Park Avenue Securities LLC Purchases Shares of 2,765 Dolby Laboratories, Inc. (NYSE:DLB)

Park Avenue Securities LLC bought a new position in shares of Dolby Laboratories, Inc. (NYSE:DLB) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,765 shares of the electronics maker’s stock, valued at approximately $222,000.

A number of other institutional investors have also made changes to their positions in the company. Savant Capital LLC lifted its position in shares of Dolby Laboratories by 2.0% during the fourth quarter. Savant Capital LLC now owns 6,274 shares of the electronics maker’s stock worth $490,000 after purchasing an additional 125 shares in the last quarter. Orion Portfolio Solutions LLC raised its holdings in Dolby Laboratories by 0.7% in the fourth quarter. Orion Portfolio Solutions LLC now owns 19,522 shares of the electronics maker’s stock valued at $1,525,000 after acquiring an additional 132 shares in the last quarter. Synovus Financial Corp raised its holdings in Dolby Laboratories by 0.5% in the fourth quarter. Synovus Financial Corp now owns 32,235 shares of the electronics maker’s stock valued at $2,518,000 after acquiring an additional 173 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in Dolby Laboratories by 0.5% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 44,954 shares of the electronics maker’s stock valued at $3,511,000 after acquiring an additional 216 shares in the last quarter. Finally, US Bancorp DE raised its holdings in Dolby Laboratories by 23.9% in the fourth quarter. US Bancorp DE now owns 1,218 shares of the electronics maker’s stock valued at $95,000 after acquiring an additional 235 shares in the last quarter. 58.56% of the stock is owned by institutional investors and hedge funds.

Dolby Laboratories Stock Up 1.6%

DLB stock opened at $75.18 on Tuesday. The company has a market capitalization of $7.22 billion, a P/E ratio of 27.64 and a beta of 0.93. The company has a 50-day simple moving average of $74.94 and a 200 day simple moving average of $78.43. Dolby Laboratories, Inc. has a fifty-two week low of $66.35 and a fifty-two week high of $89.66.

Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings data on Thursday, May 1st. The electronics maker reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.05. Dolby Laboratories had a net margin of 19.97% and a return on equity of 11.32%. The business had revenue of $369.56 million during the quarter, compared to the consensus estimate of $375.44 million. During the same quarter in the prior year, the company posted $1.27 earnings per share. The company’s quarterly revenue was up 1.4% compared to the same quarter last year. Equities analysts anticipate that Dolby Laboratories, Inc. will post 2.94 EPS for the current year.

Dolby Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Tuesday, May 13th were given a $0.33 dividend. The ex-dividend date was Tuesday, May 13th. This represents a $1.32 annualized dividend and a dividend yield of 1.76%. Dolby Laboratories’s dividend payout ratio is 49.81%.

Insider Activity

In other news, CEO Kevin J. Yeaman sold 33,683 shares of the firm’s stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $76.22, for a total value of $2,567,318.26. Following the completion of the sale, the chief executive officer now directly owns 114,725 shares in the company, valued at approximately $8,744,339.50. This trade represents a 22.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP John D. Couling sold 675 shares of Dolby Laboratories stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $75.04, for a total value of $50,652.00. Following the completion of the sale, the senior vice president now owns 121,151 shares of the company’s stock, valued at approximately $9,091,171.04. The trade was a 0.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 49,358 shares of company stock valued at $3,743,270. 38.39% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $95.00 price target on shares of Dolby Laboratories in a report on Friday. Wall Street Zen raised shares of Dolby Laboratories from a “hold” rating to a “buy” rating in a report on Friday, May 30th. Barrington Research reiterated an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a research note on Friday, May 2nd. Finally, Tigress Financial began coverage on shares of Dolby Laboratories in a research note on Thursday, May 15th. They set a “buy” rating and a $112.00 target price for the company.

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.