Canada Pension Plan Investment Board lessened its holdings in Dolby Laboratories, Inc. (NYSE:DLB) by 31.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 245,118 shares of the electronics maker’s stock after selling 112,800 shares during the quarter. Canada Pension Plan Investment Board owned 0.24% of Dolby Laboratories worth $17,151,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the business. Commonwealth Bank of Australia bought a new position in shares of Dolby Laboratories in the 3rd quarter valued at $209,000. Oakbrook Investments LLC bought a new position in shares of Dolby Laboratories in the 3rd quarter valued at $211,000. Summit Creek Advisors LLC bought a new position in shares of Dolby Laboratories in the 3rd quarter valued at $227,000. Seven Eight Capital LP bought a new position in shares of Dolby Laboratories in the 3rd quarter valued at $259,000. Finally, Parametrica Management Ltd bought a new position in shares of Dolby Laboratories in the 3rd quarter valued at $279,000. 57.38% of the stock is currently owned by hedge funds and other institutional investors.
DLB has been the subject of a number of research reports. B. Riley dropped their price target on Dolby Laboratories from $69.00 to $63.00 and set a “neutral” rating for the company in a research note on Thursday, October 25th. Tigress Financial reiterated a “buy” rating on shares of Dolby Laboratories in a research note on Friday, September 7th. R. F. Lafferty dropped their price target on Dolby Laboratories from $81.00 to $80.00 and set a “buy” rating for the company in a research note on Monday, October 22nd. Finally, Zacks Investment Research reiterated a “sell” rating on shares of Dolby Laboratories in a research note on Tuesday, November 13th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. Dolby Laboratories currently has a consensus rating of “Hold” and a consensus target price of $72.80.
Shares of NYSE:DLB opened at $70.40 on Monday. The firm has a market cap of $7.27 billion, a P/E ratio of 29.33, a P/E/G ratio of 2.39 and a beta of 0.73. Dolby Laboratories, Inc. has a 12-month low of $58.37 and a 12-month high of $74.29.
Dolby Laboratories (NYSE:DLB) last announced its earnings results on Wednesday, October 24th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.17. The business had revenue of $265.33 million during the quarter, compared to analyst estimates of $272.42 million. Dolby Laboratories had a return on equity of 12.72% and a net margin of 10.43%. During the same period last year, the company earned $0.21 EPS. On average, equities research analysts anticipate that Dolby Laboratories, Inc. will post 2.45 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 14th. Investors of record on Monday, November 5th were given a dividend of $0.19 per share. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.16. This represents a $0.76 annualized dividend and a yield of 1.08%. The ex-dividend date of this dividend was Friday, November 2nd. Dolby Laboratories’s dividend payout ratio (DPR) is currently 31.67%.
In related news, major shareholder Dagmar Dolby sold 22,642 shares of the firm’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $70.07, for a total transaction of $1,586,524.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Lewis Chew sold 35,000 shares of the firm’s stock in a transaction on Friday, November 2nd. The stock was sold at an average price of $69.44, for a total value of $2,430,400.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 60,976 shares of company stock valued at $4,250,305. 43.80% of the stock is owned by corporate insiders.
About Dolby Laboratories
Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment and communications at the cinema, at home, at work, and on mobile devices. The company develops and licenses its audio technologies, including Dolby Digital Plus for digital television, mobile, and Internet-based services; Dolby Digital, a digital audio coding technology that provides multichannel sound in the home; and AAC & HE-AAC, an audio coding technologies used to broadcast, download, and streaming content.
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