State of Michigan Retirement System Sells 200 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

State of Michigan Retirement System lessened its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 1.4% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 14,400 shares of the electronics maker’s stock after selling 200 shares during the period. State of Michigan Retirement System’s holdings in Dolby Laboratories were worth $1,141,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the stock. Mather Group LLC. bought a new position in shares of Dolby Laboratories in the first quarter worth about $33,000. Blue Trust Inc. lifted its holdings in Dolby Laboratories by 398.8% in the 2nd quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 331 shares in the last quarter. Quarry LP bought a new position in Dolby Laboratories in the 4th quarter worth approximately $37,000. GAMMA Investing LLC grew its holdings in Dolby Laboratories by 64.6% during the 2nd quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker’s stock valued at $39,000 after buying an additional 192 shares in the last quarter. Finally, Sunbelt Securities Inc. raised its position in shares of Dolby Laboratories by 1,631.0% during the first quarter. Sunbelt Securities Inc. now owns 502 shares of the electronics maker’s stock valued at $42,000 after buying an additional 473 shares during the last quarter. 58.56% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. StockNews.com upgraded shares of Dolby Laboratories from a “hold” rating to a “buy” rating in a research report on Saturday, May 11th. Rosenblatt Securities restated a “buy” rating and set a $98.00 price objective on shares of Dolby Laboratories in a research report on Friday, June 7th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $100.00 target price on shares of Dolby Laboratories in a report on Friday, August 9th.

Dolby Laboratories Stock Performance

DLB stock opened at $71.58 on Friday. The firm has a fifty day moving average price of $76.14 and a 200 day moving average price of $79.31. Dolby Laboratories, Inc. has a fifty-two week low of $66.35 and a fifty-two week high of $90.06. The firm has a market cap of $6.86 billion, a PE ratio of 36.52 and a beta of 0.99.

Dolby Laboratories (NYSE:DLB) last released its quarterly earnings data on Wednesday, August 7th. The electronics maker reported $0.47 EPS for the quarter, beating the consensus estimate of $0.33 by $0.14. Dolby Laboratories had a net margin of 15.00% and a return on equity of 10.15%. The business had revenue of $288.82 million during the quarter, compared to analyst estimates of $286.26 million. On average, equities analysts predict that Dolby Laboratories, Inc. will post 2.68 EPS for the current year.

Dolby Laboratories Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were paid a dividend of $0.30 per share. The ex-dividend date was Monday, August 19th. This represents a $1.20 annualized dividend and a yield of 1.68%. Dolby Laboratories’s payout ratio is currently 61.22%.

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.