Advisor Group Inc. boosted its stake in Dolby Laboratories (NYSE:DLB) by 39.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,761 shares of the electronics maker’s stock after acquiring an additional 2,213 shares during the period. Advisor Group Inc.’s holdings in Dolby Laboratories were worth $379,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in DLB. Watermark Asset Management Inc. purchased a new stake in Dolby Laboratories in the first quarter valued at $114,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Dolby Laboratories by 9.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,331 shares of the electronics maker’s stock valued at $114,000 after acquiring an additional 209 shares during the last quarter. US Bancorp DE lifted its position in Dolby Laboratories by 2.6% in the second quarter. US Bancorp DE now owns 3,029 shares of the electronics maker’s stock valued at $149,000 after acquiring an additional 78 shares during the last quarter. Teacher Retirement System of Texas lifted its position in Dolby Laboratories by 4.6% in the second quarter. Teacher Retirement System of Texas now owns 4,637 shares of the electronics maker’s stock valued at $227,000 after acquiring an additional 205 shares during the last quarter. Finally, CrestPoint Capital Management LLC purchased a new stake in Dolby Laboratories in the second quarter valued at $240,000. 51.87% of the stock is owned by hedge funds and other institutional investors.
Shares of Dolby Laboratories (NYSE:DLB) opened at 57.80 on Wednesday. Dolby Laboratories has a 12 month low of $44.99 and a 12 month high of $59.79. The stock has a market capitalization of $5.93 billion, a PE ratio of 29.57 and a beta of 0.85. The company has a 50-day moving average of $54.70 and a 200-day moving average of $52.01.
Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings data on Tuesday, July 25th. The electronics maker reported $0.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.10. The company had revenue of $305.67 million during the quarter, compared to analyst estimates of $296.88 million. Dolby Laboratories had a net margin of 19.02% and a return on equity of 10.25%. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period last year, the business earned $0.62 EPS. On average, equities research analysts expect that Dolby Laboratories will post $1.99 EPS for the current fiscal year.
In other news, insider Kevin J. Yeaman sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $51.79, for a total value of $517,900.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Mark Andrew Sherman sold 14,000 shares of the firm’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $56.25, for a total transaction of $787,500.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,419,000 shares of company stock valued at $71,701,100. 43.80% of the stock is owned by company insiders.
A number of brokerages recently weighed in on DLB. B. Riley reissued a “buy” rating and issued a $61.50 price target on shares of Dolby Laboratories in a research report on Thursday, September 14th. BidaskClub cut shares of Dolby Laboratories from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. Piper Jaffray Companies reissued a “hold” rating and issued a $52.00 price target (up from $49.00) on shares of Dolby Laboratories in a research report on Wednesday, September 13th. Zacks Investment Research raised shares of Dolby Laboratories from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Finally, Dougherty & Co reissued a “buy” rating and issued a $63.00 price target on shares of Dolby Laboratories in a research report on Wednesday, September 13th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $58.83.
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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