Dolby Laboratories $DLB Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. decreased its holdings in shares of Dolby Laboratories (NYSE:DLB) by 9.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 129,535 shares of the electronics maker’s stock after selling 14,210 shares during the quarter. Envestnet Asset Management Inc. owned about 0.14% of Dolby Laboratories worth $9,374,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Dolby Laboratories during the 2nd quarter worth $55,030,000. AQR Capital Management LLC lifted its position in Dolby Laboratories by 51.8% in the second quarter. AQR Capital Management LLC now owns 1,736,260 shares of the electronics maker’s stock valued at $128,935,000 after buying an additional 592,282 shares during the last quarter. First Trust Advisors LP lifted its position in Dolby Laboratories by 35.2% in the second quarter. First Trust Advisors LP now owns 1,237,443 shares of the electronics maker’s stock valued at $91,893,000 after buying an additional 322,063 shares during the last quarter. Pacer Advisors Inc. boosted its stake in Dolby Laboratories by 98.2% during the third quarter. Pacer Advisors Inc. now owns 443,897 shares of the electronics maker’s stock worth $32,125,000 after buying an additional 219,901 shares during the period. Finally, State Street Corp increased its position in shares of Dolby Laboratories by 8.7% during the second quarter. State Street Corp now owns 2,261,059 shares of the electronics maker’s stock valued at $167,906,000 after acquiring an additional 180,072 shares during the last quarter. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Dolby Laboratories Stock Up 1.9%

Shares of DLB stock opened at $64.83 on Thursday. Dolby Laboratories has a 52 week low of $60.14 and a 52 week high of $85.21. The stock has a market capitalization of $6.19 billion, a PE ratio of 26.14 and a beta of 0.86. The firm has a 50 day moving average of $64.65 and a two-hundred day moving average of $67.92.

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

Dolby Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 18th. Shareholders of record on Tuesday, February 10th were given a $0.36 dividend. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $1.44 dividend on an annualized basis and a yield of 2.2%. Dolby Laboratories’s dividend payout ratio (DPR) is currently 58.06%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of Dolby Laboratories in a research note on Monday, December 29th. Wall Street Zen downgraded shares of Dolby Laboratories from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Barrington Research decreased their price target 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. Finally, Rosenblatt Securities restated a “buy” rating and set a $85.00 price target on shares of Dolby Laboratories in a research report on Friday, January 30th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $90.75.

Insider Buying and Selling

In related news, CAO Ryan Nicholson sold 2,667 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $66.38, for a total transaction of $177,035.46. Following the sale, the chief accounting officer directly owned 36,956 shares in the company, valued at approximately $2,453,139.28. This represents a 6.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John D. Couling sold 7,273 shares of the firm’s stock in a transaction that occurred on 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 directly owned 108,065 shares in the company, valued at approximately $7,429,468.75. This trade represents a 6.31% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 136,623 shares of company stock worth $9,152,701 over the last ninety days. Company insiders own 37.93% of the company’s stock.

Dolby Laboratories Profile

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.