Schroder Investment Management Group Cuts Stock Position in Dolby Laboratories $DLB

Schroder Investment Management Group cut its holdings in shares of Dolby Laboratories (NYSE:DLB) by 64.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 282,846 shares of the electronics maker’s stock after selling 524,014 shares during the quarter. Schroder Investment Management Group’s holdings in Dolby Laboratories were worth $20,487,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in DLB. Norges Bank bought a new stake in Dolby Laboratories during the 2nd quarter valued at approximately $55,030,000. AQR Capital Management LLC boosted its stake in Dolby Laboratories by 51.8% in the 2nd quarter. AQR Capital Management LLC now owns 1,736,260 shares of the electronics maker’s stock worth $128,935,000 after purchasing an additional 592,282 shares during the period. First Trust Advisors LP grew its holdings in Dolby Laboratories by 35.2% during the 2nd quarter. First Trust Advisors LP now owns 1,237,443 shares of the electronics maker’s stock valued at $91,893,000 after buying an additional 322,063 shares in the last quarter. Pacer Advisors Inc. grew its holdings in Dolby Laboratories by 98.2% during the 3rd quarter. Pacer Advisors Inc. now owns 443,897 shares of the electronics maker’s stock valued at $32,125,000 after buying an additional 219,901 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Dolby Laboratories by 2.7% during the third quarter. Vanguard Group Inc. now owns 7,756,924 shares of the electronics maker’s stock valued at $561,369,000 after buying an additional 203,411 shares during the last quarter. Institutional investors own 58.56% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on DLB shares. Barrington Research lowered their target price on shares of Dolby Laboratories from $95.00 to $90.00 and set an “outperform” rating on the stock in a report on Monday, January 26th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Dolby Laboratories in a research note on Monday, December 29th. Rosenblatt Securities reiterated a “buy” rating and issued a $85.00 price target on shares of Dolby Laboratories in a research note on Friday, January 30th. Finally, Wall Street Zen downgraded shares of Dolby Laboratories from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Dolby Laboratories has a consensus rating of “Moderate Buy” and an average price target of $90.75.

Dolby Laboratories Price Performance

Shares of DLB opened at $62.96 on Friday. The stock has a market capitalization of $6.02 billion, a price-to-earnings ratio of 25.39 and a beta of 0.84. Dolby Laboratories has a 1 year low of $60.14 and a 1 year high of $83.25. The business’s 50 day simple moving average is $64.17 and its 200-day simple moving average is $67.03.

Dolby Laboratories (NYSE:DLB) last posted its earnings results on Thursday, January 29th. The electronics maker reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.07. Dolby Laboratories had a net margin of 17.97% and a return on equity of 11.50%. The firm had revenue of $346.71 million during the quarter, compared to analyst estimates of $341.26 million. During the same period last year, the firm posted $1.14 earnings per share. Dolby Laboratories’s revenue for the quarter was down 2.8% compared to the same quarter last year. On average, sell-side analysts expect that Dolby Laboratories will post 2.94 earnings per share for the current year.

Dolby Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 18th. Shareholders of record on Tuesday, February 10th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Tuesday, February 10th. Dolby Laboratories’s dividend payout ratio (DPR) is presently 58.06%.

Insider Buying and Selling at Dolby Laboratories

In other news, CEO Kevin J. Yeaman sold 6,751 shares of the company’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $67.24, for a total transaction of $453,937.24. Following the sale, the chief executive officer directly owned 98,377 shares in the company, valued at approximately $6,614,869.48. This represents a 6.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Andrew Sherman sold 2,491 shares of the stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $67.26, for a total transaction of $167,544.66. Following the completion of the transaction, the executive vice president directly owned 70,563 shares of the company’s stock, valued at approximately $4,746,067.38. The trade was a 3.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 50,784 shares of company stock valued at $3,391,144. Corporate insiders own 37.93% of the company’s stock.

Dolby Laboratories Company Profile

Dolby Laboratories, Inc is a global leader in audio and imaging technologies, specializing in the development, licensing and deployment of solutions that enhance entertainment and communications experiences. The company’s core business revolves around creating advanced audio codecs, noise reduction systems and spatial sound technologies for a wide range of applications, including cinema, broadcast, gaming, streaming and personal devices. Dolby’s licensing model enables consumer electronics manufacturers, content creators and service providers to integrate its technologies into products such as televisions, smartphones, home theater systems and set-top boxes.

Among its flagship innovations are Dolby Atmos, an immersive audio format that delivers three-dimensional soundscapes for theaters and home systems; Dolby Digital and Dolby Digital Plus, widely adopted audio compression formats for broadcast and streaming; and Dolby Vision, a high-dynamic-range imaging technology that expands color, contrast and brightness in displays.