Dolby Laboratories, Inc. (NYSE:DLB) Holdings Cut by Bleakley Financial Group LLC

Bleakley Financial Group LLC cut its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 7.5% in the 3rd quarter, Holdings Channel reports. The firm owned 9,202 shares of the electronics maker’s stock after selling 746 shares during the quarter. Bleakley Financial Group LLC’s holdings in Dolby Laboratories were worth $704,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in DLB. First Affirmative Financial Network grew its stake in Dolby Laboratories by 4.9% during the 2nd quarter. First Affirmative Financial Network now owns 2,766 shares of the electronics maker’s stock worth $219,000 after buying an additional 129 shares during the last quarter. LRI Investments LLC grew its position in shares of Dolby Laboratories by 6.0% during the second quarter. LRI Investments LLC now owns 2,293 shares of the electronics maker’s stock worth $182,000 after acquiring an additional 130 shares during the last quarter. Signaturefd LLC increased its holdings in shares of Dolby Laboratories by 5.1% in the 2nd quarter. Signaturefd LLC now owns 3,167 shares of the electronics maker’s stock worth $251,000 after acquiring an additional 153 shares during the period. Mitchell & Pahl Private Wealth LLC lifted its position in Dolby Laboratories by 1.3% in the 2nd quarter. Mitchell & Pahl Private Wealth LLC now owns 13,817 shares of the electronics maker’s stock valued at $1,095,000 after purchasing an additional 174 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake 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 purchasing an additional 192 shares during the period. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Barrington Research restated an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories in a research note on Friday, September 20th.

Dolby Laboratories Stock Down 0.8 %

Shares of NYSE DLB opened at $74.25 on Tuesday. The stock has a market cap of $7.12 billion, a P/E ratio of 37.88 and a beta of 0.97. The firm’s 50-day simple moving average is $72.47 and its 200 day simple moving average is $77.01. Dolby Laboratories, Inc. has a fifty-two week low of $66.35 and a fifty-two week high of $90.06.

Dolby Laboratories (NYSE:DLB) last released its quarterly earnings results 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 company had revenue of $288.82 million for the quarter, compared to the consensus estimate of $286.26 million. Dolby Laboratories had a net margin of 16.87% and a return on equity of 10.66%. On average, sell-side analysts anticipate that Dolby Laboratories, Inc. will post 2.72 earnings per share for the current fiscal year.

Dolby Laboratories Dividend Announcement

The company also recently declared 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. This represents a $1.20 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date of this dividend was Monday, August 19th. Dolby Laboratories’s payout ratio is currently 61.22%.

Dolby Laboratories declared that its board has authorized a stock buyback plan on Wednesday, August 7th that allows the company to buyback $350.00 million in shares. This buyback authorization allows the electronics maker to buy up to 5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Activity

In related news, CEO Kevin J. Yeaman sold 28,512 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $74.12, for a total transaction of $2,113,309.44. Following the completion of the transaction, the chief executive officer now owns 83,721 shares of the company’s stock, valued at $6,205,400.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 39.54% of the stock is owned by insiders.

Dolby Laboratories Company 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.