Voloridge Investment Management LLC Sells 74,729 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Voloridge Investment Management LLC cut its holdings in Dolby Laboratories, Inc. (NYSE:DLB) by 26.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 204,379 shares of the electronics maker’s stock after selling 74,729 shares during the period. Voloridge Investment Management LLC owned approximately 0.21% of Dolby Laboratories worth $15,962,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its holdings in shares of Dolby Laboratories by 64.2% in the fourth quarter. Bank of New York Mellon Corp now owns 4,826,477 shares of the electronics maker’s stock worth $376,948,000 after buying an additional 1,887,518 shares during the period. Norges Bank purchased a new position in Dolby Laboratories in the 4th quarter worth approximately $55,356,000. Alyeska Investment Group L.P. bought a new stake in Dolby Laboratories in the fourth quarter valued at approximately $27,314,000. Frontier Capital Management Co. LLC bought a new stake in Dolby Laboratories in the fourth quarter valued at approximately $24,323,000. Finally, Oberweis Asset Management Inc. purchased a new stake in shares of Dolby Laboratories during the fourth quarter valued at approximately $14,136,000. 58.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on DLB. Tigress Financial started coverage on shares of Dolby Laboratories in a research note on Thursday, May 15th. They issued a “buy” rating and a $112.00 target price on the stock. Barrington Research reissued an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories in a report on Friday, May 2nd. Wall Street Zen downgraded shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 31st. Finally, Rosenblatt Securities dropped their target price on shares of Dolby Laboratories from $100.00 to $95.00 and set a “buy” rating for the company in a report on Friday, May 2nd.

Insiders Place Their Bets

In other news, SVP John D. Couling sold 675 shares of the stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $75.04, for a total value of $50,652.00. Following the completion of the transaction, the senior vice president now owns 121,151 shares of the company’s stock, valued at approximately $9,091,171.04. This represents a 0.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 38.39% of the stock is currently owned by company insiders.

Dolby Laboratories Stock Performance

DLB opened at $74.74 on Friday. The stock has a market capitalization of $7.18 billion, a PE ratio of 27.48 and a beta of 0.95. The stock’s 50 day moving average price is $76.01 and its 200-day moving average price is $78.56. Dolby Laboratories, Inc. has a 52-week low of $66.35 and a 52-week high of $89.66.

Dolby Laboratories (NYSE:DLB) last released its quarterly earnings results on Thursday, May 1st. The electronics maker reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.29 by $0.05. Dolby Laboratories had a net margin of 19.97% and a return on equity of 11.32%. The business had revenue of $369.56 million for the quarter, compared to analysts’ expectations of $375.44 million. During the same quarter in the previous year, the business posted $1.27 earnings per share. The firm’s revenue for the quarter was up 1.4% compared to the same quarter last year. Research analysts forecast that Dolby Laboratories, Inc. will post 2.94 EPS for the current fiscal year.

Dolby Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Tuesday, May 13th were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date was Tuesday, May 13th. Dolby Laboratories’s payout ratio is currently 49.81%.

Dolby Laboratories Profile

Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment at the cinema, DTV transmissions and devices, mobile devices, OTT video and music services, home entertainment devices, and automobiles. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for a range of media applications; AVC, a digital video codec with high bandwidth efficiency used in various media devices; Dolby AC-4, a digital audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for cinema and various media devices.