Mutual of America Capital Management LLC Lowers Stock Position in Dolby Laboratories, Inc. (NYSE:DLB)

Mutual of America Capital Management LLC cut its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 3.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 34,211 shares of the electronics maker’s stock after selling 1,237 shares during the period. Mutual of America Capital Management LLC’s holdings in Dolby Laboratories were worth $2,711,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in DLB. Dimensional Fund Advisors LP increased its holdings in Dolby Laboratories by 27.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 792,828 shares of the electronics maker’s stock valued at $62,817,000 after purchasing an additional 168,744 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Dolby Laboratories by 0.5% in the second quarter. Envestnet Asset Management Inc. now owns 438,157 shares of the electronics maker’s stock valued at $34,715,000 after buying an additional 2,005 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Dolby Laboratories by 4.6% in the 2nd quarter. Parallel Advisors LLC now owns 6,856 shares of the electronics maker’s stock valued at $543,000 after buying an additional 301 shares during the period. American Century Companies Inc. lifted its stake in Dolby Laboratories by 4.4% during the 2nd quarter. American Century Companies Inc. now owns 19,148 shares of the electronics maker’s stock worth $1,517,000 after acquiring an additional 800 shares in the last quarter. Finally, AGF Management Ltd. boosted its holdings in Dolby Laboratories by 4.1% during the 2nd quarter. AGF Management Ltd. now owns 29,245 shares of the electronics maker’s stock valued at $2,317,000 after acquiring an additional 1,154 shares during the period. 58.56% of the stock is owned by hedge funds and other institutional investors.

Dolby Laboratories Price Performance

DLB opened at $74.30 on Wednesday. The business has a fifty day moving average price of $73.09 and a 200 day moving average price of $78.12. Dolby Laboratories, Inc. has a 12 month low of $66.35 and a 12 month high of $90.06. The stock has a market capitalization of $7.12 billion, a price-to-earnings ratio of 37.91 and a beta of 0.97.

Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings data on Wednesday, August 7th. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.14. The business had revenue of $288.82 million during the quarter, compared to the consensus estimate of $286.26 million. Dolby Laboratories had a return on equity of 10.66% and a net margin of 16.87%. On average, research analysts anticipate that Dolby Laboratories, Inc. will post 2.72 earnings per share for the current year.

Dolby Laboratories declared that its board has approved a stock repurchase plan on Wednesday, August 7th that allows the company to repurchase $350.00 million in outstanding shares. This repurchase authorization allows the electronics maker to buy up to 5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Dolby Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were issued a $0.30 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.62%. Dolby Laboratories’s payout ratio is 61.22%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on DLB shares. Barrington Research reiterated an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a research note on Friday, September 20th. Rosenblatt Securities reaffirmed a “buy” rating and set a $98.00 target price on shares of Dolby Laboratories in a research note on Friday, June 7th.

About Dolby Laboratories

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.