Castleark Management LLC grew its holdings in Dolby Laboratories, Inc. (NYSE:DLB) by 18.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 76,180 shares of the electronics maker’s stock after acquiring an additional 11,790 shares during the quarter. Castleark Management LLC owned 0.07% of Dolby Laboratories worth $4,723,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Elkfork Partners LLC acquired a new stake in Dolby Laboratories in the fourth quarter worth about $102,000. Captrust Financial Advisors acquired a new stake in Dolby Laboratories in the fourth quarter worth about $122,000. Cornerstone Capital Management Holdings LLC. acquired a new stake in Dolby Laboratories in the fourth quarter worth about $145,000. The Manufacturers Life Insurance Company boosted its holdings in Dolby Laboratories by 25.5% in the second quarter. The Manufacturers Life Insurance Company now owns 3,564 shares of the electronics maker’s stock worth $174,000 after acquiring an additional 725 shares in the last quarter. Finally, Meadow Creek Investment Management LLC acquired a new stake in Dolby Laboratories in the fourth quarter worth about $179,000. 53.28% of the stock is owned by institutional investors and hedge funds.
Shares of Dolby Laboratories stock opened at $67.79 on Monday. Dolby Laboratories, Inc. has a twelve month low of $48.00 and a twelve month high of $74.29. The company has a market capitalization of $7,017.89, a PE ratio of 28.73, a P/E/G ratio of 5.58 and a beta of 0.75.
Dolby Laboratories (NYSE:DLB) last released its earnings results on Wednesday, January 24th. The electronics maker reported $0.79 EPS for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.35. Dolby Laboratories had a return on equity of 12.02% and a net margin of 6.06%. The firm had revenue of $287.80 million during the quarter, compared to the consensus estimate of $265.75 million. During the same quarter in the previous year, the company posted $0.66 earnings per share. The company’s revenue was up 8.1% compared to the same quarter last year. research analysts predict that Dolby Laboratories, Inc. will post 1.01 earnings per share for the current fiscal year.
A number of equities research analysts recently commented on the company. B. Riley downgraded Dolby Laboratories to a “hold” rating and set a $63.00 target price for the company. in a report on Thursday, January 25th. Zacks Investment Research downgraded Dolby Laboratories from a “hold” rating to a “sell” rating in a report on Monday, January 29th. JPMorgan Chase & Co. lifted their target price on Dolby Laboratories from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, January 25th. Finally, ValuEngine raised Dolby Laboratories from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $62.00.
In related news, CFO Lewis Chew sold 17,000 shares of Dolby Laboratories stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $63.15, for a total transaction of $1,073,550.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kevin J. Yeaman sold 17,590 shares of Dolby Laboratories stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $62.45, for a total value of $1,098,495.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 521,004 shares of company stock valued at $32,674,088. 43.74% of the stock is owned by company insiders.
Dolby Laboratories Company 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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