSE:DLB)
Strs Ohio grew its position in Dolby Laboratories, Inc. (NYSE:DLB) by 62.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,599 shares of the electronics maker’s stock after purchasing an additional 9,442 shares during the period. Strs Ohio’s holdings in Dolby Laboratories were worth $1,620,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of the company. Boston Trust Walden Corp lifted its holdings in shares of Dolby Laboratories by 3.4% in the second quarter. Boston Trust Walden Corp now owns 238,732 shares of the electronics maker’s stock valued at $15,725,000 after purchasing an additional 7,784 shares in the last quarter. XTX Markets LLC bought a new stake in shares of Dolby Laboratories in the second quarter valued at about $272,000. Assenagon Asset Management S.A. bought a new stake in Dolby Laboratories during the second quarter worth about $1,108,000. Obermeyer Wood Investment Counsel Lllp raised its holdings in Dolby Laboratories by 45.9% during the second quarter. Obermeyer Wood Investment Counsel Lllp now owns 599,436 shares of the electronics maker’s stock worth $39,485,000 after acquiring an additional 188,445 shares in the last quarter. Finally, Marathon Asset Management LLP raised its holdings in Dolby Laboratories by 39.7% during the second quarter. Marathon Asset Management LLP now owns 798,693 shares of the electronics maker’s stock worth $52,610,000 after acquiring an additional 226,870 shares in the last quarter. Institutional investors own 58.75% of the company’s stock.
In other news, SVP Steven E. Forshay sold 4,167 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $69.50, for a total value of $289,606.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Lewis Chew sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $54.79, for a total value of $547,900.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 64,167 shares of company stock worth $3,837,507. Company insiders own 38.17% of the company’s stock.
Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings results on Monday, May 4th. The electronics maker reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.05). The business had revenue of $351.82 million for the quarter, compared to analyst estimates of $361.35 million. Dolby Laboratories had a return on equity of 9.45% and a net margin of 17.74%. Dolby Laboratories’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period last year, the firm earned $1.04 EPS. Equities analysts forecast that Dolby Laboratories, Inc. will post 1.66 EPS for the current fiscal year.
Several analysts recently issued reports on DLB shares. Zacks Investment Research lowered Dolby Laboratories from a “hold” rating to a “sell” rating and set a $61.00 target price on the stock. in a report on Monday, May 11th. TheStreet upgraded Dolby Laboratories from a “c+” rating to a “b-” rating in a report on Monday, June 15th. B. Riley lowered Dolby Laboratories from a “buy” rating to a “neutral” rating and upped their target price for the stock from $68.00 to $72.00 in a report on Wednesday, June 24th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. dropped their target price on Dolby Laboratories from $66.00 to $65.00 and set an “overweight” rating on the stock in a report on Tuesday, May 5th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $67.00.
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 TVs, set-top boxes (STBs), personal computers (PCs), gaming consoles, mobile devices, and digital radio; 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 home theaters, cinemas, device speakers, mobile devices, and headphones.
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