Dolby Laboratories $DLB Stake Raised by Teacher Retirement System of Texas

Teacher Retirement System of Texas boosted its holdings in shares of Dolby Laboratories (NYSE:DLB) by 10.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 94,547 shares of the electronics maker’s stock after acquiring an additional 8,888 shares during the quarter. Teacher Retirement System of Texas owned 0.10% of Dolby Laboratories worth $7,021,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of DLB. Bank of New York Mellon Corp boosted its position in Dolby Laboratories by 18.3% during the 1st quarter. Bank of New York Mellon Corp now owns 5,709,193 shares of the electronics maker’s stock worth $458,505,000 after acquiring an additional 882,716 shares during the period. Vanguard Group Inc. boosted its position in Dolby Laboratories by 7.1% during the 1st quarter. Vanguard Group Inc. now owns 7,535,722 shares of the electronics maker’s stock worth $605,194,000 after acquiring an additional 502,110 shares during the period. AQR Capital Management LLC boosted its position in Dolby Laboratories by 63.6% during the 1st quarter. AQR Capital Management LLC now owns 1,143,978 shares of the electronics maker’s stock worth $90,946,000 after acquiring an additional 444,718 shares during the period. Jones Financial Companies Lllp boosted its position in Dolby Laboratories by 241,160.1% during the 1st quarter. Jones Financial Companies Lllp now owns 429,443 shares of the electronics maker’s stock worth $36,975,000 after acquiring an additional 429,265 shares during the period. Finally, Nuveen LLC acquired a new stake in Dolby Laboratories during the 1st quarter worth about $16,890,000. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on DLB shares. Weiss Ratings restated a “hold (c)” rating on shares of Dolby Laboratories in a research report on Wednesday, October 8th. Rosenblatt Securities restated a “buy” rating and issued a $95.00 target price on shares of Dolby Laboratories in a research note on Friday, August 1st. Wall Street Zen upgraded Dolby Laboratories from a “hold” rating to a “buy” rating in a research note on Saturday, August 30th. Tigress Financial boosted their target price on Dolby Laboratories from $112.00 to $114.00 and gave the company a “buy” rating in a research note on Friday, August 15th. Finally, Barrington Research restated an “outperform” rating and issued a $100.00 target price on shares of Dolby Laboratories in a research note on Friday, September 12th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $95.75.

Insider Activity

In other news, SVP Shriram Revankar sold 7,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $74.92, for a total transaction of $524,440.00. Following the completion of the sale, the senior vice president owned 70,435 shares in the company, valued at approximately $5,276,990.20. This represents a 9.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Kevin J. Yeaman sold 25,000 shares of the company’s stock in a transaction dated Tuesday, October 14th. The stock was sold at an average price of $68.87, for a total value of $1,721,750.00. Following the sale, the chief executive officer owned 114,725 shares of the company’s stock, valued at approximately $7,901,110.75. This trade represents a 17.89% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 82,000 shares of company stock valued at $5,845,440. 38.39% of the stock is currently owned by corporate insiders.

Dolby Laboratories Stock Performance

DLB opened at $65.60 on Friday. The company has a market cap of $6.29 billion, a PE ratio of 24.03 and a beta of 0.92. The stock has a 50-day moving average of $70.82 and a 200-day moving average of $73.32. Dolby Laboratories has a 52-week low of $64.50 and a 52-week high of $89.66.

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

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.