Dolby Laboratories (DLB) Stake Increased by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its stake in Dolby Laboratories (NYSE:DLB) by 22.7% during the first quarter, Holdings Channel reports. The fund owned 226,198 shares of the electronics maker’s stock after buying an additional 41,788 shares during the period. JPMorgan Chase & Co. owned about 0.22% of Dolby Laboratories worth $11,855,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of DLB. Numeric Investors LLC acquired a new stake in Dolby Laboratories during the fourth quarter valued at about $1,057,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new stake in Dolby Laboratories during the fourth quarter valued at about $3,949,000. AQR Capital Management LLC boosted its stake in Dolby Laboratories by 150.5% in the fourth quarter. AQR Capital Management LLC now owns 564,644 shares of the electronics maker’s stock valued at $25,516,000 after buying an additional 339,254 shares during the last quarter. Janus Capital Management LLC boosted its stake in Dolby Laboratories by 11.9% in the fourth quarter. Janus Capital Management LLC now owns 71,400 shares of the electronics maker’s stock valued at $3,227,000 after buying an additional 7,600 shares during the last quarter. Finally, First Republic Investment Management Inc. boosted its stake in Dolby Laboratories by 8.0% in the fourth quarter. First Republic Investment Management Inc. now owns 8,790 shares of the electronics maker’s stock valued at $397,000 after buying an additional 652 shares during the last quarter. 50.65% of the stock is currently owned by institutional investors.

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

Shares of Dolby Laboratories (NYSE:DLB) opened at 50.02 on Friday. Dolby Laboratories has a 1-year low of $44.99 and a 1-year high of $55.02. The company has a 50 day moving average price of $50.85 and a 200 day moving average price of $49.70. The company has a market capitalization of $5.13 billion, a PE ratio of 27.17 and a beta of 0.73.

Dolby Laboratories (NYSE:DLB) last issued its earnings results on Wednesday, April 26th. The electronics maker reported $0.47 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.47. The business had revenue of $267.50 million for the quarter, compared to the consensus estimate of $273.84 million. Dolby Laboratories had a net margin of 18.34% and a return on equity of 9.91%. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.82 EPS. Equities analysts predict that Dolby Laboratories will post $1.97 EPS for the current fiscal year.

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Several analysts recently issued reports on the company. Zacks Investment Research raised Dolby Laboratories from a “hold” rating to a “buy” rating and set a $59.00 target price on the stock in a research note on Friday, April 28th. B. Riley reissued a “neutral” rating and issued a $57.00 target price on shares of Dolby Laboratories in a research note on Sunday, April 30th. Finally, BidaskClub cut Dolby Laboratories from a “hold” rating to a “sell” rating in a research note on Saturday, June 10th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $54.00.

In other Dolby Laboratories news, CFO Lewis Chew sold 14,300 shares of the company’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $50.34, for a total value of $719,862.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Kevin J. Yeaman sold 10,000 shares of the company’s stock in a transaction dated Wednesday, March 29th. The stock was sold at an average price of $52.51, for a total transaction of $525,100.00. The disclosure for this sale can be found here. Insiders sold a total of 42,300 shares of company stock worth $2,176,762 over the last 90 days. Insiders own 43.80% of the company’s stock.

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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