Blue Trust Inc. Purchases 545 Shares of Dolby Laboratories (NYSE:DLB)

Blue Trust Inc. raised its position in shares of Dolby Laboratories (NYSE:DLB) by 60.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,453 shares of the electronics maker’s stock after acquiring an additional 545 shares during the quarter. Blue Trust Inc.’s holdings in Dolby Laboratories were worth $117,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Global X Japan Co. Ltd. purchased a new stake in Dolby Laboratories during the 1st quarter valued at $51,000. State of Alaska Department of Revenue boosted its holdings in shares of Dolby Laboratories by 1.3% during the 1st quarter. State of Alaska Department of Revenue now owns 28,202 shares of the electronics maker’s stock valued at $2,264,000 after purchasing an additional 370 shares during the last quarter. Cadent Capital Advisors LLC boosted its holdings in shares of Dolby Laboratories by 49.6% during the 1st quarter. Cadent Capital Advisors LLC now owns 4,816 shares of the electronics maker’s stock valued at $387,000 after purchasing an additional 1,597 shares during the last quarter. Cardinal Capital Management boosted its holdings in shares of Dolby Laboratories by 4.5% during the 1st quarter. Cardinal Capital Management now owns 43,315 shares of the electronics maker’s stock valued at $3,479,000 after purchasing an additional 1,862 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Dolby Laboratories by 114.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 12,141 shares of the electronics maker’s stock valued at $975,000 after acquiring an additional 6,484 shares during the last quarter. 58.56% of the stock is owned by institutional investors.

Analysts Set New Price Targets

DLB has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of Dolby Laboratories from a “hold” rating to a “buy” rating in a research report on Friday, May 30th. Barrington Research reissued an “outperform” rating and set a $100.00 price objective on shares of Dolby Laboratories in a report on Friday, May 2nd. Rosenblatt Securities reissued a “buy” rating and set a $95.00 price objective on shares of Dolby Laboratories in a report on Friday, June 13th. Finally, Tigress Financial started coverage on shares of Dolby Laboratories in a research note on Thursday, May 15th. They issued a “buy” rating and a $112.00 target price for the company.

Insider Transactions at Dolby Laboratories

In other news, CEO Kevin J. Yeaman sold 33,683 shares of the firm’s stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $76.22, for a total transaction of $2,567,318.26. Following the completion of the transaction, the chief executive officer now owns 114,725 shares in the company, valued at approximately $8,744,339.50. This trade represents a 22.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Mark Andrew Sherman sold 15,000 shares of the stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $75.02, for a total transaction of $1,125,300.00. Following the completion of the sale, the executive vice president now directly owns 62,397 shares of the company’s stock, valued at $4,681,022.94. This trade represents a 19.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 49,358 shares of company stock valued at $3,743,270. Corporate insiders own 38.39% of the company’s stock.

Dolby Laboratories Stock Performance

Shares of DLB stock opened at $74.12 on Thursday. The firm’s 50 day moving average price is $74.92 and its 200-day moving average price is $78.14. Dolby Laboratories has a one year low of $66.35 and a one year high of $89.66. The firm has a market cap of $7.12 billion, a P/E ratio of 27.97 and a beta of 0.93.

Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings data on Thursday, May 1st. The electronics maker reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.29 by $0.05. Dolby Laboratories had a net margin of 19.44% and a return on equity of 11.48%. The company had revenue of $369.56 million for the quarter, compared to the consensus estimate of $375.44 million. During the same period in the prior year, the firm posted $1.27 EPS. The company’s quarterly revenue was up 1.4% compared to the same quarter last year. As a group, research analysts predict that Dolby Laboratories will post 2.94 EPS for the current fiscal year.

Dolby Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Tuesday, May 13th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.78%. Dolby Laboratories’s payout ratio is currently 49.81%.

Dolby Laboratories Company 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.