State Board of Administration of Florida Retirement System Has $6.78 Million Stock Holdings in Dolby Laboratories, Inc. (NYSE:DLB)

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State Board of Administration of Florida Retirement System grew its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 44.8% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 104,995 shares of the electronics maker’s stock after acquiring an additional 32,506 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.10% of Dolby Laboratories worth $6,783,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Swiss National Bank boosted its position in shares of Dolby Laboratories by 2.7% during the second quarter. Swiss National Bank now owns 119,800 shares of the electronics maker’s stock valued at $7,739,000 after buying an additional 3,100 shares during the last quarter. Eagle Ridge Investment Management boosted its holdings in Dolby Laboratories by 0.8% during the 2nd quarter. Eagle Ridge Investment Management now owns 116,236 shares of the electronics maker’s stock valued at $7,509,000 after acquiring an additional 866 shares during the period. TRUE Private Wealth Advisors purchased a new stake in Dolby Laboratories during the 2nd quarter valued at about $84,000. Rice Hall James & Associates LLC lifted its holdings in Dolby Laboratories by 1.5% in the 2nd quarter. Rice Hall James & Associates LLC now owns 37,138 shares of the electronics maker’s stock worth $2,399,000 after buying an additional 547 shares during the period. Finally, Barbara Oil Co. lifted its holdings in Dolby Laboratories by 60.0% in the 2nd quarter. Barbara Oil Co. now owns 8,000 shares of the electronics maker’s stock worth $517,000 after buying an additional 3,000 shares during the period. 57.64% of the stock is owned by hedge funds and other institutional investors.

Several brokerages have commented on DLB. Zacks Investment Research upgraded Dolby Laboratories from a “hold” rating to a “strong-buy” rating and set a $74.00 target price on the stock in a research note on Friday, May 3rd. B. Riley reiterated a “neutral” rating and set a $73.00 target price (up from $67.00) on shares of Dolby Laboratories in a research report on Friday, August 2nd. Finally, William Blair reissued a “buy” rating on shares of Dolby Laboratories in a report on Friday, August 2nd. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $78.00.

In related news, insider Kevin J. Yeaman sold 67,708 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $56.51, for a total transaction of $3,826,179.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Dagmar Dolby sold 93,113 shares of the stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $65.11, for a total transaction of $6,062,587.43. The disclosure for this sale can be found here. Insiders sold a total of 1,088,184 shares of company stock worth $70,539,443 over the last ninety days. 40.23% of the stock is currently owned by corporate insiders.

NYSE:DLB traded down $0.05 during trading hours on Wednesday, reaching $61.11. The company’s stock had a trading volume of 9,753 shares, compared to its average volume of 576,727. The stock has a 50 day moving average price of $62.46 and a two-hundred day moving average price of $63.62. The company has a market capitalization of $6.11 billion, a P/E ratio of 25.46, a price-to-earnings-growth ratio of 2.13 and a beta of 0.84. Dolby Laboratories, Inc. has a 12 month low of $56.09 and a 12 month high of $72.00.

Dolby Laboratories (NYSE:DLB) last released its earnings results on Thursday, August 1st. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.11). Dolby Laboratories had a net margin of 21.64% and a return on equity of 9.00%. The firm had revenue of $302.16 million during the quarter, compared to analyst estimates of $305.29 million. During the same period in the previous year, the company earned $0.18 earnings per share. Dolby Laboratories’s revenue was up 40.7% on a year-over-year basis. On average, analysts expect that Dolby Laboratories, Inc. will post 2.19 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 20th. Investors of record on Monday, August 12th were paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date was Friday, August 9th. Dolby Laboratories’s dividend payout ratio is presently 31.67%.

Dolby Laboratories 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.

Further Reading: Net Income

Institutional Ownership by Quarter for Dolby Laboratories (NYSE:DLB)

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