Northeast Financial Consultants Inc bought a new stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) in the first quarter, Holdings Channel reports. The fund bought 4,624 shares of the electronics maker’s stock, valued at approximately $291,000.
Several other institutional investors and hedge funds also recently modified their holdings of the company. ETF Managers Group LLC boosted its stake in shares of Dolby Laboratories by 8.6% during the first quarter. ETF Managers Group LLC now owns 2,264 shares of the electronics maker’s stock valued at $143,000 after purchasing an additional 179 shares during the period. Penserra Capital Management LLC boosted its stake in shares of Dolby Laboratories by 50.0% during the first quarter. Penserra Capital Management LLC now owns 669 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 223 shares during the period. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Dolby Laboratories by 2.7% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 8,707 shares of the electronics maker’s stock valued at $548,000 after purchasing an additional 226 shares during the period. Prudential Financial Inc. boosted its stake in shares of Dolby Laboratories by 7.0% during the fourth quarter. Prudential Financial Inc. now owns 3,808 shares of the electronics maker’s stock valued at $235,000 after purchasing an additional 250 shares during the period. Finally, Sandy Spring Bank boosted its stake in shares of Dolby Laboratories by 2.3% during the fourth quarter. Sandy Spring Bank now owns 12,036 shares of the electronics maker’s stock valued at $744,000 after purchasing an additional 265 shares during the period. 55.98% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have recently issued reports on DLB shares. Zacks Investment Research raised shares of Dolby Laboratories from a “sell” rating to a “hold” rating in a research note on Tuesday, April 2nd. ValuEngine lowered shares of Dolby Laboratories from a “buy” rating to a “hold” rating in a research note on Monday, April 1st. Finally, B. Riley set a $67.00 target price on shares of Dolby Laboratories and gave the company a “hold” rating in a research note on Thursday. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Dolby Laboratories has a consensus rating of “Buy” and an average target price of $76.50.
Shares of DLB stock traded down $0.71 on Friday, hitting $62.28. The stock had a trading volume of 735 shares, compared to its average volume of 344,076. The company has a market capitalization of $6.37 billion, a P/E ratio of 25.93, a PEG ratio of 2.03 and a beta of 0.84. Dolby Laboratories, Inc. has a one year low of $58.17 and a one year high of $72.04.
Dolby Laboratories (NYSE:DLB) last released its quarterly earnings data on Wednesday, May 1st. The electronics maker reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.18. The firm had revenue of $338.26 million during the quarter, compared to the consensus estimate of $337.45 million. Dolby Laboratories had a return on equity of 11.12% and a net margin of 24.93%. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.73 earnings per share. On average, analysts predict that Dolby Laboratories, Inc. will post 2.38 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 22nd. Investors of record on Tuesday, May 14th were issued a $0.19 dividend. The ex-dividend date was Monday, May 13th. This represents a $0.76 annualized dividend and a dividend yield of 1.22%. Dolby Laboratories’s payout ratio is currently 31.67%.
In other Dolby Laboratories news, SVP Giles Baker sold 8,181 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $65.30, for a total value of $534,219.30. Following the completion of the transaction, the senior vice president now directly owns 12,499 shares in the company, valued at $816,184.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Dagmar Dolby sold 100,000 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $65.72, for a total transaction of $6,572,000.00. The disclosure for this sale can be found here. Insiders sold 699,582 shares of company stock valued at $45,579,410 over the last 90 days. 40.23% of the stock is currently owned by corporate insiders.
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Dolby Laboratories Company Profile
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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