2Xideas AG Sells 22,273 Shares of Dolby Laboratories $DLB

2Xideas AG trimmed its position in Dolby Laboratories (NYSE:DLB) by 24.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 67,477 shares of the electronics maker’s stock after selling 22,273 shares during the quarter. 2Xideas AG owned approximately 0.07% of Dolby Laboratories worth $4,883,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Boothbay Fund Management LLC boosted its stake in Dolby Laboratories by 4.1% in the 2nd quarter. Boothbay Fund Management LLC now owns 4,020 shares of the electronics maker’s stock valued at $299,000 after purchasing an additional 157 shares during the period. Mitchell & Pahl Private Wealth LLC increased its position in Dolby Laboratories by 1.1% during the 3rd quarter. Mitchell & Pahl Private Wealth LLC now owns 15,733 shares of the electronics maker’s stock worth $1,139,000 after buying an additional 170 shares during the period. Steward Partners Investment Advisory LLC lifted its holdings in shares of Dolby Laboratories by 13.9% during the second quarter. Steward Partners Investment Advisory LLC now owns 1,587 shares of the electronics maker’s stock worth $118,000 after buying an additional 194 shares in the last quarter. Gabelli Funds LLC boosted its stake in shares of Dolby Laboratories by 0.4% in the third quarter. Gabelli Funds LLC now owns 49,143 shares of the electronics maker’s stock valued at $3,556,000 after buying an additional 202 shares during the period. Finally, Hantz Financial Services Inc. increased its stake in Dolby Laboratories by 166.7% during the 3rd quarter. Hantz Financial Services Inc. now owns 352 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 220 shares during the period. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 26,766 shares of the company’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $66.74, for a total value of $1,786,362.84. Following the sale, the chief executive officer owned 105,128 shares in the company, valued at approximately $7,016,242.72. This represents a 20.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Shriram Revankar sold 3,000 shares of the firm’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $66.14, for a total value of $198,420.00. Following the transaction, the senior vice president owned 83,218 shares of the company’s stock, valued at $5,504,038.52. The trade was a 3.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 50,784 shares of company stock worth $3,391,144 over the last ninety days. 37.93% of the stock is owned by insiders.

Dolby Laboratories Trading Down 3.8%

Shares of Dolby Laboratories stock opened at $60.54 on Friday. The firm has a market capitalization of $5.78 billion, a PE ratio of 24.41 and a beta of 0.84. Dolby Laboratories has a 12 month low of $60.14 and a 12 month high of $83.25. The business’s 50-day moving average price is $64.10 and its 200-day moving average price is $66.94.

Dolby Laboratories (NYSE:DLB) last released its earnings results 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. Dolby Laboratories had a return on equity of 11.50% and a net margin of 17.97%.The company had revenue of $346.71 million during the quarter, compared to the consensus estimate of $341.26 million. During the same quarter in the previous year, the company posted $1.14 EPS. Dolby Laboratories’s quarterly revenue was down 2.8% compared to the same quarter last year. As a group, analysts predict that Dolby Laboratories will post 2.94 earnings per share for the current fiscal year.

Dolby Laboratories Dividend Announcement

The company also recently disclosed 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 was Tuesday, February 10th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.4%. Dolby Laboratories’s payout ratio is presently 58.06%.

Analyst Upgrades and Downgrades

DLB has been the subject of several research reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Dolby Laboratories in a research report on Monday, December 29th. Barrington Research decreased their price target on shares of Dolby Laboratories from $95.00 to $90.00 and set an “outperform” rating for the company in a research report on Monday, January 26th. Rosenblatt Securities reiterated a “buy” rating and set a $85.00 price target on shares of Dolby Laboratories in a report on Friday, January 30th. Finally, Wall Street Zen cut Dolby Laboratories from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.