Victory Capital Management Inc. boosted its position in shares of Dolby Laboratories (NYSE:DLB) by 21.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,488 shares of the electronics maker’s stock after purchasing an additional 7,447 shares during the period. Victory Capital Management Inc.’s holdings in Dolby Laboratories were worth $2,080,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Swiss National Bank boosted its position in Dolby Laboratories by 3.4% during the first quarter. Swiss National Bank now owns 94,000 shares of the electronics maker’s stock valued at $4,927,000 after purchasing an additional 3,100 shares during the last quarter. BB&T Securities LLC boosted its position in Dolby Laboratories by 71.9% during the first quarter. BB&T Securities LLC now owns 13,308 shares of the electronics maker’s stock valued at $697,000 after purchasing an additional 5,567 shares during the last quarter. Mackenzie Financial Corp boosted its position in Dolby Laboratories by 21.2% during the first quarter. Mackenzie Financial Corp now owns 167,750 shares of the electronics maker’s stock valued at $8,792,000 after purchasing an additional 29,300 shares during the last quarter. Karp Capital Management Corp acquired a new stake in Dolby Laboratories during the first quarter valued at $1,367,000. Finally, Skylands Capital LLC acquired a new stake in Dolby Laboratories during the second quarter valued at $759,000. 51.88% of the stock is owned by hedge funds and other institutional investors.
DLB has been the subject of a number of research reports. BidaskClub cut Dolby Laboratories from a “hold” rating to a “sell” rating in a research report on Saturday, June 10th. Zacks Investment Research cut Dolby Laboratories from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Finally, B. Riley raised Dolby Laboratories from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $57.00 to $61.50 in a research report on Monday, July 17th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Dolby Laboratories currently has an average rating of “Hold” and a consensus price target of $57.30.
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Shares of Dolby Laboratories (DLB) opened at 58.29 on Friday. The firm has a 50 day moving average price of $51.12 and a 200-day moving average price of $51.12. The firm has a market cap of $5.98 billion, a PE ratio of 29.82 and a beta of 0.81. Dolby Laboratories has a 12 month low of $44.99 and a 12 month high of $59.79.
Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings data on Tuesday, July 25th. The electronics maker reported $0.75 EPS for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.10. Dolby Laboratories had a net margin of 19.02% and a return on equity of 10.25%. The company had revenue of $305.67 million during the quarter, compared to the consensus estimate of $296.88 million. During the same period in the prior year, the business posted $0.62 EPS. The company’s quarterly revenue was up 10.1% on a year-over-year basis. On average, analysts predict that Dolby Laboratories will post $1.99 EPS for the current fiscal year.
In other news, major shareholder Dagmar Dolby sold 100,000 shares of the stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $52.22, for a total transaction of $5,222,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Kevin J. Yeaman sold 45,000 shares of the firm’s stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $56.46, for a total transaction of $2,540,700.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,419,000 shares of company stock valued at $71,701,100. Company 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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