Dolby Laboratories, Inc. (NYSE:DLB) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System decreased its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 0.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 357,016 shares of the electronics maker’s stock after selling 2,574 shares during the quarter. California Public Employees Retirement System’s holdings in Dolby Laboratories were worth $30,768,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in DLB. VisionPoint Advisory Group LLC grew its stake in shares of Dolby Laboratories by 86.9% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 370 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 172 shares during the period. Blue Trust Inc. grew its stake in shares of Dolby Laboratories by 75.7% during the 4th quarter. Blue Trust Inc. now owns 369 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 159 shares during the period. Fifth Third Bancorp grew its stake in shares of Dolby Laboratories by 175.3% during the 3rd quarter. Fifth Third Bancorp now owns 446 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 284 shares during the period. Platinum Investment Management Ltd. acquired a new stake in shares of Dolby Laboratories during the 3rd quarter worth approximately $109,000. Finally, Column Capital Advisors LLC grew its stake in shares of Dolby Laboratories by 20.1% during the 3rd quarter. Column Capital Advisors LLC now owns 1,462 shares of the electronics maker’s stock worth $116,000 after purchasing an additional 245 shares during the period. Institutional investors and hedge funds own 58.56% of the company’s stock.

Dolby Laboratories Price Performance

Shares of NYSE:DLB opened at $79.20 on Friday. Dolby Laboratories, Inc. has a 1 year low of $75.87 and a 1 year high of $91.01. The firm has a market capitalization of $7.57 billion, a price-to-earnings ratio of 41.04 and a beta of 0.97. The business’s 50 day moving average price is $81.62 and its 200-day moving average price is $83.31.

Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings data on Thursday, February 1st. The electronics maker reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.14. The company had revenue of $315.57 million for the quarter, compared to analyst estimates of $310.98 million. Dolby Laboratories had a return on equity of 10.21% and a net margin of 14.70%. On average, sell-side analysts expect that Dolby Laboratories, Inc. will post 2.6 earnings per share for the current year.

Dolby Laboratories Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 22nd. Shareholders of record on Tuesday, February 13th were issued a $0.30 dividend. The ex-dividend date of this dividend was Monday, February 12th. This represents a $1.20 dividend on an annualized basis and a yield of 1.52%. Dolby Laboratories’s payout ratio is currently 62.18%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. StockNews.com upgraded Dolby Laboratories from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Rosenblatt Securities reiterated a “buy” rating and set a $98.00 target price on shares of Dolby Laboratories in a research report on Wednesday, January 31st.

Insider Buying and Selling at Dolby Laboratories

In other Dolby Laboratories news, SVP John D. Couling sold 33,560 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $80.81, for a total value of $2,711,983.60. Following the transaction, the senior vice president now owns 108,519 shares in the company, valued at approximately $8,769,420.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 39.54% of the stock is currently owned by insiders.

About Dolby Laboratories

Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment at the cinema, DTV transmissions and devices, mobile devices, OTT video and music services, home entertainment devices, and automobiles. 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, a digital audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for cinema and various media devices.