Russell Investments Group Ltd. Buys 34,144 Shares of Dolby Laboratories, Inc. (NYSE:DLB)
Russell Investments Group Ltd. raised its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 151.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 56,731 shares of the electronics maker’s stock after acquiring an additional 34,144 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.06% of Dolby Laboratories worth $3,666,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of DLB. Janus Henderson Group PLC raised its stake in shares of Dolby Laboratories by 31.6% during the 2nd quarter. Janus Henderson Group PLC now owns 4,828,522 shares of the electronics maker’s stock worth $311,906,000 after purchasing an additional 1,158,072 shares in the last quarter. Timucuan Asset Management Inc. FL increased its holdings in shares of Dolby Laboratories by 1.1% during the 1st quarter. Timucuan Asset Management Inc. FL now owns 1,268,686 shares of the electronics maker’s stock worth $79,889,000 after acquiring an additional 13,911 shares during the last quarter. Schroder Investment Management Group increased its holdings in shares of Dolby Laboratories by 8.4% during the 2nd quarter. Schroder Investment Management Group now owns 1,162,024 shares of the electronics maker’s stock worth $75,067,000 after acquiring an additional 89,818 shares during the last quarter. Blair William & Co. IL increased its holdings in shares of Dolby Laboratories by 24.0% during the 1st quarter. Blair William & Co. IL now owns 849,045 shares of the electronics maker’s stock worth $53,464,000 after acquiring an additional 164,065 shares during the last quarter. Finally, OppenheimerFunds Inc. increased its holdings in shares of Dolby Laboratories by 0.3% during the 1st quarter. OppenheimerFunds Inc. now owns 805,375 shares of the electronics maker’s stock worth $50,714,000 after acquiring an additional 2,657 shares during the last quarter. 57.29% of the stock is owned by institutional investors.
A number of research firms recently weighed in on DLB. William Blair reissued a “buy” rating on shares of Dolby Laboratories in a report on Friday, August 2nd. B. Riley reissued a “neutral” rating and set a $73.00 target price (up from $67.00) on shares of Dolby Laboratories in a report on Friday, August 2nd. Finally, ValuEngine raised Dolby Laboratories from a “hold” rating to a “buy” rating in a report on Wednesday, September 4th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $78.00.
Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings data on Thursday, August 1st. The electronics maker reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.11). Dolby Laboratories had a net margin of 21.64% and a return on equity of 9.00%. The firm had revenue of $302.16 million during the quarter, compared to analyst estimates of $305.29 million. During the same period in the prior year, the company earned $0.18 earnings per share. The business’s quarterly revenue was up 40.7% compared to the same quarter last year. Analysts forecast that Dolby Laboratories, Inc. will post 2.16 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 20th. Shareholders of record on Monday, August 12th were issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend was Friday, August 9th. Dolby Laboratories’s dividend payout ratio is 31.67%.
In other news, CEO Kevin J. Yeaman sold 25,000 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $67.50, for a total transaction of $1,687,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ed H. Bowman, Jr. sold 2,492 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $84.52, for a total value of $210,623.84. Following the sale, the director now owns 16,386 shares of the company’s stock, valued at $1,384,944.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,098,873 shares of company stock worth $71,250,412. Insiders own 40.23% of the company’s stock.
About Dolby Laboratories
Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment and communications at the cinema, at home, at work, and on mobile devices. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for TVs, set-top boxes (STBs), personal computers (PCs), gaming consoles, mobile devices, and digital radio; AVC, a digital video codec with high bandwidth efficiency used in media devices; Dolby AC-4, an audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for home theaters, cinemas, device speakers, mobile devices, and headphones.
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