Gotham Asset Management LLC Increases Stake in Dolby Laboratories, Inc. (NYSE:DLB)

Gotham Asset Management LLC boosted its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 37.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 11,594 shares of the electronics maker’s stock after purchasing an additional 3,167 shares during the quarter. Gotham Asset Management LLC’s holdings in Dolby Laboratories were worth $905,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Dolby Laboratories by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 7,033,612 shares of the electronics maker’s stock valued at $549,325,000 after purchasing an additional 68,771 shares during the last quarter. Bank of New York Mellon Corp grew its position in Dolby Laboratories by 64.2% during the 4th quarter. Bank of New York Mellon Corp now owns 4,826,477 shares of the electronics maker’s stock valued at $376,948,000 after purchasing an additional 1,887,518 shares during the last quarter. Boston Trust Walden Corp grew its position in Dolby Laboratories by 0.9% during the 4th quarter. Boston Trust Walden Corp now owns 1,084,700 shares of the electronics maker’s stock valued at $84,715,000 after purchasing an additional 9,624 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Dolby Laboratories by 3.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 901,707 shares of the electronics maker’s stock valued at $70,424,000 after purchasing an additional 31,164 shares during the last quarter. Finally, First Trust Advisors LP grew its position in Dolby Laboratories by 0.9% during the 4th quarter. First Trust Advisors LP now owns 794,772 shares of the electronics maker’s stock valued at $62,072,000 after purchasing an additional 7,265 shares during the last quarter. 58.56% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Dolby Laboratories news, CMO Todd Pendleton sold 18,121 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $83.75, for a total transaction of $1,517,633.75. Following the sale, the chief marketing officer now owns 37,290 shares in the company, valued at approximately $3,123,037.50. This trade represents a 32.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John D. Couling sold 675 shares of the firm’s stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $75.04, for a total transaction of $50,652.00. Following the sale, the senior vice president now owns 121,151 shares in the company, valued at approximately $9,091,171.04. The trade was a 0.55% decrease in their position. The disclosure for this sale can be found here. 38.39% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Rosenblatt Securities cut their price objective on shares of Dolby Laboratories from $100.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Barrington Research reaffirmed an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a report on Friday, May 2nd. StockNews.com downgraded shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a report on Friday, January 31st. Finally, Tigress Financial assumed coverage on shares of Dolby Laboratories in a report on Thursday. They set a “buy” rating and a $112.00 price target on the stock.

Dolby Laboratories Stock Up 0.4%

Shares of NYSE DLB opened at $77.54 on Friday. The company has a market cap of $7.40 billion, a PE ratio of 28.51 and a beta of 0.95. The firm’s 50-day moving average price is $76.57 and its 200-day moving average price is $78.52. Dolby Laboratories, Inc. has a 52-week low of $66.35 and a 52-week high of $89.66.

Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings data on Thursday, May 1st. The electronics maker reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.05. The company had revenue of $369.56 million for the quarter, compared to the consensus estimate of $375.44 million. Dolby Laboratories had a net margin of 19.97% and a return on equity of 11.32%. The firm’s revenue was up 1.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.27 earnings per share. As a group, equities research analysts anticipate that Dolby Laboratories, Inc. will post 2.94 EPS for the current fiscal year.

Dolby Laboratories Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 21st. Investors of record on Tuesday, May 13th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend is Tuesday, May 13th. Dolby Laboratories’s payout ratio is 49.81%.

About Dolby Laboratories

Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment at the cinema, DTV transmissions and devices, mobile devices, OTT video and music services, home entertainment devices, and automobiles. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for a range of media applications; AVC, a digital video codec with high bandwidth efficiency used in various media devices; Dolby AC-4, a digital audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for cinema and various media devices.