Stone Ridge Asset Management LLC purchased a new stake in Dolby Laboratories, Inc. (NYSE:DLB) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 45,243 shares of the electronics maker’s stock, valued at approximately $2,805,000.
Several other institutional investors also recently added to or reduced their stakes in DLB. The Manufacturers Life Insurance Company raised its stake in shares of Dolby Laboratories by 25.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,564 shares of the electronics maker’s stock valued at $174,000 after acquiring an additional 725 shares during the period. Sei Investments Co. raised its stake in shares of Dolby Laboratories by 1,160.9% in the 3rd quarter. Sei Investments Co. now owns 9,091 shares of the electronics maker’s stock valued at $523,000 after acquiring an additional 8,370 shares during the period. CIBC Asset Management Inc purchased a new stake in shares of Dolby Laboratories in the 3rd quarter valued at approximately $204,000. New York State Common Retirement Fund raised its stake in shares of Dolby Laboratories by 26.1% in the 3rd quarter. New York State Common Retirement Fund now owns 375,424 shares of the electronics maker’s stock valued at $21,594,000 after acquiring an additional 77,766 shares during the period. Finally, CI Investments Inc. purchased a new stake in shares of Dolby Laboratories in the 3rd quarter valued at approximately $1,356,000. 53.28% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Mark Andrew Sherman sold 4,594 shares of the company’s stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $62.45, for a total transaction of $286,895.30. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Kevin J. Yeaman sold 11,130 shares of the company’s stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $62.47, for a total transaction of $695,291.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 532,134 shares of company stock worth $33,369,380. 43.74% of the stock is owned by insiders.
Dolby Laboratories (NYSE:DLB) last announced its earnings results on Wednesday, January 24th. The electronics maker reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.35. Dolby Laboratories had a net margin of 6.06% and a return on equity of 12.02%. The firm had revenue of $287.80 million for the quarter, compared to the consensus estimate of $265.75 million. During the same period in the prior year, the firm earned $0.66 EPS. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis. analysts predict that Dolby Laboratories, Inc. will post 0.99 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 14th. Investors of record on Monday, February 5th were paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 0.97%. The ex-dividend date of this dividend was Friday, February 2nd. Dolby Laboratories’s payout ratio is currently 101.59%.
DLB has been the topic of a number of research analyst reports. B. Riley downgraded shares of Dolby Laboratories from a “buy” rating to a “neutral” rating and set a $63.00 price target on the stock. in a research note on Tuesday, January 16th. Zacks Investment Research downgraded shares of Dolby Laboratories from a “buy” rating to a “hold” rating in a research note on Wednesday, January 3rd. JPMorgan Chase & Co. boosted their price target on shares of Dolby Laboratories from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, January 25th. Finally, ValuEngine raised shares of Dolby Laboratories from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $62.00.
About Dolby Laboratories
Dolby Laboratories, Inc designs and manufactures audio and imaging products for the cinema, television, broadcast and entertainment industries. Its products for cinema include Digital Cinema Servers and Cinema Audio Products, and broadcast and other include Dolby Conference Phone and Other Products. It offers services to support theatrical and television production for cinema exhibition, broadcast and home entertainment, including equipment training and maintenance, mixing room alignment and equalization, as well as audio, color and light image calibration.
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