Janney Montgomery Scott LLC Sells 7,479 Shares of Dolby Laboratories (NYSE:DLB)

Janney Montgomery Scott LLC trimmed its holdings in Dolby Laboratories (NYSE:DLB) by 73.4% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 2,709 shares of the electronics maker’s stock after selling 7,479 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Dolby Laboratories were worth $218,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. 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 worth $975,000 after acquiring an additional 6,484 shares during the last quarter. Park Avenue Securities LLC bought a new stake in shares of Dolby Laboratories in the 1st quarter worth approximately $222,000. AlphaQuest LLC lifted its holdings in shares of Dolby Laboratories by 111.1% in the 4th quarter. AlphaQuest LLC now owns 6,148 shares of the electronics maker’s stock worth $480,000 after acquiring an additional 3,235 shares during the last quarter. Vise Technologies Inc. bought a new stake in shares of Dolby Laboratories in the 4th quarter worth approximately $308,000. Finally, Twin Tree Management LP bought a new stake in shares of Dolby Laboratories in the 4th quarter worth approximately $662,000. 58.56% of the stock is currently owned by institutional investors.

Dolby Laboratories Stock Down 0.7%

NYSE:DLB opened at $75.50 on Monday. The company has a fifty day moving average of $75.18 and a 200 day moving average of $77.96. Dolby Laboratories has a 52 week low of $66.35 and a 52 week high of $89.66. The firm has a market capitalization of $7.25 billion, a P/E ratio of 28.49 and a beta of 0.91.

Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings results 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 during the quarter, compared to analyst estimates of $375.44 million. During the same period in the prior year, the business posted $1.27 EPS. The firm’s revenue was up 1.4% compared to the same quarter last year. As a group, analysts anticipate that Dolby Laboratories will post 2.94 EPS for the current year.

Dolby Laboratories Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Tuesday, May 13th were issued a $0.33 dividend. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $1.32 annualized dividend and a yield of 1.75%. Dolby Laboratories’s dividend payout ratio (DPR) is presently 49.81%.

Insiders Place Their Bets

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 33,683 shares of the company’s stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $76.22, for a total value of $2,567,318.26. Following the completion of the transaction, the chief executive officer directly owned 114,725 shares in the company, valued at approximately $8,744,339.50. This represents a 22.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Andrew Sherman sold 15,000 shares of the company’s stock in a transaction 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 transaction, the executive vice president owned 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. In the last ninety days, insiders sold 74,358 shares of company stock worth $5,593,770. 38.39% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Barrington Research restated an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a report on Friday, May 2nd. Tigress Financial began coverage on shares of Dolby Laboratories in a report on Thursday, May 15th. They set a “buy” rating and a $112.00 price target for the company. Rosenblatt Securities reiterated a “buy” rating and set a $95.00 price target on shares of Dolby Laboratories in a report on Friday, June 13th. Finally, Wall Street Zen upgraded shares of Dolby Laboratories from a “hold” rating to a “buy” rating in a report on Friday, May 30th.

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.