State Board of Administration of Florida Retirement System lowered its position in shares of Dolby Laboratories, Inc. (NYSE:DLB – Get Rating) by 2.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,575 shares of the electronics maker's stock after selling 1,313 shares during the period. State Board of Administration of Florida Retirement System owned 0.06% of Dolby Laboratories worth $4,816,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of the business. GHP Investment Advisors Inc. purchased a new position in shares of Dolby Laboratories in the 1st quarter valued at about $31,000. Riggs Asset Managment Co. Inc. acquired a new stake in Dolby Laboratories during the first quarter worth approximately $39,000. Covestor Ltd purchased a new stake in shares of Dolby Laboratories during the 4th quarter worth approximately $72,000. Alaska Permanent Fund Corp boosted its holdings in shares of Dolby Laboratories by 1,082.7% in the 1st quarter. Alaska Permanent Fund Corp now owns 887 shares of the electronics maker's stock valued at $69,000 after buying an additional 812 shares in the last quarter. Finally, Prospera Financial Services Inc purchased a new position in shares of Dolby Laboratories in the 1st quarter valued at $73,000. Hedge funds and other institutional investors own 59.34% of the company's stock.
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Analyst Upgrades and Downgrades
Several equities analysts have issued reports on DLB shares. Barrington Research decreased their price objective on shares of Dolby Laboratories from $115.00 to $90.00 in a research note on Thursday, May 12th. TheStreet downgraded Dolby Laboratories from a "b-" rating to a "c+" rating in a research note on Friday, July 1st. Rosenblatt Securities began coverage on Dolby Laboratories in a research note on Monday, May 23rd. They issued a "buy" rating and a $90.00 price objective for the company. Finally, StockNews.com upgraded shares of Dolby Laboratories from a "hold" rating to a "buy" rating in a research report on Tuesday. Four equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $90.00.
Dolby Laboratories Stock Up 0.3 %
NYSE DLB opened at $79.35 on Friday. The firm has a market cap of $8.01 billion, a P/E ratio of 40.90, a P/E/G ratio of 1.94 and a beta of 0.98. Dolby Laboratories, Inc. has a 52-week low of $69.18 and a 52-week high of $104.25. The business's 50-day moving average price is $74.59 and its 200 day moving average price is $75.93.
Dolby Laboratories (NYSE:DLB – Get Rating) last released its earnings results on Tuesday, August 9th. The electronics maker reported $0.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.60 by $0.08. Dolby Laboratories had a return on equity of 9.24% and a net margin of 15.91%. The business had revenue of $289.60 million for the quarter, compared to analyst estimates of $294.03 million. During the same quarter in the previous year, the company posted $0.52 earnings per share. The company's revenue for the quarter was up 1.0% compared to the same quarter last year. As a group, analysts anticipate that Dolby Laboratories, Inc. will post 2.43 earnings per share for the current year.
Dolby Laboratories Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 31st. Stockholders of record on Tuesday, August 23rd will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.26%. The ex-dividend date of this dividend is Monday, August 22nd. Dolby Laboratories's payout ratio is 51.55%.
Insider Transactions at Dolby Laboratories
In related news, CMO Todd Pendleton sold 45,800 shares of the firm's stock in a transaction dated Wednesday, May 18th. The shares were sold at an average price of $75.39, for a total value of $3,452,862.00. Following the completion of the sale, the chief marketing officer now owns 37,788 shares in the company, valued at $2,848,837.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 37.06% of the company's stock.
About Dolby Laboratories
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Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment and communications at the cinema, DTV, transmissions and devices, mobile devices, OTT video and music services, and home entertainment 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 various media devices; Dolby AC-4, an digital 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.
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