Envestnet Asset Management Inc. Sells 21,826 Shares of Dolby Laboratories (NYSE:DLB)

Envestnet Asset Management Inc. trimmed its position in Dolby Laboratories (NYSE:DLB) by 12.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 153,339 shares of the electronics maker’s stock after selling 21,826 shares during the quarter. Envestnet Asset Management Inc. owned about 0.16% of Dolby Laboratories worth $12,315,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Orion Portfolio Solutions LLC boosted its position in shares of Dolby Laboratories by 0.7% during the fourth quarter. Orion Portfolio Solutions LLC now owns 19,522 shares of the electronics maker’s stock valued at $1,525,000 after buying an additional 132 shares during the period. Synovus Financial Corp raised its stake in shares of Dolby Laboratories by 0.5% during 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. Net Worth Advisory Group raised its stake in shares of Dolby Laboratories by 5.2% during the first quarter. Net Worth Advisory Group now owns 3,591 shares of the electronics maker’s stock valued at $288,000 after acquiring an additional 178 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its stake in shares of Dolby Laboratories by 0.5% during 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, Palogic Value Management L.P. raised its stake in shares of Dolby Laboratories by 6.4% during the fourth quarter. Palogic Value Management L.P. now owns 3,888 shares of the electronics maker’s stock valued at $304,000 after acquiring an additional 235 shares in the last quarter. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Insider Buying and Selling at Dolby Laboratories

In other Dolby Laboratories news, EVP Mark Andrew Sherman sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $75.02, for a total value 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 position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Kevin J. Yeaman sold 39,875 shares of the firm’s stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $74.82, for a total transaction of $2,983,447.50. Following the completion of the transaction, the chief executive officer directly owned 114,725 shares of the company’s stock, valued at $8,583,724.50. This represents a 25.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold 116,724 shares of company stock valued at $8,764,043 in the last 90 days. Company insiders own 38.39% of the company’s stock.

Dolby Laboratories Trading Down 0.4%

DLB stock opened at $75.35 on Friday. The company has a market cap of $7.24 billion, a price-to-earnings ratio of 28.43 and a beta of 0.91. Dolby Laboratories has a 12 month low of $66.35 and a 12 month high of $89.66. The firm has a 50-day moving average of $75.16 and a two-hundred day moving average of $77.76.

Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings results on Thursday, May 1st. The electronics maker reported $1.34 earnings per share (EPS) for the quarter, topping 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 business had revenue of $369.56 million during the quarter, compared to the consensus estimate of $375.44 million. During the same quarter last year, the firm earned $1.27 EPS. The business’s revenue was up 1.4% compared to the same quarter last year. As a group, equities analysts forecast that Dolby Laboratories will post 2.94 earnings per share for the current year.

Dolby Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Tuesday, May 13th were given 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 is presently 49.81%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on DLB shares. Wall Street Zen raised Dolby Laboratories from a “hold” rating to a “buy” rating in a research report on Friday, May 30th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $95.00 price target on shares of Dolby Laboratories in a report on Friday, June 13th. Barrington Research reaffirmed an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories in a report on Friday, May 2nd. Finally, Tigress Financial began coverage on shares of Dolby Laboratories in a report on Thursday, May 15th. They issued a “buy” rating and a $112.00 price target on the stock.

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.