International Assets Investment Management LLC Takes Position in Dolby Laboratories, Inc. (NYSE:DLB)

International Assets Investment Management LLC purchased a new position in shares of Dolby Laboratories, Inc. (NYSE:DLB) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 50,892 shares of the electronics maker’s stock, valued at approximately $3,895,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Lord Abbett & CO. LLC grew its stake in Dolby Laboratories by 9.8% in the first quarter. Lord Abbett & CO. LLC now owns 266,672 shares of the electronics maker’s stock worth $22,339,000 after purchasing an additional 23,804 shares in the last quarter. Illinois Municipal Retirement Fund increased its stake in shares of Dolby Laboratories by 47.9% during the first quarter. Illinois Municipal Retirement Fund now owns 31,518 shares of the electronics maker’s stock valued at $2,640,000 after buying an additional 10,202 shares during the period. Vanguard Group Inc. raised its stake in Dolby Laboratories by 1.7% in the first quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock worth $544,711,000 after buying an additional 107,713 shares in the last quarter. Boston Trust Walden Corp raised its holdings in Dolby Laboratories by 3.1% in the second quarter. Boston Trust Walden Corp now owns 376,793 shares of the electronics maker’s stock worth $29,853,000 after purchasing an additional 11,177 shares in the last quarter. Finally, Panagora Asset Management Inc. acquired a new position in Dolby Laboratories during the 2nd quarter valued at about $3,348,000. 58.56% of the stock is currently owned by hedge funds and other institutional investors.

Dolby Laboratories Stock Up 1.0 %

Shares of DLB stock opened at $73.65 on Friday. Dolby Laboratories, Inc. has a 52 week low of $66.35 and a 52 week high of $90.06. The firm has a 50 day moving average of $72.89 and a two-hundred day moving average of $76.49. The stock has a market capitalization of $7.02 billion, a PE ratio of 33.63 and a beta of 0.97.

Dolby Laboratories (NYSE:DLB) last released its quarterly earnings data on Wednesday, August 7th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.14. Dolby Laboratories had a return on equity of 10.66% and a net margin of 16.87%. The business had revenue of $288.82 million during the quarter, compared to analysts’ expectations of $286.26 million. Analysts expect that Dolby Laboratories, Inc. will post 2.71 EPS for the current fiscal year.

Dolby Laboratories Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were given a dividend of $0.30 per share. The ex-dividend date was Monday, August 19th. This represents a $1.20 annualized dividend and a dividend yield of 1.63%. Dolby Laboratories’s dividend payout ratio is presently 54.79%.

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

Wall Street Analysts Forecast Growth

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

Insider Activity

In related news, CEO Kevin J. Yeaman sold 28,512 shares of Dolby Laboratories stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $74.12, for a total transaction of $2,113,309.44. Following the sale, the chief executive officer now directly owns 83,721 shares in the company, valued at $6,205,400.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 39.54% of the company’s stock.

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.