Clearbridge Investments LLC Trims Stock Position in Dolby Laboratories, Inc. (NYSE:DLB)

Clearbridge Investments LLC decreased its position in Dolby Laboratories, Inc. (NYSE:DLB) by 14.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,001,907 shares of the electronics maker’s stock after selling 336,397 shares during the period. Clearbridge Investments LLC owned 2.09% of Dolby Laboratories worth $158,611,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in DLB. Corient Private Wealth LLC grew its position in Dolby Laboratories by 4.2% in the fourth quarter. Corient Private Wealth LLC now owns 6,589 shares of the electronics maker’s stock worth $568,000 after acquiring an additional 268 shares during the period. Allianz Asset Management GmbH grew its holdings in shares of Dolby Laboratories by 3.2% during the 4th quarter. Allianz Asset Management GmbH now owns 90,042 shares of the electronics maker’s stock worth $7,760,000 after purchasing an additional 2,818 shares during the period. Treasurer of the State of North Carolina grew its holdings in shares of Dolby Laboratories by 0.9% during the 4th quarter. Treasurer of the State of North Carolina now owns 27,071 shares of the electronics maker’s stock worth $2,333,000 after purchasing an additional 254 shares during the period. NEOS Investment Management LLC increased its position in shares of Dolby Laboratories by 5.0% during the 4th quarter. NEOS Investment Management LLC now owns 2,709 shares of the electronics maker’s stock worth $233,000 after purchasing an additional 129 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in Dolby Laboratories by 86.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 17,727 shares of the electronics maker’s stock valued at $1,528,000 after buying an additional 8,210 shares during the period. Institutional investors and hedge funds own 58.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on DLB. Barrington Research reaffirmed an “outperform” rating and set 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 set a $98.00 price objective on shares of Dolby Laboratories in a research report on Friday, June 7th.

Dolby Laboratories Trading Down 0.9 %

DLB opened at $75.85 on Wednesday. The stock’s 50-day moving average price is $72.67 and its 200 day moving average price is $77.84. Dolby Laboratories, Inc. has a 12-month low of $66.35 and a 12-month high of $90.06. The firm has a market cap of $7.27 billion, a price-to-earnings ratio of 38.70 and a beta of 0.97.

Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings results 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 net margin of 16.87% and a return on equity of 10.66%. The business had revenue of $288.82 million for the quarter, compared to analysts’ expectations of $286.26 million. On average, research analysts forecast that Dolby Laboratories, Inc. will post 2.72 earnings per share for the current year.

Dolby Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders 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 annualized dividend and a dividend yield of 1.58%. Dolby Laboratories’s dividend payout ratio (DPR) is 61.22%.

Dolby Laboratories announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 7th that authorizes the company to repurchase $350.00 million in outstanding shares. This repurchase authorization authorizes the electronics maker to repurchase up to 5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Dolby Laboratories 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.