Quantinno Capital Management LP raised its stake in Dolby Laboratories (NYSE:DLB – Free Report) by 23.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 58,316 shares of the electronics maker’s stock after acquiring an additional 10,887 shares during the quarter. Quantinno Capital Management LP owned approximately 0.06% of Dolby Laboratories worth $3,503,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in DLB. State Street Corp lifted its stake in Dolby Laboratories by 8.7% in the 2nd quarter. State Street Corp now owns 2,261,059 shares of the electronics maker’s stock valued at $167,906,000 after purchasing an additional 180,072 shares during the last quarter. First Trust Advisors LP boosted its position in Dolby Laboratories by 19.9% in the first quarter. First Trust Advisors LP now owns 2,254,933 shares of the electronics maker’s stock valued at $135,431,000 after buying an additional 374,405 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Dolby Laboratories by 15.6% during the fourth quarter. Geode Capital Management LLC now owns 1,885,246 shares of the electronics maker’s stock worth $122,749,000 after buying an additional 254,250 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Dolby Laboratories by 51.8% during the second quarter. AQR Capital Management LLC now owns 1,736,260 shares of the electronics maker’s stock worth $128,935,000 after buying an additional 592,282 shares during the last quarter. Finally, Snyder Capital Management L P increased its holdings in shares of Dolby Laboratories by 24.4% during the fourth quarter. Snyder Capital Management L P now owns 1,427,093 shares of the electronics maker’s stock worth $91,648,000 after buying an additional 279,743 shares in the last quarter. 58.56% of the stock is currently owned by institutional investors and hedge funds.
Dolby Laboratories Stock Performance
Shares of NYSE DLB opened at $61.70 on Friday. The firm has a 50 day moving average price of $52.82 and a two-hundred day moving average price of $58.49. The stock has a market cap of $5.78 billion, a P/E ratio of 26.26 and a beta of 0.80. Dolby Laboratories has a 52-week low of $48.26 and a 52-week high of $75.66.
Dolby Laboratories announced that its Board of Directors has approved a share buyback plan on Thursday, July 30th that permits the company to buyback $350.00 million in outstanding shares. This buyback authorization permits the electronics maker to buy up to 7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
Dolby Laboratories Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Shareholders of record on Tuesday, August 11th will be given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Tuesday, August 11th. Dolby Laboratories’s payout ratio is 61.28%.
Insider Buying and Selling
In other news, CFO Robert J. Park sold 4,895 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $56.68, for a total value of $277,448.60. Following the completion of the sale, the chief financial officer owned 81,490 shares of the company’s stock, valued at approximately $4,618,853.20. This represents a 5.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Shriram Revankar sold 3,000 shares of the firm’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $54.90, for a total value of $164,700.00. Following the transaction, the senior vice president owned 80,603 shares of the company’s stock, valued at $4,425,104.70. This trade represents a 3.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 43,128 shares of company stock worth $2,405,917. Corporate insiders own 37.93% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on DLB. Wall Street Zen cut Dolby Laboratories from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Weiss Ratings restated a “hold (c-)” rating on shares of Dolby Laboratories in a research report on Wednesday, June 24th. Barrington Research reaffirmed an “outperform” rating and issued a $90.00 target price on shares of Dolby Laboratories in a report on Monday, June 15th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $85.00 target price on shares of Dolby Laboratories in a research report on Friday, July 31st. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $90.75.
Check Out Our Latest Report on Dolby Laboratories
Dolby Laboratories Company Profile
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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