ProShare Advisors LLC Sells 429 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

ProShare Advisors LLC decreased its holdings in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 0.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 91,911 shares of the electronics maker’s stock after selling 429 shares during the period. ProShare Advisors LLC’s holdings in Dolby Laboratories were worth $7,282,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Mather Group LLC. bought a new position in Dolby Laboratories during the 1st quarter valued at approximately $33,000. Blue Trust Inc. grew its stake in shares of Dolby Laboratories by 398.8% in the second quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock worth $35,000 after acquiring an additional 331 shares during the last quarter. Quarry LP bought a new position in shares of Dolby Laboratories during the fourth quarter valued at $37,000. GAMMA Investing LLC raised its position in shares of Dolby Laboratories by 64.6% in 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 last quarter. Finally, Sunbelt Securities Inc. boosted its stake in Dolby Laboratories by 1,631.0% in 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 in the last quarter. 58.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Barrington Research reiterated an “outperform” rating and issued a $100.00 target price on shares of Dolby Laboratories in a research note on Friday, September 20th. Rosenblatt Securities restated a “buy” rating and issued a $98.00 price objective on shares of Dolby Laboratories in a report on Friday, June 7th.

Dolby Laboratories Price Performance

Dolby Laboratories stock opened at $74.30 on Wednesday. Dolby Laboratories, Inc. has a one year low of $66.35 and a one year high of $90.06. The business’s fifty day moving average is $73.09 and its 200 day moving average is $78.12. The stock has a market capitalization of $7.12 billion, a PE ratio of 37.91 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 (EPS) for the quarter, beating 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 firm had revenue of $288.82 million for the quarter, compared to the consensus estimate of $286.26 million. As a group, sell-side analysts expect that Dolby Laboratories, Inc. will post 2.72 EPS for the current fiscal year.

Dolby Laboratories Dividend Announcement

The business also recently announced 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 of this dividend was Monday, August 19th. This represents a $1.20 dividend on an annualized basis and a yield of 1.62%. Dolby Laboratories’s dividend payout ratio is presently 61.22%.

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

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.