Algert Global LLC Takes Position in Dolby Laboratories, Inc. (NYSE:DLB)

Algert Global LLC purchased a new position in shares of Dolby Laboratories, Inc. (NYSE:DLB) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 32,122 shares of the electronics maker’s stock, valued at approximately $2,545,000.

Several other institutional investors also recently added to or reduced their stakes in DLB. Mather Group LLC. purchased a new position in shares of Dolby Laboratories during the first quarter worth approximately $33,000. Blue Trust Inc. boosted its stake in Dolby Laboratories by 398.8% during the 2nd quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 331 shares during the period. Quarry LP acquired a new stake in Dolby Laboratories during the 4th quarter worth $37,000. Point72 Hong Kong Ltd purchased a new position in Dolby Laboratories during the 2nd quarter worth $37,000. Finally, GAMMA Investing LLC increased its stake in Dolby Laboratories by 64.6% in the second quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker’s stock valued at $39,000 after purchasing an additional 192 shares during the period. Institutional investors and hedge funds own 58.56% of the company’s stock.

Analyst Upgrades and Downgrades

DLB has been the subject of several recent research reports. Barrington Research reiterated an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a research note on Friday, September 20th. Rosenblatt Securities reaffirmed a “buy” rating and set a $98.00 price objective on shares of Dolby Laboratories in a research report on Friday, June 7th.

Dolby Laboratories Stock Performance

DLB stock opened at $75.85 on Wednesday. The stock has a market capitalization of $7.27 billion, a PE ratio of 38.70 and a beta of 0.97. The company has a fifty day moving average of $72.67 and a 200-day moving average of $77.84. Dolby Laboratories, Inc. has a one year low of $66.35 and a one year high of $90.06.

Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings data on Wednesday, August 7th. The electronics maker reported $0.47 EPS for the quarter, beating 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. Equities analysts forecast that Dolby Laboratories, Inc. will post 2.72 earnings per share for the current fiscal year.

Dolby Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date was Monday, August 19th. Dolby Laboratories’s dividend payout ratio is presently 61.22%.

Dolby Laboratories announced that its Board of Directors has approved a stock repurchase 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 purchase up to 5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Dolby Laboratories Company Profile

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.