Allianz Asset Management GmbH Has $2.44 Million Stock Holdings in Dolby Laboratories $DLB

Allianz Asset Management GmbH cut its position in Dolby Laboratories (NYSE:DLB) by 46.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 33,753 shares of the electronics maker’s stock after selling 29,704 shares during the period. Allianz Asset Management GmbH’s holdings in Dolby Laboratories were worth $2,443,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. First Horizon Corp bought a new stake in Dolby Laboratories during the 3rd quarter worth about $25,000. Allworth Financial LP lifted its holdings in Dolby Laboratories by 590.4% in the second quarter. Allworth Financial LP now owns 504 shares of the electronics maker’s stock valued at $37,000 after buying an additional 431 shares during the period. Mather Group LLC. bought a new position in Dolby Laboratories in the third quarter valued at approximately $38,000. Atlantic Union Bankshares Corp acquired a new stake in Dolby Laboratories during the 2nd quarter worth $50,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Dolby Laboratories during the 3rd quarter valued at $50,000. 58.56% of the stock is owned by institutional investors.

Dolby Laboratories Stock Up 1.4%

DLB stock opened at $69.13 on Thursday. Dolby Laboratories has a 52 week low of $60.14 and a 52 week high of $85.21. The business has a 50-day simple moving average of $64.82 and a 200 day simple moving average of $68.25. The company has a market cap of $6.60 billion, a PE ratio of 27.87 and a beta of 0.86.

Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings results on Thursday, January 29th. The electronics maker reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.07. The company had revenue of $346.71 million during the quarter, compared to the consensus estimate of $341.26 million. Dolby Laboratories had a net margin of 17.97% and a return on equity of 11.50%. The company’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.14 earnings per share. On average, analysts anticipate that Dolby Laboratories will post 2.94 EPS for the current fiscal year.

Dolby Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 18th. Shareholders of record on Tuesday, February 10th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Tuesday, February 10th. This represents a $1.44 annualized dividend and a dividend yield of 2.1%. Dolby Laboratories’s dividend payout ratio (DPR) is currently 58.06%.

Insider Activity at Dolby Laboratories

In related news, SVP John D. Couling sold 7,273 shares of the firm’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $68.75, for a total transaction of $500,018.75. Following the completion of the sale, the senior vice president owned 108,065 shares in the company, valued at approximately $7,429,468.75. This trade represents a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Shriram Revankar sold 3,000 shares of the business’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $65.55, for a total value of $196,650.00. Following the completion of the sale, the senior vice president owned 67,435 shares in the company, valued at approximately $4,420,364.25. The trade was a 4.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 137,120 shares of company stock worth $9,184,809 in the last ninety days. Corporate insiders own 37.93% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on DLB shares. Barrington Research dropped their price objective on Dolby Laboratories from $95.00 to $90.00 and set an “outperform” rating on the stock in a research note on Monday, January 26th. Wall Street Zen downgraded Dolby Laboratories from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Weiss Ratings reiterated a “hold (c-)” rating on shares of Dolby Laboratories in a report on Monday, December 29th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $85.00 target price on shares of Dolby Laboratories in a research note on Friday, January 30th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Dolby Laboratories has an average rating of “Moderate Buy” and a consensus price target of $90.75.

About Dolby Laboratories

Dolby Laboratories, Inc is a global leader in audio and imaging technologies, specializing in the development, licensing and deployment of solutions that enhance entertainment and communications experiences. The company’s core business revolves around creating advanced audio codecs, noise reduction systems and spatial sound technologies for a wide range of applications, including cinema, broadcast, gaming, streaming and personal devices. Dolby’s licensing model enables consumer electronics manufacturers, content creators and service providers to integrate its technologies into products such as televisions, smartphones, home theater systems and set-top boxes.

Among its flagship innovations are Dolby Atmos, an immersive audio format that delivers three-dimensional soundscapes for theaters and home systems; Dolby Digital and Dolby Digital Plus, widely adopted audio compression formats for broadcast and streaming; and Dolby Vision, a high-dynamic-range imaging technology that expands color, contrast and brightness in displays.