Ashton Thomas Private Wealth LLC Takes Position in Dolby Laboratories $DLB

Ashton Thomas Private Wealth LLC purchased a new position in Dolby Laboratories (NYSE:DLB) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 8,493 shares of the electronics maker’s stock, valued at approximately $615,000.

Several other institutional investors also recently bought and sold shares of the business. First Horizon Corp purchased a new stake in shares of Dolby Laboratories in the third quarter valued at approximately $25,000. Allworth Financial LP grew its stake in Dolby Laboratories by 590.4% in the 2nd quarter. Allworth Financial LP now owns 504 shares of the electronics maker’s stock valued at $37,000 after acquiring an additional 431 shares during the period. Mather Group LLC. purchased a new stake in Dolby Laboratories in the 3rd quarter worth $38,000. Ameritas Advisory Services LLC acquired a new position in Dolby Laboratories during the second quarter worth $48,000. Finally, Atlantic Union Bankshares Corp purchased a new position in Dolby Laboratories during the second quarter valued at $50,000. 58.56% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP John D. Couling sold 7,273 shares of the company’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $68.75, for a total value of $500,018.75. Following the completion of the sale, the senior vice president owned 108,065 shares of the company’s stock, valued at approximately $7,429,468.75. This represents a 6.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Mark Andrew Sherman sold 2,491 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $67.26, for a total transaction of $167,544.66. Following the sale, the executive vice president owned 70,563 shares of the company’s stock, valued at approximately $4,746,067.38. The trade was a 3.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 137,120 shares of company stock valued at $9,184,809 in the last quarter. Corporate insiders own 37.93% of the company’s stock.

Dolby Laboratories Trading Up 1.4%

Shares of NYSE DLB opened at $64.90 on Friday. The stock has a market cap of $6.20 billion, a PE ratio of 26.17 and a beta of 0.86. Dolby Laboratories has a 12-month low of $60.14 and a 12-month high of $85.45. The company has a 50-day moving average of $64.74 and a 200 day moving average of $68.43.

Dolby Laboratories (NYSE:DLB) last issued its earnings results on Thursday, January 29th. The electronics maker reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.07. The business had revenue of $346.71 million for the quarter, compared to analysts’ expectations of $341.26 million. Dolby Laboratories had a return on equity of 11.50% and a net margin of 17.97%.The business’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.14 EPS. On average, sell-side analysts forecast that Dolby Laboratories will post 2.94 EPS for the current fiscal year.

Dolby Laboratories Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 18th. Shareholders of record on Tuesday, February 10th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Tuesday, February 10th. This represents a $1.44 dividend on an annualized basis and a yield of 2.2%. Dolby Laboratories’s payout ratio is 58.06%.

Analysts Set New Price Targets

A number of research firms have recently commented on DLB. Weiss Ratings reissued a “hold (c-)” rating on shares of Dolby Laboratories in a research note on Monday, December 29th. Rosenblatt Securities reiterated a “buy” rating and issued a $85.00 price objective on shares of Dolby Laboratories in a report on Friday, January 30th. Barrington Research reduced their target price on Dolby Laboratories from $95.00 to $90.00 and set an “outperform” rating for the company in a report on Monday, January 26th. Finally, Wall Street Zen downgraded Dolby Laboratories from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $90.75.

Dolby Laboratories Company Profile

Dolby Laboratories, Inc is a global leader in audio and imaging technologies, specializing in the development, licensing and deployment of solutions that enhance entertainment and communications experiences. The company’s core business revolves around creating advanced audio codecs, noise reduction systems and spatial sound technologies for a wide range of applications, including cinema, broadcast, gaming, streaming and personal devices. Dolby’s licensing model enables consumer electronics manufacturers, content creators and service providers to integrate its technologies into products such as televisions, smartphones, home theater systems and set-top boxes.

Among its flagship innovations are Dolby Atmos, an immersive audio format that delivers three-dimensional soundscapes for theaters and home systems; Dolby Digital and Dolby Digital Plus, widely adopted audio compression formats for broadcast and streaming; and Dolby Vision, a high-dynamic-range imaging technology that expands color, contrast and brightness in displays.