Alliancebernstein L.P. lifted its stake in Dolby Laboratories (NYSE:DLB) by 157.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 907,989 shares of the electronics maker’s stock after buying an additional 555,020 shares during the quarter. Alliancebernstein L.P. owned approximately 0.88% of Dolby Laboratories worth $44,455,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in DLB. BlackRock Inc. lifted its holdings in shares of Dolby Laboratories by 13,583.7% in the first quarter. BlackRock Inc. now owns 2,431,722 shares of the electronics maker’s stock worth $127,449,000 after buying an additional 2,413,951 shares in the last quarter. Clearbridge Investments LLC lifted its holdings in shares of Dolby Laboratories by 8.8% in the first quarter. Clearbridge Investments LLC now owns 6,181,361 shares of the electronics maker’s stock worth $323,965,000 after buying an additional 497,767 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Dolby Laboratories by 8.4% in the first quarter. Vanguard Group Inc. now owns 4,621,794 shares of the electronics maker’s stock worth $242,228,000 after buying an additional 359,509 shares in the last quarter. Marathon Asset Management LLP lifted its holdings in shares of Dolby Laboratories by 137.5% in the second quarter. Marathon Asset Management LLP now owns 566,381 shares of the electronics maker’s stock worth $27,729,000 after buying an additional 327,901 shares in the last quarter. Finally, Jane Street Group LLC purchased a new position in shares of Dolby Laboratories in the first quarter worth $13,887,000. 51.88% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have recently commented on DLB. BidaskClub downgraded shares of Dolby Laboratories from a “hold” rating to a “sell” rating in a report on Saturday, June 10th. B. Riley restated a “buy” rating and issued a $61.50 price target on shares of Dolby Laboratories in a research report on Thursday. Piper Jaffray Companies restated a “hold” rating and issued a $52.00 price target (up previously from $49.00) on shares of Dolby Laboratories in a research report on Wednesday. Zacks Investment Research upgraded shares of Dolby Laboratories from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Finally, Dougherty & Co restated a “buy” rating and issued a $63.00 price target on shares of Dolby Laboratories in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $57.30.
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Shares of Dolby Laboratories (DLB) opened at 58.29 on Friday. The company has a 50-day moving average of $51.12 and a 200 day moving average of $51.12. Dolby Laboratories has a 12 month low of $44.99 and a 12 month high of $59.79. The company has a market cap of $5.98 billion, a PE ratio of 29.82 and a beta of 0.81.
Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings data on Tuesday, July 25th. The electronics maker reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.10. The company had revenue of $305.67 million for the quarter, compared to analyst estimates of $296.88 million. Dolby Laboratories had a return on equity of 10.25% and a net margin of 19.02%. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.62 EPS. On average, analysts anticipate that Dolby Laboratories will post $1.99 earnings per share for the current year.
In other Dolby Laboratories news, EVP Mark Andrew Sherman sold 14,000 shares of the firm’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $56.25, for a total value of $787,500.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Dagmar Dolby sold 100,000 shares of the firm’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $52.22, for a total value of $5,222,000.00. The disclosure for this sale can be found here. Insiders sold a total of 1,419,000 shares of company stock worth $71,701,100 in the last 90 days. 43.80% of the stock is currently owned by insiders.
Dolby Laboratories Profile
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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