JPMorgan Chase & Co. cut its stake in shares of Dolby Laboratories (NYSE:DLB) by 2.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 124,879 shares of the electronics maker’s stock after selling 2,710 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.12% of Dolby Laboratories worth $7,205,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in the stock. Alliancebernstein L.P. increased its position in shares of Dolby Laboratories by 157.2% during the 2nd quarter. Alliancebernstein L.P. now owns 907,989 shares of the electronics maker’s stock valued at $44,455,000 after purchasing an additional 555,020 shares during the last quarter. BlackRock Inc. increased its position in shares of Dolby Laboratories by 19.8% during the 2nd quarter. BlackRock Inc. now owns 2,913,371 shares of the electronics maker’s stock valued at $142,639,000 after purchasing an additional 481,649 shares during the last quarter. Timucuan Asset Management Inc. FL increased its position in shares of Dolby Laboratories by 61.3% during the 2nd quarter. Timucuan Asset Management Inc. FL now owns 1,172,271 shares of the electronics maker’s stock valued at $57,394,000 after purchasing an additional 445,411 shares during the last quarter. Renaissance Technologies LLC grew its position in Dolby Laboratories by 14.1% in the 2nd quarter. Renaissance Technologies LLC now owns 1,549,100 shares of the electronics maker’s stock valued at $75,844,000 after acquiring an additional 191,600 shares during the last quarter. Finally, Quantum Capital Management bought a new position in Dolby Laboratories in the 2nd quarter valued at $5,891,000. Institutional investors own 52.53% of the company’s stock.
In related news, CEO Kevin J. Yeaman sold 10,000 shares of the firm’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $58.38, for a total transaction of $583,800.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Bob Borchers sold 116,821 shares of the firm’s 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 544,409 shares of company stock valued at $33,369,495. Company insiders own 43.74% of the company’s stock.
Several equities analysts have commented on DLB shares. B. Riley reaffirmed a “buy” rating and issued a $61.50 price objective on shares of Dolby Laboratories in a research report on Thursday, September 14th. Zacks Investment Research downgraded Dolby Laboratories from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 31st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $60.17.
Shares of Dolby Laboratories (NYSE:DLB) opened at $64.29 on Friday. Dolby Laboratories has a 12 month low of $47.19 and a 12 month high of $64.74. The company has a market capitalization of $6,460.00, a PE ratio of 33.14, a price-to-earnings-growth ratio of 2.36 and a beta of 0.85.
Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings data on Wednesday, October 25th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.18. Dolby Laboratories had a return on equity of 10.62% and a net margin of 18.66%. The firm had revenue of $242.05 million during the quarter, compared to analysts’ expectations of $244.80 million. During the same period last year, the business posted $0.37 earnings per share. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. analysts expect that Dolby Laboratories will post 2.24 EPS for the current fiscal year.
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Dolby Laboratories 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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