Picton Mahoney Asset Management cut its position in Dolby Laboratories, Inc. (NYSE:DLB) by 5.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,500 shares of the electronics maker’s stock after selling 1,500 shares during the quarter. Picton Mahoney Asset Management’s holdings in Dolby Laboratories were worth $1,855,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of DLB. Principal Financial Group Inc. increased its stake in Dolby Laboratories by 26.4% in the first quarter. Principal Financial Group Inc. now owns 27,951 shares of the electronics maker’s stock valued at $1,776,000 after purchasing an additional 5,843 shares during the period. The Manufacturers Life Insurance Company increased its stake in Dolby Laboratories by 29.2% in the first quarter. The Manufacturers Life Insurance Company now owns 5,219 shares of the electronics maker’s stock valued at $332,000 after purchasing an additional 1,181 shares during the period. Jane Street Group LLC acquired a new position in Dolby Laboratories in the first quarter valued at $253,000. Guggenheim Capital LLC acquired a new position in Dolby Laboratories in the first quarter valued at $1,763,000. Finally, Legal & General Group Plc increased its stake in Dolby Laboratories by 6.5% in the first quarter. Legal & General Group Plc now owns 28,148 shares of the electronics maker’s stock valued at $1,789,000 after purchasing an additional 1,725 shares during the period. Hedge funds and other institutional investors own 56.32% of the company’s stock.
A number of research firms have commented on DLB. B. Riley dropped their price objective on shares of Dolby Laboratories from $69.00 to $63.00 and set a “neutral” rating on the stock in a research note on Thursday, October 25th. R. F. Lafferty lowered their target price on shares of Dolby Laboratories from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Monday, October 22nd. Tigress Financial reaffirmed a “buy” rating on shares of Dolby Laboratories in a report on Friday, September 7th. Barrington Research reaffirmed a “buy” rating and issued a $78.00 target price on shares of Dolby Laboratories in a report on Thursday, July 26th. Finally, ValuEngine raised shares of Dolby Laboratories from a “hold” rating to a “buy” rating in a report on Friday, July 20th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Dolby Laboratories has an average rating of “Buy” and an average price target of $72.80.
In other news, EVP Mark Andrew Sherman sold 10,000 shares of Dolby Laboratories stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $70.00, for a total value of $700,000.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Peter C. Gotcher sold 3,334 shares of the business’s stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $70.00, for a total transaction of $233,380.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 105,976 shares of company stock worth $7,400,305. Insiders own 43.80% of the company’s stock.
Shares of NYSE:DLB opened at $68.92 on Friday. The stock has a market capitalization of $7.18 billion, a PE ratio of 27.06, a PEG ratio of 2.36 and a beta of 0.73. Dolby Laboratories, Inc. has a fifty-two week low of $58.37 and a fifty-two week high of $74.29.
Dolby Laboratories (NYSE:DLB) last issued its earnings results on Wednesday, October 24th. The electronics maker reported $0.47 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.17. The business had revenue of $265.33 million for the quarter, compared to the consensus estimate of $272.42 million. Dolby Laboratories had a net margin of 10.43% and a return on equity of 12.81%. During the same quarter in the previous year, the firm earned $0.21 earnings per share. As a group, sell-side analysts expect that Dolby Laboratories, Inc. will post 2.45 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 14th. Stockholders of record on Monday, November 5th will be issued a $0.19 dividend. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.16. The ex-dividend date is Friday, November 2nd. This represents a $0.76 annualized dividend and a dividend yield of 1.10%. Dolby Laboratories’s payout ratio is presently 31.67%.
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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, including Dolby Digital Plus for digital television, mobile, and Internet-based services; Dolby Digital, a digital audio coding technology that provides multichannel sound in the home; and AAC & HE-AAC, an audio coding technologies used to broadcast, download, and streaming content.
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