Dark Forest Capital Management LP Buys 2,205 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Dark Forest Capital Management LP increased its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 92.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 4,595 shares of the electronics maker’s stock after purchasing an additional 2,205 shares during the quarter. Dark Forest Capital Management LP’s holdings in Dolby Laboratories were worth $364,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of DLB. Lord Abbett & CO. LLC boosted its stake in Dolby Laboratories by 9.8% during the first quarter. Lord Abbett & CO. LLC now owns 266,672 shares of the electronics maker’s stock worth $22,339,000 after buying an additional 23,804 shares during the period. Illinois Municipal Retirement Fund grew its holdings in Dolby Laboratories by 47.9% during the 1st quarter. Illinois Municipal Retirement Fund now owns 31,518 shares of the electronics maker’s stock valued at $2,640,000 after purchasing an additional 10,202 shares during the last quarter. Vanguard Group Inc. grew its holdings in Dolby Laboratories by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock valued at $544,711,000 after purchasing an additional 107,713 shares during the last quarter. Boston Trust Walden Corp lifted its stake in Dolby Laboratories by 3.1% in 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 last quarter. Finally, Panagora Asset Management Inc. bought a new stake in Dolby Laboratories in the second quarter worth about $3,348,000. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Dolby Laboratories Price Performance

Shares of DLB stock opened at $75.61 on Friday. The company has a market capitalization of $7.25 billion, a P/E ratio of 38.58 and a beta of 0.97. The company’s 50-day simple moving average is $72.80 and its two-hundred day simple moving average is $77.99. 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 earnings per share (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 company had revenue of $288.82 million for the quarter, compared to analysts’ expectations of $286.26 million. On average, research analysts expect that Dolby Laboratories, Inc. will post 2.72 EPS for the current fiscal year.

Dolby Laboratories announced that its board has approved a stock repurchase plan on Wednesday, August 7th that allows the company to repurchase $350.00 million in shares. This repurchase authorization allows the electronics maker to buy up to 5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

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 issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend was Monday, August 19th. Dolby Laboratories’s payout ratio is 61.22%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $98.00 target price on shares of Dolby Laboratories in a research note on Friday, June 7th. Barrington Research reiterated an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a research report on Friday, September 20th.

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.