Kayne Anderson Rudnick Investment Management LLC Has $243.97 Million Holdings in Dolby Laboratories, Inc. (NYSE:DLB)

Kayne Anderson Rudnick Investment Management LLC reduced its holdings in Dolby Laboratories, Inc. (NYSE:DLB) by 33.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,079,295 shares of the electronics maker’s stock after selling 1,561,778 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned about 3.21% of Dolby Laboratories worth $243,973,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. NEOS Investment Management LLC boosted its position in shares of Dolby Laboratories by 5.0% during the 4th quarter. NEOS Investment Management LLC now owns 2,709 shares of the electronics maker’s stock worth $233,000 after purchasing an additional 129 shares in the last quarter. First Affirmative Financial Network lifted its stake in shares of Dolby Laboratories by 4.9% in the second quarter. First Affirmative Financial Network now owns 2,766 shares of the electronics maker’s stock valued at $219,000 after buying an additional 129 shares in the last quarter. LRI Investments LLC lifted its stake in shares of Dolby Laboratories by 6.0% in the second quarter. LRI Investments LLC now owns 2,293 shares of the electronics maker’s stock valued at $182,000 after buying an additional 130 shares in the last quarter. Signaturefd LLC grew its holdings in shares of Dolby Laboratories by 5.1% during the second quarter. Signaturefd LLC now owns 3,167 shares of the electronics maker’s stock valued at $251,000 after buying an additional 153 shares during the last quarter. Finally, Mitchell & Pahl Private Wealth LLC increased its position in shares of Dolby Laboratories by 1.3% during the second quarter. Mitchell & Pahl Private Wealth LLC now owns 13,817 shares of the electronics maker’s stock worth $1,095,000 after acquiring an additional 174 shares in the last quarter. Institutional investors and hedge funds own 58.56% of the company’s stock.

Analysts Set New Price Targets

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

Dolby Laboratories Price Performance

NYSE DLB opened at $73.32 on Friday. The company has a fifty day moving average price of $73.35 and a 200-day moving average price of $78.29. Dolby Laboratories, Inc. has a 1 year low of $66.35 and a 1 year high of $90.06. The firm has a market cap of $7.03 billion, a price-to-earnings ratio of 37.41 and a beta of 0.97.

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

Dolby Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $1.20 dividend on an annualized basis and a yield of 1.64%. Dolby Laboratories’s dividend payout ratio (DPR) is currently 61.22%.

Dolby Laboratories announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 7th that allows the company to buyback $350.00 million in shares. This buyback authorization allows the electronics maker to purchase up to 5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

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.