Tyers Asset Management LLC cut its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 24.1% during the first quarter, Holdings Channel reports. The institutional investor owned 20,272 shares of the electronics maker’s stock after selling 6,448 shares during the period. Tyers Asset Management LLC’s holdings in Dolby Laboratories were worth $1,062,000 as of its most recent filing with the SEC.
A number of other hedge funds have also bought and sold shares of DLB. Fred Alger Management Inc. boosted its stake in Dolby Laboratories by 0.8% in the fourth quarter. Fred Alger Management Inc. now owns 176,865 shares of the electronics maker’s stock worth $7,993,000 after buying an additional 1,338 shares in the last quarter. Cigna Investments Inc. New acquired a new stake in Dolby Laboratories during the fourth quarter worth $823,000. Nantahala Capital Management LLC boosted its stake in Dolby Laboratories by 3.9% in the third quarter. Nantahala Capital Management LLC now owns 847,907 shares of the electronics maker’s stock worth $46,033,000 after buying an additional 31,600 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Dolby Laboratories by 5.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 502,771 shares of the electronics maker’s stock worth $22,722,000 after buying an additional 27,590 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new stake in Dolby Laboratories during the fourth quarter worth $3,949,000. Institutional investors own 51.35% of the company’s stock.
Dolby Laboratories, Inc. (NYSE:DLB) traded up 0.37% during mid-day trading on Friday, hitting $51.69. The stock had a trading volume of 242,148 shares. The company has a 50 day moving average price of $51.68 and a 200 day moving average price of $48.99. Dolby Laboratories, Inc. has a one year low of $44.06 and a one year high of $55.02. The stock has a market cap of $5.30 billion, a P/E ratio of 28.08 and a beta of 0.54.
Dolby Laboratories (NYSE:DLB) last issued its earnings results on Wednesday, April 26th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.47. The business had revenue of $267.50 million for the quarter, compared to analyst estimates of $273.84 million. Dolby Laboratories had a net margin of 19.82% and a return on equity of 10.87%. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.82 EPS. On average, equities analysts anticipate that Dolby Laboratories, Inc. will post $1.97 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 16th. Stockholders of record on Monday, May 8th will be paid a $0.14 dividend. The ex-dividend date is Thursday, May 4th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.08%. Dolby Laboratories’s dividend payout ratio (DPR) is presently 27.72%.
DLB has been the topic of a number of analyst reports. Zacks Investment Research cut Dolby Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, March 28th. Piper Jaffray Companies restated a “hold” rating on shares of Dolby Laboratories in a research note on Thursday, January 26th. Finally, B. Riley restated a “neutral” rating and issued a $57.00 price target on shares of Dolby Laboratories in a research note on Sunday, April 30th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Dolby Laboratories has an average rating of “Hold” and a consensus price target of $54.00.
In related news, insider Kevin J. Yeaman sold 5,000 shares of the stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $50.00, for a total transaction of $250,000.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Mark Andrew Sherman sold 6,000 shares of the stock in a transaction dated Wednesday, March 29th. The stock was sold at an average price of $52.50, for a total transaction of $315,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 37,000 shares of company stock worth $1,903,400. Company insiders own 43.80% of the company’s stock.
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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