PNC Financial Services Group Inc. Acquires 445 Shares of Dolby Laboratories (NYSE:DLB)

PNC Financial Services Group Inc. lifted its holdings in Dolby Laboratories (NYSE:DLB) by 6.2% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 7,612 shares of the electronics maker’s stock after purchasing an additional 445 shares during the period. PNC Financial Services Group Inc.’s holdings in Dolby Laboratories were worth $611,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in DLB. Palogic Value Management L.P. lifted its stake in shares of Dolby Laboratories by 6.4% in the 4th quarter. Palogic Value Management L.P. now owns 3,888 shares of the electronics maker’s stock worth $304,000 after purchasing an additional 235 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of Dolby Laboratories by 5.5% in the 4th quarter. Russell Investments Group Ltd. now owns 40,924 shares of the electronics maker’s stock worth $3,196,000 after purchasing an additional 2,117 shares during the period. Cerity Partners LLC raised its stake in Dolby Laboratories by 33.9% during the 4th quarter. Cerity Partners LLC now owns 14,643 shares of the electronics maker’s stock worth $1,135,000 after acquiring an additional 3,706 shares during the period. Invesco Ltd. lifted its holdings in Dolby Laboratories by 8.3% during the fourth quarter. Invesco Ltd. now owns 266,269 shares of the electronics maker’s stock valued at $20,796,000 after purchasing an additional 20,431 shares in the last quarter. Finally, FIL Ltd boosted its position in shares of Dolby Laboratories by 90.9% in the fourth quarter. FIL Ltd now owns 5,365 shares of the electronics maker’s stock worth $419,000 after purchasing an additional 2,554 shares during the period. Institutional investors own 58.56% of the company’s stock.

Dolby Laboratories Price Performance

Dolby Laboratories stock opened at $72.35 on Wednesday. The stock has a market cap of $6.93 billion, a P/E ratio of 26.50 and a beta of 0.91. Dolby Laboratories has a 1 year low of $66.86 and a 1 year high of $89.66. The firm’s 50 day moving average price is $74.58 and its 200-day moving average price is $77.15.

Dolby Laboratories (NYSE:DLB) last released its quarterly earnings data on Thursday, July 31st. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.06. Dolby Laboratories had a net margin of 19.62% and a return on equity of 11.52%. The firm had revenue of $315.55 million for the quarter, compared to analysts’ expectations of $305.23 million. During the same quarter last year, the business posted $0.71 earnings per share. The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. As a group, equities analysts expect that Dolby Laboratories will post 2.94 EPS for the current year.

Dolby Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Tuesday, August 12th will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.8%. The ex-dividend date is Tuesday, August 12th. Dolby Laboratories’s payout ratio is currently 48.35%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Tigress Financial assumed coverage on shares of Dolby Laboratories in a research report on Thursday, May 15th. They set a “buy” rating and a $112.00 price objective on the stock. Rosenblatt Securities restated a “buy” rating and set a $95.00 price objective on shares of Dolby Laboratories in a research report on Friday, August 1st. Barrington Research restated an “outperform” rating and set a $100.00 price objective on shares of Dolby Laboratories in a research report on Friday, May 2nd. Finally, Wall Street Zen downgraded shares of Dolby Laboratories from a “buy” rating to a “hold” rating in a research report on Saturday.

Insider Buying and Selling at Dolby Laboratories

In other Dolby Laboratories news, EVP Mark Andrew Sherman sold 15,000 shares of Dolby Laboratories stock in a transaction on Wednesday, June 4th. The shares were 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 directly owned 62,397 shares of the company’s stock, valued at $4,681,022.94. The trade was a 19.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kevin J. Yeaman sold 2,491 shares of Dolby Laboratories stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $75.00, for a total transaction of $186,825.00. Following the transaction, the chief executive officer directly owned 114,725 shares of the company’s stock, valued at $8,604,375. The trade was a 2.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 116,049 shares of company stock worth $8,713,391 in the last 90 days. 38.39% of the stock is currently owned by company insiders.

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.