Dolby Laboratories, Inc. (NYSE:DLB) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. trimmed its position in Dolby Laboratories, Inc. (NYSE:DLB) by 1.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,421 shares of the electronics maker’s stock after selling 290 shares during the period. Federated Hermes Inc.’s holdings in Dolby Laboratories were worth $2,093,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Lord Abbett & CO. LLC grew its position in shares of Dolby Laboratories by 9.8% in the first quarter. Lord Abbett & CO. LLC now owns 266,672 shares of the electronics maker’s stock valued at $22,339,000 after purchasing an additional 23,804 shares during the period. Illinois Municipal Retirement Fund boosted its stake in Dolby Laboratories by 47.9% in the 1st quarter. Illinois Municipal Retirement Fund now owns 31,518 shares of the electronics maker’s stock worth $2,640,000 after buying an additional 10,202 shares during the last quarter. Vanguard Group Inc. boosted its stake in Dolby Laboratories by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock worth $544,711,000 after buying an additional 107,713 shares during the last quarter. Boston Trust Walden Corp grew its holdings in Dolby Laboratories by 3.1% in the 2nd quarter. Boston Trust Walden Corp now owns 376,793 shares of the electronics maker’s stock valued at $29,853,000 after buying an additional 11,177 shares during the period. Finally, Panagora Asset Management Inc. acquired a new position in shares of Dolby Laboratories during the 2nd quarter valued at about $3,348,000. 58.56% of the stock is owned by institutional investors and hedge funds.

Dolby Laboratories Price Performance

Shares of NYSE:DLB opened at $73.32 on Friday. The business has a 50-day moving average of $73.48 and a two-hundred day moving average of $78.36. The firm has a market capitalization of $7.03 billion, a PE ratio of 37.41 and a beta of 0.97. Dolby Laboratories, Inc. has a 12 month low of $66.35 and a 12 month high of $90.06.

Dolby Laboratories (NYSE:DLB) last posted its earnings results on Wednesday, August 7th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.14. Dolby Laboratories had a net margin of 16.87% and a return on equity of 10.66%. The firm had revenue of $288.82 million during the quarter, compared to the consensus estimate of $286.26 million. As a group, research analysts anticipate that Dolby Laboratories, Inc. will post 2.72 earnings per share for the current year.

Dolby Laboratories declared that its Board of Directors has approved a share buyback program on Wednesday, August 7th that authorizes the company to buyback $350.00 million in outstanding shares. This buyback authorization authorizes the electronics maker to buy up to 5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Dolby Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were given a dividend of $0.30 per share. The ex-dividend date was Monday, August 19th. This represents a $1.20 dividend on an annualized basis and a yield of 1.64%. Dolby Laboratories’s dividend payout ratio (DPR) is 61.22%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Barrington Research reissued an “outperform” rating and issued a $100.00 target price on shares of Dolby Laboratories in a research report on Friday. Rosenblatt Securities reaffirmed a “buy” rating and set a $98.00 price target on shares of Dolby Laboratories in a research note 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.