State of Alaska Department of Revenue Increases Stock Position in Dolby Laboratories, Inc. (NYSE:DLB)

State of Alaska Department of Revenue boosted its position in Dolby Laboratories, Inc. (NYSE:DLB) by 143.6% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 27,937 shares of the electronics maker’s stock after purchasing an additional 16,470 shares during the period. State of Alaska Department of Revenue’s holdings in Dolby Laboratories were worth $2,137,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Lord Abbett & CO. LLC increased its position in shares of Dolby Laboratories by 9.8% in the first quarter. Lord Abbett & CO. LLC now owns 266,672 shares of the electronics maker’s stock valued at $22,339,000 after acquiring an additional 23,804 shares during the period. Illinois Municipal Retirement Fund lifted its holdings in shares of Dolby Laboratories by 47.9% during the 1st 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. boosted its holdings in shares of 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 during the last quarter. Boston Trust Walden Corp grew its holdings in Dolby Laboratories by 3.1% during the second quarter. Boston Trust Walden Corp now owns 376,793 shares of the electronics maker’s stock valued at $29,853,000 after purchasing an additional 11,177 shares during the period. Finally, Panagora Asset Management Inc. purchased a new stake in Dolby Laboratories in the 2nd quarter worth approximately $3,348,000. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Insider Activity at Dolby Laboratories

In other news, CEO Kevin J. Yeaman sold 28,512 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $74.12, for a total value of $2,113,309.44. Following the sale, the chief executive officer now directly owns 83,721 shares in the company, valued at approximately $6,205,400.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 39.54% of the stock is owned by company insiders.

Dolby Laboratories Stock Performance

Shares of NYSE DLB opened at $73.65 on Friday. Dolby Laboratories, Inc. has a fifty-two week low of $66.35 and a fifty-two week high of $90.06. The company has a market cap of $7.02 billion, a price-to-earnings ratio of 33.63 and a beta of 0.97. The business’s 50 day moving average price is $72.89 and its 200-day moving average price is $76.49.

Dolby Laboratories (NYSE:DLB) last released its earnings results on Wednesday, August 7th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.14. The business had revenue of $288.82 million for the quarter, compared to analyst estimates of $286.26 million. Dolby Laboratories had a return on equity of 10.66% and a net margin of 16.87%. Sell-side analysts predict that Dolby Laboratories, Inc. will post 2.71 earnings per share for the current year.

Dolby Laboratories declared that its Board of Directors has authorized a stock buyback 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 buy up to 5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Dolby Laboratories Dividend Announcement

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

Analyst Upgrades and Downgrades

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

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.