Empower Advisory Group LLC Lowers Stake in Dolby Laboratories (NYSE:DLB)

Empower Advisory Group LLC lowered its stake in shares of Dolby Laboratories (NYSE:DLB) by 20.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,907 shares of the electronics maker’s stock after selling 1,275 shares during the quarter. Empower Advisory Group LLC’s holdings in Dolby Laboratories were worth $394,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Securian Asset Management Inc. increased its position in shares of Dolby Laboratories by 3.0% in the first quarter. Securian Asset Management Inc. now owns 4,648 shares of the electronics maker’s stock valued at $373,000 after acquiring an additional 137 shares during the period. Synovus Financial Corp increased its position in shares of Dolby Laboratories by 0.5% in the fourth quarter. Synovus Financial Corp now owns 32,235 shares of the electronics maker’s stock valued at $2,518,000 after acquiring an additional 173 shares during the period. Net Worth Advisory Group increased its position in shares of Dolby Laboratories by 5.2% in the first quarter. Net Worth Advisory Group now owns 3,591 shares of the electronics maker’s stock valued at $288,000 after acquiring an additional 178 shares during the period. CANADA LIFE ASSURANCE Co increased its position in shares of Dolby Laboratories by 0.5% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 44,954 shares of the electronics maker’s stock valued at $3,511,000 after acquiring an additional 216 shares during the period. Finally, US Bancorp DE increased its position in shares of Dolby Laboratories by 18.6% in the first quarter. US Bancorp DE now owns 1,444 shares of the electronics maker’s stock valued at $116,000 after acquiring an additional 226 shares during the period. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Insider Activity

In related news, CEO Kevin J. Yeaman sold 2,491 shares of the business’s stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $75.00, for a total transaction of $186,825.00. Following the sale, the chief executive officer owned 114,725 shares of the company’s stock, valued at $8,604,375. The trade was a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mark Andrew Sherman sold 15,000 shares of the business’s stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $75.02, for a total transaction of $1,125,300.00. Following the sale, the executive vice president directly owned 62,397 shares in the company, valued at $4,681,022.94. The trade was a 19.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 116,049 shares of company stock worth $8,713,391 in the last three months. 38.39% of the stock is currently owned by insiders.

Dolby Laboratories Trading Down 0.4%

Shares of DLB opened at $72.28 on Thursday. The firm’s 50-day moving average price is $74.76 and its 200-day moving average price is $77.41. The firm has a market capitalization of $6.94 billion, a price-to-earnings ratio of 26.48 and a beta of 0.91. Dolby Laboratories has a 1-year low of $66.35 and a 1-year high of $89.66.

Dolby Laboratories (NYSE:DLB) last announced its earnings results on Thursday, July 31st. The electronics maker reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.06. The firm had revenue of $315.55 million for the quarter, compared to analyst estimates of $305.23 million. Dolby Laboratories had a net margin of 19.62% and a return on equity of 11.52%. The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.71 EPS. On average, research analysts forecast that Dolby Laboratories will post 2.94 EPS for the current fiscal year.

Dolby Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Tuesday, August 12th will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Tuesday, August 12th. This represents a $1.32 annualized dividend and a yield of 1.8%. Dolby Laboratories’s payout ratio is presently 48.35%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Rosenblatt Securities restated a “buy” rating and issued a $95.00 price objective on shares of Dolby Laboratories in a research report on Friday, August 1st. Wall Street Zen upgraded shares of Dolby Laboratories from a “hold” rating to a “buy” rating in a research report on Friday, May 30th. Barrington Research restated an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research report on Friday, May 2nd. Finally, Tigress Financial started coverage on shares of Dolby Laboratories in a research report on Thursday, May 15th. They issued a “buy” rating and a $112.00 price objective on the stock.

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.