HighTower Advisors LLC acquired a new position in shares of Dolby Laboratories (NYSE:DLB) during the third quarter, Holdings Channel reports. The institutional investor acquired 9,183 shares of the company’s stock, valued at approximately $503,000.
A number of other large investors also recently added to or reduced their stakes in the stock. Jackson Grant Investment Advisers Inc. bought a new stake in Dolby Laboratories during the second quarter worth approximately $165,000. Walleye Trading LLC increased its stake in Dolby Laboratories by 155.8% in the second quarter. Walleye Trading LLC now owns 2,122 shares of the company’s stock worth $102,000 after buying an additional 5,922 shares in the last quarter. Whittier Trust Co. bought a new stake in Dolby Laboratories during the third quarter worth approximately $163,000. US Bancorp DE increased its stake in Dolby Laboratories by 5.7% in the third quarter. US Bancorp DE now owns 3,316 shares of the company’s stock worth $180,000 after buying an additional 178 shares in the last quarter. Finally, Advisor Group Inc. increased its stake in Dolby Laboratories by 8.0% in the third quarter. Advisor Group Inc. now owns 3,798 shares of the company’s stock worth $207,000 after buying an additional 280 shares in the last quarter. Institutional investors and hedge funds own 51.69% of the company’s stock.
Dolby Laboratories (NYSE:DLB) traded up 0.12% on Friday, hitting $48.78. The stock had a trading volume of 397,684 shares. Dolby Laboratories has a 52 week low of $37.35 and a 52 week high of $55.02. The company has a 50-day moving average price of $47.87 and a 200-day moving average price of $49.01. The stock has a market capitalization of $5.00 billion, a price-to-earnings ratio of 24.16 and a beta of 0.54.
Dolby Laboratories (NYSE:DLB) last announced its earnings results on Wednesday, January 25th. The company reported $0.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.29. The business earned $266.30 million during the quarter, compared to analyst estimates of $255.12 million. Dolby Laboratories had a return on equity of 10.87% and a net margin of 19.82%. Dolby Laboratories’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the company earned $0.48 EPS. Equities research analysts anticipate that Dolby Laboratories will post $1.93 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 15th. Investors of record on Monday, February 6th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.15%. The ex-dividend date of this dividend is Thursday, February 2nd. Dolby Laboratories’s dividend payout ratio is currently 27.72%.
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A number of research firms recently commented on DLB. B. Riley reiterated a “neutral” rating and issued a $49.00 price objective on shares of Dolby Laboratories in a report on Monday, January 23rd. Zacks Investment Research upgraded Dolby Laboratories from a “sell” rating to a “hold” rating in a report on Tuesday, December 27th. Piper Jaffray Companies reiterated a “hold” rating and issued a $46.00 price objective on shares of Dolby Laboratories in a report on Friday, January 20th. Finally, Barrington Research raised Dolby Laboratories from a “market perform” rating to an “outperform” rating in a research note on Thursday, October 27th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $51.80.
In other news, EVP Mark Andrew Sherman sold 3,353 shares of Dolby Laboratories stock in a transaction dated Monday, December 19th. The stock was sold at an average price of $45.79, for a total value of $153,533.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Lewis Chew sold 15,000 shares of Dolby Laboratories stock in a transaction dated Monday, November 21st. The stock was sold at an average price of $46.85, for a total value of $702,750.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 47,810 shares of company stock valued at $2,245,687. 43.80% of the stock is owned by corporate insiders.
About Dolby Laboratories
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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