Point72 Hong Kong Ltd Invests $37,000 in Dolby Laboratories, Inc. (NYSE:DLB)

Point72 Hong Kong Ltd purchased a new stake in Dolby Laboratories, Inc. (NYSE:DLB) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 468 shares of the electronics maker’s stock, valued at approximately $37,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of DLB. Mather Group LLC. acquired a new stake in shares of Dolby Laboratories in the first quarter worth $33,000. Blue Trust Inc. boosted its position 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 in the 4th quarter valued at $37,000. GAMMA Investing LLC raised its position 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. Finally, Sunbelt Securities Inc. lifted its stake in shares of Dolby Laboratories by 1,631.0% during the first quarter. Sunbelt Securities Inc. now owns 502 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 473 shares in the last quarter. 58.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Barrington Research reiterated an “outperform” rating and issued 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 issued a $98.00 price objective on shares of Dolby Laboratories in a research report on Friday, June 7th.

Dolby Laboratories Price Performance

NYSE:DLB opened at $75.59 on Friday. The firm has a 50-day moving average of $72.80 and a two-hundred day moving average of $78.03. The stock has a market cap of $7.24 billion, a P/E ratio of 38.57 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 issued its quarterly 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 firm had revenue of $288.82 million during the quarter, compared to the consensus estimate of $286.26 million. As a group, equities analysts expect that Dolby Laboratories, Inc. will post 2.72 earnings per share for the current year.

Dolby Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were paid a $0.30 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.59%. Dolby Laboratories’s dividend payout ratio (DPR) is presently 61.22%.

Dolby Laboratories declared that its board has approved a share buyback plan 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 plans are often 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.