Louisiana State Employees Retirement System Sells 400 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Louisiana State Employees Retirement System decreased its stake in Dolby Laboratories, Inc. (NYSE:DLB) by 2.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,500 shares of the electronics maker’s stock after selling 400 shares during the period. Louisiana State Employees Retirement System’s holdings in Dolby Laboratories were worth $1,263,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Blue Trust Inc. boosted its holdings 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 valued at $35,000 after acquiring an additional 331 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Dolby Laboratories during the second quarter valued at about $37,000. GAMMA Investing LLC grew its holdings in shares of Dolby Laboratories by 64.6% during the second 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. Whittier Trust Co. of Nevada Inc. increased its stake in shares of Dolby Laboratories by 192.4% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker’s stock valued at $46,000 after buying an additional 379 shares during the period. Finally, Headlands Technologies LLC raised its holdings in Dolby Laboratories by 693.3% in the 1st quarter. Headlands Technologies LLC now owns 595 shares of the electronics maker’s stock valued at $50,000 after buying an additional 520 shares during the last quarter. Institutional investors own 58.56% of the company’s stock.

Analysts Set New Price Targets

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

Insiders Place Their Bets

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

Dolby Laboratories Trading Up 1.0 %

Shares of DLB opened at $73.65 on Friday. The stock’s 50-day moving average price is $72.89 and its two-hundred day moving average price is $76.49. Dolby Laboratories, Inc. has a 12 month low of $66.35 and a 12 month high of $90.06. The company 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 announced its earnings results on Wednesday, August 7th. The electronics maker reported $0.47 EPS for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $286.26 million. Equities research analysts predict that Dolby Laboratories, Inc. will post 2.71 EPS 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 given 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 1.63%. Dolby Laboratories’s dividend payout ratio (DPR) is currently 54.79%.

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