OxFORD Asset Management LLP Sells 33,300 Shares of Dolby Laboratories (DLB)
OxFORD Asset Management LLP reduced its stake in Dolby Laboratories (NYSE:DLB) by 51.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 31,562 shares of the electronics maker’s stock after selling 33,300 shares during the period. OxFORD Asset Management LLP’s holdings in Dolby Laboratories were worth $1,821,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DLB. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Dolby Laboratories by 9.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,331 shares of the electronics maker’s stock worth $114,000 after acquiring an additional 209 shares during the last quarter. US Bancorp DE grew its stake in shares of Dolby Laboratories by 2.6% in the second quarter. US Bancorp DE now owns 3,029 shares of the electronics maker’s stock worth $149,000 after acquiring an additional 78 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Dolby Laboratories by 25.5% in the second quarter. The Manufacturers Life Insurance Company now owns 3,564 shares of the electronics maker’s stock worth $174,000 after acquiring an additional 725 shares during the last quarter. Berkshire Asset Management LLC PA purchased a new stake in shares of Dolby Laboratories in the third quarter worth $200,000. Finally, CIBC Asset Management Inc purchased a new stake in shares of Dolby Laboratories in the third quarter worth $204,000. 52.53% of the stock is currently owned by hedge funds and other institutional investors.
In related news, SVP Bob Borchers sold 148,361 shares of the stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $62.15, for a total transaction of $9,220,636.15. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Peter C. Gotcher sold 9,310 shares of the stock in a transaction dated Wednesday, October 18th. The shares were sold at an average price of $60.00, for a total value of $558,600.00. The disclosure for this sale can be found here. Insiders have sold 511,095 shares of company stock worth $31,288,813 over the last ninety days. 43.80% of the stock is currently owned by insiders.
Dolby Laboratories (NYSE:DLB) last released its quarterly earnings data on Wednesday, October 25th. The electronics maker reported $0.45 EPS for the quarter, beating the consensus estimate of $0.27 by $0.18. Dolby Laboratories had a return on equity of 10.62% and a net margin of 18.66%. The company had revenue of $242.05 million for the quarter, compared to analysts’ expectations of $244.80 million. During the same period last year, the firm posted $0.37 earnings per share. Dolby Laboratories’s revenue was up 3.9% compared to the same quarter last year. analysts predict that Dolby Laboratories will post 2.24 EPS for the current fiscal year.
A number of equities research analysts have recently commented on DLB shares. B. Riley set a $62.00 target price on Dolby Laboratories and gave the stock a “buy” rating in a research note on Friday, August 18th. BidaskClub cut Dolby Laboratories from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 22nd. Piper Jaffray Companies reaffirmed a “hold” rating and set a $52.00 price objective (up from $49.00) on shares of Dolby Laboratories in a research report on Wednesday, September 13th. Dougherty & Co reaffirmed a “buy” rating and set a $63.00 price objective on shares of Dolby Laboratories in a research report on Wednesday, September 13th. Finally, Zacks Investment Research cut Dolby Laboratories from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 31st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $60.17.
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Dolby Laboratories Company Profile
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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