JPMorgan Chase & Co. Acquires 139,900 Shares of Dolby Laboratories $DLB

JPMorgan Chase & Co. increased its holdings in Dolby Laboratories (NYSE:DLB) by 81.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 312,028 shares of the electronics maker’s stock after buying an additional 139,900 shares during the quarter. JPMorgan Chase & Co. owned 0.33% of Dolby Laboratories worth $22,582,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Boothbay Fund Management LLC grew its position in shares of Dolby Laboratories by 4.1% during the 2nd quarter. Boothbay Fund Management LLC now owns 4,020 shares of the electronics maker’s stock valued at $299,000 after acquiring an additional 157 shares during the period. Mitchell & Pahl Private Wealth LLC lifted its position in Dolby Laboratories by 1.1% during the third quarter. Mitchell & Pahl Private Wealth LLC now owns 15,733 shares of the electronics maker’s stock valued at $1,139,000 after purchasing an additional 170 shares in the last quarter. Steward Partners Investment Advisory LLC grew its holdings in Dolby Laboratories by 13.9% during the second quarter. Steward Partners Investment Advisory LLC now owns 1,587 shares of the electronics maker’s stock valued at $118,000 after purchasing an additional 194 shares during the period. State of Michigan Retirement System increased its position in Dolby Laboratories by 1.4% in the second quarter. State of Michigan Retirement System now owns 14,800 shares of the electronics maker’s stock worth $1,099,000 after buying an additional 200 shares in the last quarter. Finally, Amalgamated Bank raised its stake in shares of Dolby Laboratories by 0.8% in the second quarter. Amalgamated Bank now owns 27,978 shares of the electronics maker’s stock worth $2,078,000 after buying an additional 214 shares during the period. 58.56% of the stock is owned by hedge funds and other institutional investors.

Dolby Laboratories Stock Performance

Shares of NYSE:DLB opened at $66.56 on Monday. The firm has a market cap of $6.36 billion, a price-to-earnings ratio of 26.84 and a beta of 0.84. The firm has a fifty day moving average price of $64.32 and a 200 day moving average price of $67.50. Dolby Laboratories has a fifty-two week low of $60.14 and a fifty-two week high of $84.15.

Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings results on Thursday, January 29th. The electronics maker reported $1.06 EPS 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 net margin of 17.97% and a return on equity of 11.50%. The business’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.14 EPS. As a group, research analysts predict that Dolby Laboratories will post 2.94 earnings per share for the current year.

Dolby Laboratories Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 18th. Shareholders of record on Tuesday, February 10th were paid a $0.36 dividend. The ex-dividend date of this dividend was 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 presently 58.06%.

Insider Activity

In other Dolby Laboratories news, EVP Mark Andrew Sherman sold 9,109 shares of the stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $66.73, for a total transaction of $607,843.57. Following the completion of the transaction, the executive vice president owned 73,054 shares in the company, valued at $4,874,893.42. This trade represents a 11.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Ryan Nicholson sold 2,667 shares of the business’s stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $66.38, for a total transaction of $177,035.46. Following the completion of the sale, the chief accounting officer owned 36,956 shares in the company, valued at approximately $2,453,139.28. This trade represents a 6.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 92,424 shares of company stock worth $6,196,501. 37.93% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

About Dolby Laboratories

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.