B. Riley Wealth Advisors Inc. Sells 1,786 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

B. Riley Wealth Advisors Inc. lowered its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 33.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,577 shares of the electronics maker’s stock after selling 1,786 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Dolby Laboratories were worth $283,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Lord Abbett & CO. LLC grew its holdings in Dolby Laboratories by 9.8% in the 1st quarter. Lord Abbett & CO. LLC now owns 266,672 shares of the electronics maker’s stock valued at $22,339,000 after buying an additional 23,804 shares in the last quarter. Illinois Municipal Retirement Fund increased its position in Dolby Laboratories by 47.9% during the first quarter. Illinois Municipal Retirement Fund now owns 31,518 shares of the electronics maker’s stock worth $2,640,000 after acquiring an additional 10,202 shares during the period. Vanguard Group Inc. raised 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 purchasing an additional 107,713 shares in the last quarter. Boston Trust Walden Corp raised its stake 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 worth $29,853,000 after purchasing an additional 11,177 shares in the last quarter. Finally, Panagora Asset Management Inc. bought a new stake in Dolby Laboratories in the 2nd quarter valued at about $3,348,000. 58.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Barrington Research reaffirmed an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a report on Friday, September 20th.

Dolby Laboratories Stock Performance

DLB opened at $74.15 on Wednesday. The firm has a market cap of $7.11 billion, a P/E ratio of 37.83 and a beta of 0.97. The business’s fifty day moving average is $72.39 and its 200-day moving average is $77.54. Dolby Laboratories, Inc. has a 52-week low of $66.35 and a 52-week high of $90.06.

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

Dolby Laboratories Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.62%. The ex-dividend date was Monday, August 19th. Dolby Laboratories’s payout ratio is presently 61.22%.

Dolby Laboratories declared that its board has approved a share repurchase program on Wednesday, August 7th that allows the company to buyback $350.00 million in shares. This buyback authorization allows the electronics maker to buy up to 5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

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.