Credit Suisse AG Sells 34,935 Shares of Dolby Laboratories (DLB)

Credit Suisse AG reduced its stake in shares of Dolby Laboratories (NYSE:DLB) by 41.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,541 shares of the electronics maker’s stock after selling 34,935 shares during the period. Credit Suisse AG’s holdings in Dolby Laboratories were worth $2,544,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the stock. BlackRock Inc. raised its stake in shares of Dolby Laboratories by 13,583.7% in the first quarter. BlackRock Inc. now owns 2,431,722 shares of the electronics maker’s stock valued at $127,449,000 after buying an additional 2,413,951 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Dolby Laboratories by 35.5% in the first quarter. American Century Companies Inc. now owns 1,710,462 shares of the electronics maker’s stock valued at $89,645,000 after buying an additional 448,302 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Dolby Laboratories by 8.4% in the first quarter. Vanguard Group Inc. now owns 4,621,794 shares of the electronics maker’s stock valued at $242,228,000 after buying an additional 359,509 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Dolby Laboratories by 1,045.2% in the first quarter. Alliancebernstein L.P. now owns 352,969 shares of the electronics maker’s stock valued at $18,499,000 after buying an additional 322,148 shares during the last quarter. Finally, Henderson Group PLC raised its stake in shares of Dolby Laboratories by 153.5% in the first quarter. Henderson Group PLC now owns 501,793 shares of the electronics maker’s stock valued at $26,294,000 after buying an additional 303,813 shares during the last quarter. Hedge funds and other institutional investors own 50.65% of the company’s stock.

Dolby Laboratories (NYSE DLB) traded down 0.51% on Friday, hitting $51.15. 312,733 shares of the stock traded hands. The stock has a 50 day moving average of $51.06 and a 200 day moving average of $50.66. Dolby Laboratories has a 52 week low of $44.99 and a 52 week high of $55.02. The firm has a market capitalization of $5.25 billion, a PE ratio of 26.16 and a beta of 0.79.

Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings data on Tuesday, July 25th. The electronics maker reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.10. Dolby Laboratories had a net margin of 19.02% and a return on equity of 10.39%. The business had revenue of $305.67 million during the quarter, compared to the consensus estimate of $296.88 million. During the same quarter last year, the company posted $0.62 earnings per share. The firm’s quarterly revenue was up 10.1% compared to the same quarter last year. Equities research analysts anticipate that Dolby Laboratories will post $1.99 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Monday, August 7th will be issued a dividend of $0.14 per share. The ex-dividend date is Thursday, August 3rd. This represents a $0.56 dividend on an annualized basis and a yield of 1.09%. Dolby Laboratories’s dividend payout ratio (DPR) is presently 28.57%.

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Several equities research analysts have issued reports on DLB shares. Zacks Investment Research lowered shares of Dolby Laboratories from a “buy” rating to a “hold” rating in a research note on Monday, May 1st. B. Riley upgraded shares of Dolby Laboratories to a “buy” rating and set a $61.50 price target on the stock in a research note on Saturday, July 22nd. Finally, BidaskClub upgraded shares of Dolby Laboratories from a “sell” rating to a “hold” rating in a research note on Saturday, July 8th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $54.38.

In related news, major shareholder Dagmar Dolby sold 100,000 shares of the firm’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $52.22, for a total transaction of $5,222,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kevin J. Yeaman sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $51.79, for a total transaction of $517,900.00. The disclosure for this sale can be found here. Insiders have sold 226,300 shares of company stock valued at $11,766,262 in the last 90 days. 43.80% of the stock is currently owned by corporate insiders.

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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