Rhumbline Advisers Sells 36,562 Shares of Dolby Laboratories $DLB

Rhumbline Advisers cut its stake in shares of Dolby Laboratories (NYSE:DLB) by 13.2% in the third quarter, Holdings Channel.com reports. The institutional investor owned 239,972 shares of the electronics maker’s stock after selling 36,562 shares during the quarter. Rhumbline Advisers’ holdings in Dolby Laboratories were worth $17,367,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Boothbay Fund Management LLC grew its holdings in shares of Dolby Laboratories by 4.1% in the second quarter. Boothbay Fund Management LLC now owns 4,020 shares of the electronics maker’s stock worth $299,000 after acquiring an additional 157 shares during the period. Mitchell & Pahl Private Wealth LLC grew its stake in shares of Dolby Laboratories by 1.1% during the 3rd 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 during the period. Steward Partners Investment Advisory LLC grew its stake in shares of Dolby Laboratories by 13.9% during the 2nd 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 shares of Dolby Laboratories by 1.4% during the 2nd quarter. State of Michigan Retirement System now owns 14,800 shares of the electronics maker’s stock valued at $1,099,000 after purchasing an additional 200 shares during the last quarter. Finally, Amalgamated Bank lifted its stake in shares of Dolby Laboratories by 0.8% in the 2nd quarter. Amalgamated Bank now owns 27,978 shares of the electronics maker’s stock worth $2,078,000 after purchasing an additional 214 shares during the period. 58.56% of the stock is owned by institutional investors.

Insider Activity at Dolby Laboratories

In other Dolby Laboratories news, SVP John D. Couling sold 7,273 shares of the stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $68.75, for a total transaction of $500,018.75. Following the completion of the transaction, the senior vice president owned 108,065 shares of the company’s stock, valued at $7,429,468.75. This represents a 6.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kevin J. Yeaman sold 36,699 shares of Dolby Laboratories stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $66.91, for a total value of $2,455,530.09. Following the completion of the sale, the chief executive officer directly owned 114,725 shares in the company, valued at $7,676,249.75. This trade represents a 24.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 142,787 shares of company stock valued at $9,560,265. Insiders own 37.93% of the company’s stock.

Dolby Laboratories Stock Down 3.4%

NYSE DLB opened at $63.76 on Wednesday. Dolby Laboratories has a twelve month low of $60.14 and a twelve month high of $85.21. The business has a 50-day moving average price of $64.71 and a 200-day moving average price of $67.95. The firm has a market cap of $6.09 billion, a price-to-earnings ratio of 25.71 and a beta of 0.86.

Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings results on Thursday, January 29th. The electronics maker reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.07. Dolby Laboratories had a return on equity of 11.50% and a net margin of 17.97%.The company had revenue of $346.71 million for the quarter, compared to analysts’ expectations of $341.26 million. During the same period in the previous year, the firm earned $1.14 EPS. The firm’s revenue was down 2.8% compared to the same quarter last year. Research analysts expect that Dolby Laboratories will post 2.94 EPS for the current fiscal year.

Dolby Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 18th. Investors of record on Tuesday, February 10th will be given a dividend of $0.36 per share. The ex-dividend date is Tuesday, February 10th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.3%. Dolby Laboratories’s dividend payout ratio is currently 58.06%.

Analysts Set New Price Targets

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

Dolby Laboratories Company Profile

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.