Envestnet Asset Management Inc. Buys 2,005 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Envestnet Asset Management Inc. grew its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 0.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 438,157 shares of the electronics maker’s stock after purchasing an additional 2,005 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.46% of Dolby Laboratories worth $34,715,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in DLB. Lord Abbett & CO. LLC raised its holdings in Dolby Laboratories by 9.8% during 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 during the last quarter. Illinois Municipal Retirement Fund increased its position in shares of Dolby Laboratories by 47.9% in the first quarter. Illinois Municipal Retirement Fund now owns 31,518 shares of the electronics maker’s stock valued at $2,640,000 after acquiring an additional 10,202 shares during the period. Vanguard Group Inc. raised its stake in shares of Dolby Laboratories by 1.7% during the first quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock valued at $544,711,000 after acquiring an additional 107,713 shares during the last quarter. Boston Trust Walden Corp boosted its holdings in shares of Dolby Laboratories by 3.1% during the second 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 during the period. Finally, Panagora Asset Management Inc. bought a new stake in shares of Dolby Laboratories in the second quarter worth about $3,348,000. Institutional investors own 58.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $98.00 price target on shares of Dolby Laboratories in a research report on Friday, June 7th. Barrington Research reaffirmed an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories in a research note on Friday.

Dolby Laboratories Price Performance

DLB stock opened at $73.32 on Friday. The firm has a 50-day moving average of $73.48 and a 200 day moving average of $78.36. The company has a market cap of $7.03 billion, a P/E ratio of 37.41 and a beta of 0.97. Dolby Laboratories, Inc. has a 1 year low of $66.35 and a 1 year 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 analysts’ consensus estimates of $0.33 by $0.14. Dolby Laboratories had a return on equity of 10.66% and a net margin of 16.87%. The company had revenue of $288.82 million during the quarter, compared to analysts’ expectations of $286.26 million. On average, equities research analysts expect that Dolby Laboratories, Inc. will post 2.72 earnings per share for the current fiscal year.

Dolby Laboratories Announces Dividend

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

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