Millennium Management LLC lifted its stake in Dolby Laboratories, Inc. (NYSE:DLB – Free Report) by 177.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,415 shares of the electronics maker’s stock after purchasing an additional 30,977 shares during the quarter. Millennium Management LLC owned about 0.05% of Dolby Laboratories worth $3,836,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quarry LP bought a new stake in Dolby Laboratories in the fourth quarter worth $37,000. PNC Financial Services Group Inc. grew its position in Dolby Laboratories by 2.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 13,677 shares of the electronics maker’s stock valued at $1,179,000 after purchasing an additional 379 shares during the last quarter. Quadrature Capital Ltd bought a new stake in Dolby Laboratories during the 4th quarter valued at about $719,000. Kapitalo Investimentos Ltda purchased a new position in Dolby Laboratories in the fourth quarter worth about $463,000. Finally, NBC Securities Inc. raised its holdings in Dolby Laboratories by 33.0% in the first quarter. NBC Securities Inc. now owns 2,460 shares of the electronics maker’s stock worth $216,000 after buying an additional 611 shares during the last quarter. Hedge funds and other institutional investors own 58.56% of the company’s stock.
Dolby Laboratories Price Performance
Dolby Laboratories stock opened at $74.06 on Monday. Dolby Laboratories, Inc. has a one year low of $66.35 and a one year high of $90.06. The business’s fifty day moving average is $72.17 and its 200 day moving average is $77.34. The stock has a market capitalization of $7.10 billion, a PE ratio of 37.79 and a beta of 0.97.
Dolby Laboratories Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were paid a $0.30 dividend. The ex-dividend date was Monday, August 19th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.62%. Dolby Laboratories’s dividend payout ratio (DPR) is currently 61.22%.
Dolby Laboratories declared that its board has initiated a share repurchase program on Wednesday, August 7th that allows the company to repurchase $350.00 million in outstanding shares. This repurchase authorization allows the electronics maker to buy up to 5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.
Analyst Ratings Changes
Separately, Barrington Research reiterated an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a report on Friday, September 20th.
View Our Latest Stock Report on DLB
Dolby Laboratories Profile
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.
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