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

Clearbridge Investments LLC cut its stake in Dolby Laboratories, Inc. (NYSE:DLB) by 2.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,818,043 shares of the electronics maker’s stock after selling 85,350 shares during the period. Clearbridge Investments LLC owned 2.94% of Dolby Laboratories worth $240,717,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. JPMorgan Chase & Co. raised its holdings in Dolby Laboratories by 31.4% in the first quarter. JPMorgan Chase & Co. now owns 126,310 shares of the electronics maker’s stock worth $9,880,000 after purchasing an additional 30,158 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Dolby Laboratories by 4.3% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 10,186 shares of the electronics maker’s stock valued at $797,000 after purchasing an additional 418 shares during the last quarter. Private Advisor Group LLC boosted its position in shares of Dolby Laboratories by 7.8% in the 1st quarter. Private Advisor Group LLC now owns 6,277 shares of the electronics maker’s stock worth $491,000 after purchasing an additional 456 shares in the last quarter. MetLife Investment Management LLC purchased a new stake in shares of Dolby Laboratories in the 1st quarter worth approximately $100,000. Finally, Great West Life Assurance Co. Can increased its position in Dolby Laboratories by 3.4% during the 1st quarter. Great West Life Assurance Co. Can now owns 4,954 shares of the electronics maker’s stock valued at $409,000 after buying an additional 164 shares in the last quarter. 56.37% of the stock is owned by institutional investors.

Dolby Laboratories Stock Up 0.7 %

Shares of NYSE DLB traded up $0.56 during trading on Friday, reaching $85.03. 267,537 shares of the company traded hands, compared to its average volume of 447,862. The firm has a 50 day simple moving average of $84.44 and a 200-day simple moving average of $83.70. Dolby Laboratories, Inc. has a 52-week low of $61.55 and a 52-week high of $91.01. The stock has a market capitalization of $8.13 billion, a PE ratio of 37.79 and a beta of 0.99.

Dolby Laboratories (NYSE:DLB) last posted its earnings results on Thursday, August 3rd. The electronics maker reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.03. The business had revenue of $298.37 million during the quarter, compared to the consensus estimate of $300.45 million. Dolby Laboratories had a net margin of 17.03% and a return on equity of 10.44%. As a group, research analysts predict that Dolby Laboratories, Inc. will post 2.46 EPS for the current year.

Dolby Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 22nd. Stockholders of record on Monday, August 14th were issued a $0.27 dividend. The ex-dividend date was Friday, August 11th. This represents a $1.08 annualized dividend and a dividend yield of 1.27%. Dolby Laboratories’s dividend payout ratio (DPR) is 48.00%.

Insider Activity at Dolby Laboratories

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 27,090 shares of Dolby Laboratories stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $84.83, for a total value of $2,298,044.70. Following the sale, the chief executive officer now owns 51,879 shares of the company’s stock, valued at approximately $4,400,895.57. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Mark Andrew Sherman sold 21,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $89.00, for a total value of $1,869,000.00. Following the completion of the sale, the executive vice president now directly owns 56,730 shares of the company’s stock, valued at approximately $5,048,970. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kevin J. Yeaman sold 27,090 shares of the business’s stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $84.83, for a total value of $2,298,044.70. Following the transaction, the chief executive officer now directly owns 51,879 shares in the company, valued at approximately $4,400,895.57. The disclosure for this sale can be found here. Over the last three months, insiders sold 93,240 shares of company stock valued at $8,191,355. Insiders own 39.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. StockNews.com cut Dolby Laboratories from a “buy” rating to a “hold” rating in a research note on Wednesday, August 16th. Rosenblatt Securities lifted their target price on shares of Dolby Laboratories from $93.00 to $98.00 and gave the stock a “buy” rating in a report on Friday, August 4th. Finally, TheStreet cut shares of Dolby Laboratories from a “b” rating to a “c+” rating in a report on Friday, August 4th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $107.00.

Dolby Laboratories Profile

Dolby Laboratories, Inc engages in the provision of audio and imaging technologies. It transforms entertainment and communications for content playback in movies, television, music, and gaming. Its products include Cinema Imaging Products, Cinema Audio Products, and other products such as 3-D kits, broadcast hardware and software, monitors, and solutions for hearing impaired consumers.