Asset Management One Co. Ltd. Purchases Shares of 7,695 Dolby Laboratories $DLB

Asset Management One Co. Ltd. purchased a new stake in Dolby Laboratories (NYSE:DLB) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 7,695 shares of the electronics maker’s stock, valued at approximately $571,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Bayforest Capital Ltd purchased a new stake in Dolby Laboratories in the 2nd quarter valued at about $147,000. Equitable Trust Co. grew its holdings in Dolby Laboratories by 3.3% in the 2nd quarter. Equitable Trust Co. now owns 5,567 shares of the electronics maker’s stock valued at $413,000 after buying an additional 177 shares during the period. Boston Trust Walden Corp grew its holdings in Dolby Laboratories by 2.1% in the 2nd quarter. Boston Trust Walden Corp now owns 1,098,218 shares of the electronics maker’s stock valued at $81,554,000 after buying an additional 22,404 shares during the period. TD Asset Management Inc grew its holdings in Dolby Laboratories by 41.5% in the 2nd quarter. TD Asset Management Inc now owns 16,700 shares of the electronics maker’s stock valued at $1,240,000 after buying an additional 4,900 shares during the period. Finally, Sequoia Financial Advisors LLC purchased a new stake in Dolby Laboratories in the 2nd quarter valued at about $550,000. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Insider Activity at Dolby Laboratories

In related news, SVP Shriram Revankar sold 7,000 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $74.92, for a total transaction of $524,440.00. Following the transaction, the senior vice president directly owned 70,435 shares of the company’s stock, valued at approximately $5,276,990.20. The trade was a 9.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Kevin J. Yeaman sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $72.31, for a total value of $1,807,750.00. Following the transaction, the chief executive officer directly owned 114,725 shares in the company, valued at $8,295,764.75. This trade represents a 17.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 82,000 shares of company stock worth $5,845,440 over the last three months. 38.39% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on DLB. Barrington Research restated an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories in a report on Friday, September 12th. Wall Street Zen raised Dolby Laboratories from a “hold” rating to a “buy” rating in a research note on Saturday, August 30th. Baird R W upgraded Dolby Laboratories to a “hold” rating in a report on Friday, September 5th. Tigress Financial boosted their target price on Dolby Laboratories from $112.00 to $114.00 and gave the stock a “buy” rating in a report on Friday, August 15th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Dolby Laboratories in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $95.75.

Dolby Laboratories Stock Performance

Dolby Laboratories stock opened at $65.60 on Friday. The stock’s 50 day moving average price is $70.82 and its 200 day moving average price is $73.32. The firm has a market capitalization of $6.29 billion, a PE ratio of 24.03 and a beta of 0.92. Dolby Laboratories has a one year low of $64.50 and a one year high of $89.66.

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

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.