Bank of Nova Scotia lowered its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 2.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 130,819 shares of the electronics maker’s stock after selling 3,381 shares during the quarter. Bank of Nova Scotia owned approximately 0.13% of Dolby Laboratories worth $8,451,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in shares of Dolby Laboratories by 4.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 543,749 shares of the electronics maker’s stock valued at $33,623,000 after acquiring an additional 21,808 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Dolby Laboratories by 9.9% during the fourth quarter. Geode Capital Management LLC now owns 676,094 shares of the electronics maker’s stock valued at $41,809,000 after acquiring an additional 60,962 shares during the last quarter. Alps Advisors Inc. purchased a new position in shares of Dolby Laboratories in the first quarter valued at approximately $393,000. Comerica Bank boosted its stake in shares of Dolby Laboratories by 7.1% in the first quarter. Comerica Bank now owns 7,902 shares of the electronics maker’s stock valued at $508,000 after purchasing an additional 525 shares during the period. Finally, Boston Partners boosted its stake in shares of Dolby Laboratories by 1.3% in the first quarter. Boston Partners now owns 40,934 shares of the electronics maker’s stock valued at $2,578,000 after purchasing an additional 530 shares during the period. Institutional investors and hedge funds own 58.10% of the company’s stock.
In related news, major shareholder Dagmar Dolby sold 93,113 shares of Dolby Laboratories stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $65.11, for a total value of $6,062,587.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Ryan Nicholson sold 8,197 shares of Dolby Laboratories stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $61.04, for a total transaction of $500,344.88. The disclosure for this sale can be found here. Insiders sold 1,098,873 shares of company stock valued at $71,250,412 in the last quarter. 40.23% of the stock is owned by insiders.
NYSE DLB opened at $64.60 on Friday. The firm has a 50 day simple moving average of $61.57 and a 200-day simple moving average of $63.44. Dolby Laboratories, Inc. has a one year low of $56.09 and a one year high of $71.91. The firm has a market cap of $6.51 billion, a price-to-earnings ratio of 26.92, a PEG ratio of 2.25 and a beta of 0.86.
Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings data on Thursday, August 1st. The electronics maker reported $0.38 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.11). Dolby Laboratories had a net margin of 21.64% and a return on equity of 9.00%. The business had revenue of $302.16 million during the quarter, compared to analysts’ expectations of $305.29 million. During the same period in the previous year, the business posted $0.18 EPS. The company’s revenue for the quarter was up 40.7% compared to the same quarter last year. As a group, analysts forecast that Dolby Laboratories, Inc. will post 2.16 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 20th. Stockholders of record on Monday, August 12th were paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend was Friday, August 9th. Dolby Laboratories’s payout ratio is 31.67%.
Several research firms have recently commented on DLB. B. Riley reissued a “neutral” rating and issued a $73.00 price objective (up previously from $67.00) on shares of Dolby Laboratories in a research note on Friday, August 2nd. William Blair reissued a “buy” rating on shares of Dolby Laboratories in a research note on Friday, August 2nd. Finally, ValuEngine raised shares of Dolby Laboratories from a “hold” rating to a “buy” rating in a research note on Wednesday, September 4th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $78.00.
About Dolby Laboratories
Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment and communications at the cinema, at home, at work, and on mobile devices. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for TVs, set-top boxes (STBs), personal computers (PCs), gaming consoles, mobile devices, and digital radio; AVC, a digital video codec with high bandwidth efficiency used in media devices; Dolby AC-4, an audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for home theaters, cinemas, device speakers, mobile devices, and headphones.
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