Wedge Capital Management L L P NC increased its holdings in Dolby Laboratories (NYSE:DLB – Free Report) by 53.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 77,380 shares of the electronics maker’s stock after purchasing an additional 26,860 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Dolby Laboratories were worth $4,069,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently bought and sold shares of DLB. Royal Bank of Canada raised its holdings in Dolby Laboratories by 3.5% in the 1st quarter. Royal Bank of Canada now owns 68,367 shares of the electronics maker’s stock worth $5,491,000 after purchasing an additional 2,298 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Dolby Laboratories by 218.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 249,574 shares of the electronics maker’s stock valued at $20,043,000 after purchasing an additional 171,288 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Dolby Laboratories by 5.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 238,216 shares of the electronics maker’s stock valued at $19,131,000 after buying an additional 12,598 shares during the period. Focus Partners Wealth purchased a new position in shares of Dolby Laboratories during the first quarter valued at about $390,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Dolby Laboratories by 273.3% during the second quarter. EverSource Wealth Advisors LLC now owns 2,598 shares of the electronics maker’s stock valued at $193,000 after buying an additional 1,902 shares during the period. Hedge funds and other institutional investors own 58.56% of the company’s stock.
Dolby Laboratories Price Performance
Shares of NYSE:DLB opened at $62.34 on Friday. Dolby Laboratories has a 1-year low of $48.26 and a 1-year high of $75.66. The business has a fifty day moving average price of $53.35 and a 200-day moving average price of $58.45. The company has a market capitalization of $5.84 billion, a PE ratio of 26.53 and a beta of 0.80.
Dolby Laboratories announced that its Board of Directors has approved a share repurchase program on Thursday, July 30th that authorizes the company to repurchase $350.00 million in shares. This repurchase authorization authorizes the electronics maker to repurchase up to 7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
Dolby Laboratories Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Tuesday, August 11th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $1.44 annualized dividend and a dividend yield of 2.3%. Dolby Laboratories’s dividend payout ratio (DPR) is 61.28%.
Insider Buying and Selling
In related news, CMO Todd Pendleton sold 11,876 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $54.55, for a total value of $647,835.80. Following 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. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Ryan Nicholson sold 1,348 shares of the stock in a transaction on Monday, August 10th. The shares were sold at an average price of $62.04, for a total value of $83,629.92. Following the sale, the chief accounting officer owned 35,636 shares in the company, valued at approximately $2,210,857.44. This represents a 3.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 36,581 shares of company stock worth $2,047,398 in the last three months. Insiders own 37.93% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts have commented on DLB shares. Barrington Research restated an “outperform” rating and issued a $90.00 price objective on shares of Dolby Laboratories in a report on Monday, June 15th. Wall Street Zen lowered Dolby Laboratories from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Rosenblatt Securities restated a “buy” rating and issued a $85.00 target price on shares of Dolby Laboratories in a research note on Friday, July 31st. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Dolby Laboratories in a research report on Wednesday, June 24th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $90.75.
Check Out Our Latest Report on DLB
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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