State of Michigan Retirement System increased its holdings in Dolby Laboratories, Inc. (NYSE:DLB – Free Report) by 2.1% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 14,600 shares of the electronics maker after acquiring an additional 300 shares during the period. State of Michigan Retirement System’s holdings in Dolby Laboratories were worth $1,223,000 at the end of the most recent reporting period.
Several other institutional investors have also recently bought and sold shares of DLB. Ninety One UK Ltd increased its holdings in Dolby Laboratories by 29.0% in the 4th quarter. Ninety One UK Ltd now owns 2,572,346 shares of the electronics maker’s stock worth $221,685,000 after acquiring an additional 578,239 shares in the last quarter. Morgan Stanley increased its holdings in shares of Dolby Laboratories by 11.9% in the 3rd quarter. Morgan Stanley now owns 4,902,295 shares of the electronics maker’s stock worth $388,556,000 after acquiring an additional 523,250 shares in the last quarter. Norges Bank acquired a new stake in shares of Dolby Laboratories in the 4th quarter valued at $42,067,000. Vanguard Group Inc. increased its holdings in shares of Dolby Laboratories by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 6,389,084 shares of the electronics maker’s stock valued at $506,399,000 after purchasing an additional 205,319 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in Dolby Laboratories shares in the 4th quarter valued at $7,256,000. 58.56% of the shares are currently owned by institutional investors and hedge funds.
Dolby Laboratories down 0.2%
Shares of NYSE DLB opened at $79.83 on Friday. Dolby Laboratories, Inc. has a 12-month low of $75.87 and a 12-month high of $91.01. The company has a market cap of $7.65 billion, a P/E ratio of 40.73 and a beta of 0.99. The stock has a 50-day moving average price of $80.28 and a 200-day moving average price of $81.77.
Dolby Laboratories (NYSE:DLB – Get Free Report) last announced its quarterly earnings results on Thursday, May 2. The electronics maker reported earnings per share (EPS) of $1.01 for the quarter, beating the consensus estimate of $0.91 by $0.10. The company had revenue of $364.52 million for the quarter, compared to the consensus estimate of $361.98 million. Dolby Laboratories had a return on equity of 10.15% and a net margin of 15.00%. On average, sell-side analysts forecast that Dolby Laboratories, Inc. will report earnings per share of $2.68 for the current fiscal year.
Dolby Laboratories announces dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, May 22nd. Shareholders of record on Tuesday, May 14th were paid a dividend of $0.30. The ex-dividend date of this dividend was Monday, May 13th. This represents an annualized dividend of $1.20 and a yield of 1.50%. Dolby Laboratories’ payout ratio is currently 61.22%.
Upgrades and downgrades by analysts
Several research firms have recently commented on DLB. Barrington Research upgraded Dolby Laboratories from a “market perform” rating to an “outperform” rating and set a $100.00 price target for the company in a report on Monday, June 3rd. Rosenblatt Securities reiterated a “buy” rating and issued a $98.00 price target on shares of Dolby Laboratories in a report on Friday, June 7th. Finally, StockNews.com upgraded Dolby Laboratories from a “hold” rating to a “buy” rating in a report on Saturday, May 11th.
Read our latest analysis of Dolby Laboratories
Insider buying and selling at Dolby Laboratories
In other Dolby Laboratories news, EVP Mark Andrew Sherman sold 2,283 shares of the company’s stock in a transaction that occurred on Tuesday, May 28. The shares were sold at an average price of $79.62, for a total value of $181,772.46. Following the completion of the transaction, the executive vice president now directly owns 58,325 shares of the company’s stock, valued at approximately $4,643,836.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 39.54% of the shares are currently owned by company insiders.
Dolby Laboratories Profile
(Free report)
Dolby Laboratories, Inc. develops audio and visual technologies that are transforming entertainment in cinemas, DTV broadcasts and devices, mobile devices, OTT video and music services, home entertainment devices, and in cars. 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 high bandwidth efficient digital video codec used in various media devices; Dolby AC-4, a digital audio coding technology that brings new audio experiences to a range of playback devices; and Dolby Atmos technology for cinemas and various media devices.
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