Acadian Asset Management LLC Reduces Holdings in Dolby Laboratories, Inc. (NYSE:DLB)

Acadian Asset Management LLC lowered its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 32.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 84,433 shares of the electronics maker’s stock after selling 41,379 shares during the period. Acadian Asset Management LLC’s holdings in Dolby Laboratories were worth $5,596,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of DLB. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Dolby Laboratories during the second quarter valued at approximately $613,000. Assenagon Asset Management S.A. bought a new stake in shares of Dolby Laboratories in the second quarter worth $1,108,000. Boston Trust Walden Corp increased its stake 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 worth $15,725,000 after buying an additional 7,784 shares during the last quarter. Strs Ohio increased its stake in shares of Dolby Laboratories by 62.3% in the second quarter. Strs Ohio now owns 24,599 shares of the electronics maker’s stock worth $1,620,000 after buying an additional 9,442 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its stake in shares of Dolby Laboratories by 11.4% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 25,656 shares of the electronics maker’s stock worth $1,690,000 after buying an additional 2,628 shares during the last quarter. Institutional investors own 56.47% of the company’s stock.

In other news, SVP Steven E. Forshay sold 833 shares of the business’s stock in a transaction on Friday, October 16th. The shares were sold at an average price of $69.81, for a total transaction of $58,151.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Lewis Chew sold 30,652 shares of the business’s stock in a transaction on Tuesday, November 17th. The shares were sold at an average price of $89.37, for a total transaction of $2,739,369.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 276,638 shares of company stock valued at $23,151,873. 38.17% of the stock is currently owned by corporate insiders.

A number of brokerages recently issued reports on DLB. Zacks Investment Research upgraded shares of Dolby Laboratories from a “sell” rating to a “hold” rating and set a $73.00 price target for the company in a research note on Friday, August 7th. Barrington Research lifted their price target on shares of Dolby Laboratories from $70.00 to $83.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 5th. Finally, B. Riley lifted their price target on shares of Dolby Laboratories from $73.00 to $79.00 and gave the stock a “neutral” rating in a research note on Friday, November 13th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $75.00.

Dolby Laboratories stock opened at $87.80 on Friday. The company has a market cap of $8.83 billion, a PE ratio of 39.02, a P/E/G ratio of 2.75 and a beta of 0.81. The company has a fifty day moving average price of $75.18 and a two-hundred day moving average price of $67.67. Dolby Laboratories, Inc. has a 12 month low of $44.68 and a 12 month high of $90.09.

Dolby Laboratories (NYSE:DLB) last released its quarterly earnings data on Thursday, November 12th. The electronics maker reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.25. The firm had revenue of $271.20 million during the quarter, compared to the consensus estimate of $245.04 million. Dolby Laboratories had a net margin of 19.91% and a return on equity of 9.95%. The firm’s revenue was down 9.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.66 earnings per share. On average, research analysts predict that Dolby Laboratories, Inc. will post 2.3 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 4th. Shareholders of record on Tuesday, November 24th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date is Monday, November 23rd. Dolby Laboratories’s dividend payout ratio is presently 38.26%.

Dolby Laboratories 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 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: Cash Flow Analysis in Stock Selection

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

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