Millennium Management LLC Raises Position in Dolby Laboratories, Inc. (NYSE:DLB)

Millennium Management LLC lifted its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 78.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 293,775 shares of the electronics maker’s stock after purchasing an additional 129,463 shares during the period. Millennium Management LLC owned 0.31% of Dolby Laboratories worth $22,944,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Barclays PLC grew its stake in Dolby Laboratories by 80.5% in the 3rd quarter. Barclays PLC now owns 33,230 shares of the electronics maker’s stock valued at $2,544,000 after buying an additional 14,825 shares in the last quarter. Mitchell & Pahl Private Wealth LLC grew its stake in Dolby Laboratories by 5.3% in the 4th quarter. Mitchell & Pahl Private Wealth LLC now owns 14,771 shares of the electronics maker’s stock valued at $1,154,000 after buying an additional 745 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Dolby Laboratories by 436.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 370 shares of the electronics maker’s stock valued at $29,000 after buying an additional 301 shares in the last quarter. SG Americas Securities LLC purchased a new position in Dolby Laboratories in the 4th quarter valued at approximately $3,543,000. Finally, Fifth Third Bancorp boosted its holdings in Dolby Laboratories by 82.7% in the 4th quarter. Fifth Third Bancorp now owns 360 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 163 shares during the period. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Dolby Laboratories Stock Performance

NYSE DLB opened at $76.81 on Wednesday. Dolby Laboratories, Inc. has a 52-week low of $66.35 and a 52-week high of $89.66. The company has a market capitalization of $7.33 billion, a P/E ratio of 28.24 and a beta of 0.95. The company has a fifty day moving average of $76.42 and a 200-day moving average of $78.56.

Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings data on Thursday, May 1st. The electronics maker reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.05. Dolby Laboratories had a net margin of 19.97% and a return on equity of 11.32%. The company had revenue of $369.56 million during the quarter, compared to the consensus estimate of $375.44 million. During the same period in the previous year, the firm posted $1.27 EPS. The firm’s revenue was up 1.4% compared to the same quarter last year. As a group, analysts forecast that Dolby Laboratories, Inc. will post 2.94 EPS for the current fiscal year.

Dolby Laboratories Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 21st. Shareholders of record on Tuesday, May 13th will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.72%. The ex-dividend date is Tuesday, May 13th. Dolby Laboratories’s dividend payout ratio is presently 49.81%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on DLB shares. Rosenblatt Securities cut their price target on shares of Dolby Laboratories from $100.00 to $95.00 and set a “buy” rating for the company in a report on Friday, May 2nd. Barrington Research reissued an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories in a report on Friday, May 2nd. Tigress Financial started coverage on shares of Dolby Laboratories in a report on Thursday, May 15th. They issued a “buy” rating and a $112.00 price target for the company. Finally, StockNews.com downgraded shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a report on Friday, January 31st.

Insiders Place Their Bets

In other Dolby Laboratories news, SVP John D. Couling sold 675 shares of the business’s stock in a transaction on Monday, May 5th. The shares were sold at an average price of $75.04, for a total value of $50,652.00. Following the completion of the sale, the senior vice president now directly owns 121,151 shares of the company’s stock, valued at $9,091,171.04. The trade was a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 38.39% of the stock is currently owned by insiders.

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.