Ameriprise Financial Inc. grew its holdings in shares of Dolby Laboratories (NYSE:DLB) by 24.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,318 shares of the electronics maker’s stock after purchasing an additional 4,436 shares during the period. Ameriprise Financial Inc.’s holdings in Dolby Laboratories were worth $1,166,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Schwab Charles Investment Management Inc. grew its position in shares of Dolby Laboratories by 4.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 310,210 shares of the electronics maker’s stock worth $15,188,000 after purchasing an additional 12,045 shares in the last quarter. UBS Asset Management Americas Inc. grew its position in shares of Dolby Laboratories by 3.8% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 154,119 shares of the electronics maker’s stock worth $7,546,000 after purchasing an additional 5,696 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Dolby Laboratories by 11.7% during the 2nd quarter. Principal Financial Group Inc. now owns 32,427 shares of the electronics maker’s stock worth $1,588,000 after purchasing an additional 3,396 shares in the last quarter. Intl Fcstone Inc. acquired a new position in shares of Dolby Laboratories during the 2nd quarter worth approximately $345,000. Finally, Vanguard Group Inc. grew its position in shares of Dolby Laboratories by 2.2% during the 2nd quarter. Vanguard Group Inc. now owns 4,725,496 shares of the electronics maker’s stock worth $231,360,000 after purchasing an additional 103,702 shares in the last quarter. Hedge funds and other institutional investors own 52.53% of the company’s stock.
DLB has been the topic of a number of analyst reports. Zacks Investment Research lowered shares of Dolby Laboratories from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 31st. B. Riley set a $66.00 price target on shares of Dolby Laboratories and gave the stock a “buy” rating in a research report on Thursday, October 19th. Dougherty & Co reiterated a “buy” rating and set a $63.00 price target on shares of Dolby Laboratories in a research report on Wednesday, September 13th. Finally, Piper Jaffray Companies reiterated a “hold” rating and set a $52.00 price target (up previously from $49.00) on shares of Dolby Laboratories in a research report on Wednesday, September 13th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $60.17.
Shares of Dolby Laboratories (DLB) opened at $62.26 on Thursday. The stock has a market cap of $6,430.00, a P/E ratio of 32.09, a P/E/G ratio of 2.36 and a beta of 0.85. Dolby Laboratories has a 52-week low of $47.19 and a 52-week high of $63.69.
Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings results on Wednesday, October 25th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.18. The business had revenue of $242.05 million for the quarter, compared to analyst estimates of $244.80 million. Dolby Laboratories had a net margin of 18.66% and a return on equity of 10.62%. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter last year, the business posted $0.37 EPS. equities research analysts expect that Dolby Laboratories will post 2.24 earnings per share for the current year.
In related news, SVP Bob Borchers sold 116,821 shares of the stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $61.15, for a total value of $7,143,604.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Steven E. Forshay sold 9,355 shares of the stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $57.86, for a total transaction of $541,280.30. The disclosure for this sale can be found here. Insiders have sold a total of 544,409 shares of company stock worth $33,369,495 in the last quarter. 43.74% of the stock is currently owned by company insiders.
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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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