Dolby Laboratories (NYSE:DLB) Shares Bought by Vanguard Group Inc.

Vanguard Group Inc. grew its position in shares of Dolby Laboratories (NYSE:DLB) by 7.1% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,535,722 shares of the electronics maker’s stock after purchasing an additional 502,110 shares during the period. Vanguard Group Inc. owned approximately 7.90% of Dolby Laboratories worth $605,194,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in DLB. Bank of New York Mellon Corp lifted its stake in Dolby Laboratories by 18.3% during the first quarter. Bank of New York Mellon Corp now owns 5,709,193 shares of the electronics maker’s stock worth $458,505,000 after purchasing an additional 882,716 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in Dolby Laboratories during the fourth quarter worth $27,314,000. Frontier Capital Management Co. LLC acquired a new stake in shares of Dolby Laboratories in the fourth quarter valued at $24,323,000. Oberweis Asset Management Inc. acquired a new stake in shares of Dolby Laboratories in the fourth quarter valued at $14,136,000. Finally, Mackenzie Financial Corp raised its stake in shares of Dolby Laboratories by 17.9% in the first quarter. Mackenzie Financial Corp now owns 1,147,800 shares of the electronics maker’s stock valued at $92,180,000 after acquiring an additional 174,373 shares in the last quarter. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on DLB shares. Tigress Financial started coverage on Dolby Laboratories in a research note on Thursday, May 15th. They issued a “buy” rating and a $112.00 price objective on the stock. Barrington Research reiterated an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research note on Friday, May 2nd. Rosenblatt Securities reiterated a “buy” rating and issued a $95.00 price objective on shares of Dolby Laboratories in a research note on Friday, August 1st. Finally, Wall Street Zen cut Dolby Laboratories from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th.

Insider Activity at Dolby Laboratories

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 39,875 shares of the stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $74.82, for a total value of $2,983,447.50. Following the transaction, the chief executive officer directly owned 114,725 shares in the company, valued at $8,583,724.50. This represents a 25.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Mark Andrew Sherman sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $75.02, for a total value of $1,125,300.00. Following the transaction, the executive vice president directly owned 62,397 shares in the company, valued at approximately $4,681,022.94. The trade was a 19.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold 116,049 shares of company stock worth $8,713,391 over the last quarter. 38.39% of the stock is currently owned by insiders.

Dolby Laboratories Price Performance

Dolby Laboratories stock opened at $73.71 on Thursday. Dolby Laboratories has a 1-year low of $68.24 and a 1-year high of $89.66. The stock has a market cap of $7.06 billion, a PE ratio of 27.00 and a beta of 0.91. The stock’s fifty day moving average is $74.55 and its two-hundred day moving average is $77.13.

Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings results on Thursday, July 31st. The electronics maker reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.06. The company had revenue of $315.55 million for the quarter, compared to analysts’ expectations of $305.23 million. Dolby Laboratories had a return on equity of 11.52% and a net margin of 19.62%. Dolby Laboratories’s quarterly revenue was up 9.2% on a year-over-year basis. During the same period last year, the firm earned $0.71 earnings per share. On average, research analysts expect that Dolby Laboratories will post 2.94 earnings per share for the current fiscal year.

Dolby Laboratories Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Tuesday, August 12th will be paid 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 dividend payout ratio is currently 48.35%.

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.