Van ECK Associates Corp increased its stake in Dolby Laboratories, Inc. (NYSE:DLB – Get Rating) by 9.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,867 shares of the electronics maker’s stock after acquiring an additional 168 shares during the period. Van ECK Associates Corp’s holdings in Dolby Laboratories were worth $122,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Venture Visionary Partners LLC bought a new position in shares of Dolby Laboratories in the second quarter valued at approximately $57,000. Trexquant Investment LP bought a new stake in Dolby Laboratories during the second quarter worth approximately $1,102,000. Truist Financial Corp boosted its holdings in Dolby Laboratories by 474.3% during the second quarter. Truist Financial Corp now owns 42,352 shares of the electronics maker’s stock worth $3,031,000 after buying an additional 34,977 shares in the last quarter. Mayflower Financial Advisors LLC bought a new stake in Dolby Laboratories during the third quarter worth approximately $276,000. Finally, Wells Fargo & Company MN boosted its holdings in Dolby Laboratories by 58.4% during the second quarter. Wells Fargo & Company MN now owns 1,077,995 shares of the electronics maker’s stock worth $77,142,000 after buying an additional 397,471 shares in the last quarter. 82.30% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on DLB shares. Barrington Research cut shares of Dolby Laboratories from an “outperform” rating to a “market perform” rating in a report on Friday, November 18th. Tigress Financial decreased their price objective on shares of Dolby Laboratories from $128.00 to $116.00 and set a “buy” rating for the company in a research note on Friday, October 14th. Rosenblatt Securities decreased their price objective on shares of Dolby Laboratories from $90.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, November 7th. Finally, StockNews.com lowered shares of Dolby Laboratories from a “buy” rating to a “hold” rating in a research note on Monday, November 21st. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $97.00.
Dolby Laboratories Stock Performance
Dolby Laboratories (NYSE:DLB – Get Rating) last released its earnings results on Thursday, November 17th. The electronics maker reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.14). Dolby Laboratories had a return on equity of 9.19% and a net margin of 14.68%. The company had revenue of $278.20 million during the quarter, compared to analysts’ expectations of $303.58 million. Equities analysts forecast that Dolby Laboratories, Inc. will post 2.39 earnings per share for the current fiscal year.
Dolby Laboratories Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, December 8th. Shareholders of record on Wednesday, November 30th were given a $0.27 dividend. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.25. The ex-dividend date was Tuesday, November 29th. This represents a $1.08 dividend on an annualized basis and a yield of 1.40%. Dolby Laboratories’s dividend payout ratio is presently 60.00%.
Insiders Place Their Bets
In other Dolby Laboratories news, EVP Mark Andrew Sherman sold 5,070 shares of the stock in a transaction that occurred on Monday, December 19th. The shares were sold at an average price of $69.84, for a total value of $354,088.80. Following the completion of the sale, the executive vice president now owns 60,425 shares in the company, valued at approximately $4,220,082. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 39.25% of the company’s stock.
Dolby Laboratories Profile
Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment and communications at the cinema, DTV transmissions and devices, mobile devices, OTT video and music services, and home entertainment devices. 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.
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