Lombard Odier Asset Management USA Corp Sells 2,973 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Lombard Odier Asset Management USA Corp reduced its stake in Dolby Laboratories, Inc. (NYSE:DLB) by 18.6% during the second quarter, HoldingsChannel.com reports. The fund owned 12,986 shares of the electronics maker’s stock after selling 2,973 shares during the quarter. Lombard Odier Asset Management USA Corp’s holdings in Dolby Laboratories were worth $1,029,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Mather Group LLC. purchased a new position in shares of Dolby Laboratories in the 1st quarter worth $33,000. Blue Trust Inc. boosted its stake in shares of Dolby Laboratories by 398.8% during 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 during the period. Quarry LP purchased a new position in shares of Dolby Laboratories during the 4th quarter worth about $37,000. GAMMA Investing LLC boosted its stake in shares of Dolby Laboratories by 64.6% during the 2nd quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker’s stock worth $39,000 after purchasing an additional 192 shares during the period. Finally, Sunbelt Securities Inc. boosted its stake in shares of Dolby Laboratories by 1,631.0% during the 1st quarter. Sunbelt Securities Inc. now owns 502 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 473 shares during the period. 58.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Barrington Research reaffirmed an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a research note on Friday. Rosenblatt Securities restated a “buy” rating and issued a $98.00 target price on shares of Dolby Laboratories in a research note on Friday, June 7th.

Dolby Laboratories Price Performance

Shares of DLB stock opened at $73.26 on Monday. The company’s 50-day simple moving average is $73.35 and its two-hundred day simple moving average is $78.25. Dolby Laboratories, Inc. has a one year low of $66.35 and a one year high of $90.06. The company has a market capitalization of $7.02 billion, a P/E ratio of 37.38 and a beta of 0.97.

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

Dolby Laboratories announced that its Board of Directors has authorized a stock repurchase program on Wednesday, August 7th that allows the company to repurchase $350.00 million in shares. This repurchase authorization allows the electronics maker to buy up to 5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Dolby Laboratories Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were given a $0.30 dividend. The ex-dividend date was Monday, August 19th. This represents a $1.20 annualized dividend and a dividend yield of 1.64%. Dolby Laboratories’s payout ratio is presently 61.22%.

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.