New York State Common Retirement Fund Acquires 10,178 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

New York State Common Retirement Fund grew its holdings in Dolby Laboratories, Inc. (NYSE:DLBGet Rating) by 3.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 320,475 shares of the electronics maker’s stock after acquiring an additional 10,178 shares during the quarter. New York State Common Retirement Fund’s holdings in Dolby Laboratories were worth $25,068,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Covestor Ltd bought a new stake in Dolby Laboratories during the 4th quarter worth approximately $72,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Dolby Laboratories by 7.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,687 shares of the electronics maker’s stock valued at $679,000 after buying an additional 578 shares during the period. Hennion & Walsh Asset Management Inc. bought a new stake in shares of Dolby Laboratories during the first quarter worth $212,000. Laurel Wealth Advisors Inc. acquired a new stake in shares of Dolby Laboratories during the fourth quarter worth $1,431,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Dolby Laboratories by 3.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 598,130 shares of the electronics maker’s stock valued at $56,954,000 after acquiring an additional 20,609 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

Insider Activity at Dolby Laboratories

In other Dolby Laboratories news, CMO Todd Pendleton sold 45,800 shares of the company’s stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $75.39, for a total transaction of $3,452,862.00. Following the sale, the chief marketing officer now directly owns 37,788 shares of the company’s stock, valued at $2,848,837.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP John D. Couling sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 11th. The stock was sold at an average price of $72.61, for a total value of $36,305.00. Following the completion of the sale, the senior vice president now directly owns 80,172 shares of the company’s stock, valued at $5,821,288.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CMO Todd Pendleton sold 45,800 shares of the business’s stock in a transaction that occurred on Wednesday, May 18th. The stock was sold at an average price of $75.39, for a total value of $3,452,862.00. Following the transaction, the chief marketing officer now directly owns 37,788 shares in the company, valued at $2,848,837.32. The disclosure for this sale can be found here. 37.06% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on DLB. StockNews.com cut Dolby Laboratories from a “buy” rating to a “hold” rating in a report on Monday. Rosenblatt Securities started coverage on Dolby Laboratories in a report on Monday, May 23rd. They set a “buy” rating and a $90.00 price objective for the company. TheStreet cut Dolby Laboratories from a “b-” rating to a “c+” rating in a research note on Friday, July 1st. Finally, Barrington Research decreased their price target on shares of Dolby Laboratories from $115.00 to $90.00 in a research note on Thursday, May 12th. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Dolby Laboratories currently has an average rating of “Moderate Buy” and a consensus price target of $90.00.

Dolby Laboratories Price Performance

Shares of NYSE:DLB opened at $77.26 on Wednesday. The company’s 50-day moving average price is $74.48 and its two-hundred day moving average price is $76.37. Dolby Laboratories, Inc. has a one year low of $69.18 and a one year high of $104.25. The stock has a market capitalization of $7.79 billion, a PE ratio of 37.32, a price-to-earnings-growth ratio of 2.00 and a beta of 0.98.

Dolby Laboratories (NYSE:DLBGet Rating) last released its earnings results on Thursday, May 5th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.10. Dolby Laboratories had a return on equity of 9.72% and a net margin of 17.14%. The business had revenue of $334.37 million for the quarter, compared to analyst estimates of $332.51 million. During the same quarter in the prior year, the company posted $0.73 earnings per share. Dolby Laboratories’s revenue was up 4.6% on a year-over-year basis. On average, analysts anticipate that Dolby Laboratories, Inc. will post 2.43 earnings per share for the current fiscal year.

Dolby Laboratories Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 25th. Stockholders of record on Tuesday, May 17th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.29%. The ex-dividend date was Monday, May 16th. Dolby Laboratories’s payout ratio is presently 48.31%.

Dolby Laboratories Profile

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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, an digital audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for cinema and a range of media devices.

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Institutional Ownership by Quarter for Dolby Laboratories (NYSE:DLB)

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