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 firm 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 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in DLB. 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 period. BlackRock Inc. increased its position in 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 in the last quarter. American Century Companies Inc. increased its position in 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 in the last quarter. TimesSquare Capital Management LLC increased its position in Dolby Laboratories by 6.0% in the first quarter. TimesSquare Capital Management LLC now owns 1,678,700 shares of the electronics maker’s stock valued at $87,981,000 after buying an additional 95,700 shares in the last quarter. Finally, OppenheimerFunds Inc. increased its position in Dolby Laboratories by 24.1% in the first quarter. OppenheimerFunds Inc. now owns 1,034,407 shares of the electronics maker’s stock valued at $54,213,000 after buying an additional 201,025 shares in the last quarter. Institutional investors and hedge funds own 50.38% of the company’s stock.
Shares of Dolby Laboratories (NYSE:DLB) traded down 0.26% during trading on Wednesday, reaching $49.52. 413,107 shares of the company’s stock were exchanged. The stock has a market capitalization of $5.08 billion, a price-to-earnings ratio of 25.33 and a beta of 0.79. Dolby Laboratories has a 52 week low of $44.99 and a 52 week high of $55.02. The stock has a 50 day moving average price of $51.27 and a 200-day moving average price of $50.78.
Dolby Laboratories (NYSE:DLB) last announced its earnings results on Tuesday, July 25th. The electronics maker reported $0.75 EPS for the quarter, topping the consensus estimate of $0.65 by $0.10. The company had revenue of $305.67 million for the quarter, compared to analysts’ expectations of $296.88 million. Dolby Laboratories had a return on equity of 10.25% and a net margin of 19.02%. The business’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.62 earnings per share. Analysts predict that Dolby Laboratories will post $1.99 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Monday, August 7th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.13%. The ex-dividend date was Thursday, August 3rd. Dolby Laboratories’s payout ratio is presently 28.57%.
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Several research firms have recently weighed in on DLB. BidaskClub downgraded shares of Dolby Laboratories from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. B. Riley reissued a “buy” rating and issued a $61.50 price target on shares of Dolby Laboratories in a research note on Friday, July 28th. Finally, Zacks Investment Research raised shares of Dolby Laboratories from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $54.38.
In other news, major shareholder Dagmar Dolby sold 100,000 shares of the stock in a transaction on Monday, July 31st. The stock was sold at an average price of $52.22, for a total transaction of $5,222,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Kevin J. Yeaman sold 10,000 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $51.79, for a total value of $517,900.00. The disclosure for this sale can be found here. Insiders have sold 710,000 shares of company stock worth $36,394,900 in the last 90 days. Company insiders own 43.80% of the company’s stock.
Dolby Laboratories Company Profile
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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