Victory Capital Management Inc. Sells 10,924 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Victory Capital Management Inc. trimmed its position in Dolby Laboratories, Inc. (NYSE:DLB) by 46.9% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 12,377 shares of the electronics maker’s stock after selling 10,924 shares during the period. Victory Capital Management Inc.’s holdings in Dolby Laboratories were worth $981,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Mather Group LLC. purchased a new stake in Dolby Laboratories in the first quarter worth $33,000. Blue Trust Inc. increased its holdings 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 acquiring an additional 331 shares during the period. Quarry LP bought a new stake in Dolby Laboratories during the fourth quarter valued at $37,000. GAMMA Investing LLC boosted its position in shares of Dolby Laboratories by 64.6% during the 2nd quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker’s stock valued at $39,000 after acquiring an additional 192 shares during the last quarter. Finally, Sunbelt Securities Inc. lifted its position in Dolby Laboratories by 1,631.0% during the first quarter. Sunbelt Securities Inc. now owns 502 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 473 shares during the last quarter. 58.56% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on DLB shares. Rosenblatt Securities restated a “buy” rating and issued a $98.00 price objective on shares of Dolby Laboratories in a report on Friday, June 7th. Barrington Research reiterated an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a report on Friday.

Dolby Laboratories Stock Up 1.0 %

NYSE DLB opened at $73.32 on Friday. The stock’s 50 day moving average is $73.48 and its 200 day moving average is $78.36. The firm has a market capitalization of $7.03 billion, a PE ratio of 37.29 and a beta of 0.97. Dolby Laboratories, Inc. has a twelve month low of $66.35 and a twelve month 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, topping the consensus estimate of $0.33 by $0.14. Dolby Laboratories had a return on equity of 10.66% and a net margin of 16.87%. The business had revenue of $288.82 million for the quarter, compared to the consensus estimate of $286.26 million. On average, research analysts anticipate that Dolby Laboratories, Inc. will post 2.72 earnings per share for the current 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. The ex-dividend date was Monday, August 19th. This represents a $1.20 annualized dividend and a yield of 1.64%. Dolby Laboratories’s dividend payout ratio is 61.22%.

Dolby Laboratories declared that its board has authorized a stock repurchase plan on Wednesday, August 7th that authorizes the company to buyback $350.00 million in shares. This buyback authorization authorizes the electronics maker to repurchase up to 5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership 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.