PNC Financial Services Group Inc. Has $1.18 Million Stake in Dolby Laboratories, Inc. (NYSE:DLB)

PNC Financial Services Group Inc. boosted its holdings in Dolby Laboratories, Inc. (NYSE:DLB) by 2.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,677 shares of the electronics maker’s stock after purchasing an additional 379 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Dolby Laboratories were worth $1,179,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Tower Research Capital LLC TRC raised its stake in Dolby Laboratories by 1.3% in the 3rd quarter. Tower Research Capital LLC TRC now owns 9,517 shares of the electronics maker’s stock worth $754,000 after purchasing an additional 118 shares in the last quarter. NEOS Investment Management LLC increased its holdings in Dolby Laboratories by 5.0% in the 4th quarter. NEOS Investment Management LLC now owns 2,709 shares of the electronics maker’s stock valued at $233,000 after buying an additional 129 shares during the period. Treasurer of the State of North Carolina increased its holdings in Dolby Laboratories by 0.5% in the 3rd quarter. Treasurer of the State of North Carolina now owns 26,817 shares of the electronics maker’s stock valued at $2,126,000 after buying an additional 133 shares during the period. Bleakley Financial Group LLC increased its holdings in Dolby Laboratories by 1.4% in the 4th quarter. Bleakley Financial Group LLC now owns 9,444 shares of the electronics maker’s stock valued at $814,000 after buying an additional 134 shares during the period. Finally, Whittier Trust Co. increased its holdings in Dolby Laboratories by 5.1% in the 4th quarter. Whittier Trust Co. now owns 3,223 shares of the electronics maker’s stock valued at $278,000 after buying an additional 156 shares during the period. Institutional investors and hedge funds own 58.56% of the company’s stock.

Dolby Laboratories Price Performance

DLB opened at $79.99 on Friday. Dolby Laboratories, Inc. has a fifty-two week low of $75.87 and a fifty-two week high of $91.01. The firm has a market capitalization of $7.67 billion, a price-to-earnings ratio of 40.81 and a beta of 0.99. The company’s 50 day moving average price is $80.13 and its two-hundred day moving average price is $82.35.

Dolby Laboratories (NYSE:DLB) last posted its earnings results on Thursday, May 2nd. The electronics maker reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.10. Dolby Laboratories had a net margin of 15.00% and a return on equity of 10.15%. The firm had revenue of $364.52 million for the quarter, compared to analyst estimates of $361.98 million. As a group, equities research analysts predict that Dolby Laboratories, Inc. will post 2.68 EPS for the current year.

Dolby Laboratories Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 22nd. Stockholders of record on Tuesday, May 14th were given a $0.30 dividend. The ex-dividend date was Monday, May 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.50%. Dolby Laboratories’s dividend payout ratio (DPR) is currently 61.22%.

Insider Transactions at Dolby Laboratories

In other news, EVP Mark Andrew Sherman sold 2,283 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $79.62, for a total value of $181,772.46. Following the transaction, the executive vice president now owns 58,325 shares in the company, valued at approximately $4,643,836.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 39.54% of the company’s stock.

Wall Street Analyst Weigh In

DLB has been the topic of several recent analyst reports. Barrington Research raised shares of Dolby Laboratories from a “market perform” rating to an “outperform” rating and set a $100.00 target price on the stock in a report on Monday, June 3rd. StockNews.com raised shares of Dolby Laboratories from a “hold” rating to a “buy” rating in a report on Saturday, May 11th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $98.00 price target on shares of Dolby Laboratories in a report on Friday, June 7th.

About Dolby Laboratories

Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment at the cinema, DTV transmissions and devices, mobile devices, OTT video and music services, home entertainment devices, and automobiles. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for a range of media applications; AVC, a digital video codec with high bandwidth efficiency used in various media devices; Dolby AC-4, a digital audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for cinema and various media devices.