Y Intercept Hong Kong Ltd lowered its stake in Dolby Laboratories (NYSE:DLB – Free Report) by 35.9% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 18,610 shares of the electronics maker’s stock after selling 10,429 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Dolby Laboratories were worth $1,118,000 as of its most recent filing with the SEC.
A number of other large investors have also recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of Dolby Laboratories during the fourth quarter valued at $54,966,000. AQR Capital Management LLC lifted its holdings in Dolby Laboratories by 51.8% in the 2nd quarter. AQR Capital Management LLC now owns 1,736,260 shares of the electronics maker’s stock valued at $128,935,000 after purchasing an additional 592,282 shares in the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Dolby Laboratories during the 4th quarter worth about $23,477,000. First Trust Advisors LP boosted its stake in shares of Dolby Laboratories by 23.8% during the 4th quarter. First Trust Advisors LP now owns 1,880,528 shares of the electronics maker’s stock worth $120,768,000 after purchasing an additional 361,871 shares during the last quarter. Finally, Voloridge Investment Management LLC grew its holdings in shares of Dolby Laboratories by 2,017.9% during the fourth quarter. Voloridge Investment Management LLC now owns 325,499 shares of the electronics maker’s stock worth $20,904,000 after buying an additional 310,130 shares in the last quarter. Institutional investors and hedge funds own 58.56% of the company’s stock.
Dolby Laboratories Trading Down 0.8%
NYSE:DLB traded down $0.40 during mid-day trading on Friday, hitting $49.72. The company had a trading volume of 501,978 shares, compared to its average volume of 958,286. The business has a fifty day simple moving average of $53.94 and a 200-day simple moving average of $60.07. The firm has a market capitalization of $4.70 billion, a price-to-earnings ratio of 19.65 and a beta of 0.81. Dolby Laboratories has a 1 year low of $48.66 and a 1 year high of $77.00.
Dolby Laboratories Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Tuesday, May 12th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Tuesday, May 12th. Dolby Laboratories’s dividend payout ratio (DPR) is 56.92%.
Insider Transactions at Dolby Laboratories
In other news, SVP Shriram Revankar sold 3,000 shares of Dolby Laboratories stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $54.90, for a total value of $164,700.00. Following the completion of the transaction, the senior vice president owned 80,603 shares in the company, valued at approximately $4,425,104.70. This trade represents a 3.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Todd Pendleton sold 11,876 shares of Dolby Laboratories stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $54.55, for a total transaction of $647,835.80. Following the completion of the transaction, the chief marketing officer directly owned 41,480 shares of the company’s stock, valued at approximately $2,262,734. This represents a 22.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 47,458 shares of company stock valued at $2,639,537 over the last ninety days. 37.93% of the stock is currently owned by company insiders.
Analyst Ratings Changes
DLB has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Dolby Laboratories in a research report on Wednesday, June 24th. Wall Street Zen raised Dolby Laboratories from a “hold” rating to a “buy” rating in a research note on Saturday, May 30th. Rosenblatt Securities restated a “buy” rating and issued a $85.00 price target on shares of Dolby Laboratories in a report on Thursday, June 11th. Finally, Barrington Research reaffirmed an “outperform” rating and set a $90.00 price objective on shares of Dolby Laboratories in a research note on Monday, June 15th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $90.75.
Get Our Latest Stock Analysis on Dolby Laboratories
About Dolby Laboratories
Dolby Laboratories, Inc is a global leader in audio and imaging technologies, specializing in the development, licensing and deployment of solutions that enhance entertainment and communications experiences. The company’s core business revolves around creating advanced audio codecs, noise reduction systems and spatial sound technologies for a wide range of applications, including cinema, broadcast, gaming, streaming and personal devices. Dolby’s licensing model enables consumer electronics manufacturers, content creators and service providers to integrate its technologies into products such as televisions, smartphones, home theater systems and set-top boxes.
Among its flagship innovations are Dolby Atmos, an immersive audio format that delivers three-dimensional soundscapes for theaters and home systems; Dolby Digital and Dolby Digital Plus, widely adopted audio compression formats for broadcast and streaming; and Dolby Vision, a high-dynamic-range imaging technology that expands color, contrast and brightness in displays.
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