Allspring Global Investments Holdings LLC Cuts Stake in Dolby Laboratories (NYSE:DLB)

Allspring Global Investments Holdings LLC decreased its position in shares of Dolby Laboratories (NYSE:DLB) by 11.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 91,984 shares of the electronics maker’s stock after selling 12,436 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Dolby Laboratories were worth $7,417,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank purchased a new position in shares of Dolby Laboratories during the fourth quarter valued at approximately $55,356,000. Alyeska Investment Group L.P. purchased a new position in shares of Dolby Laboratories during the 4th quarter valued at about $27,314,000. Frontier Capital Management Co. LLC purchased a new position in Dolby Laboratories during the fourth quarter valued at approximately $24,323,000. Oberweis Asset Management Inc. purchased a new position in shares of Dolby Laboratories during the 4th quarter valued at $14,136,000. Finally, ExodusPoint Capital Management LP bought a new position in shares of Dolby Laboratories in the fourth quarter worth about $11,459,000. Institutional investors own 58.56% of the company’s stock.

Insider Transactions at Dolby Laboratories

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 25,000 shares of Dolby Laboratories stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $74.02, for a total transaction of $1,850,500.00. Following the completion of the sale, the chief executive officer owned 114,725 shares of the company’s stock, valued at approximately $8,491,944.50. The trade was a 17.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP John D. Couling sold 675 shares of the company’s stock in a transaction that occurred 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 owned 121,151 shares in the company, valued at approximately $9,091,171.04. This represents a 0.55% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 74,358 shares of company stock worth $5,593,770. Company insiders own 38.39% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on DLB. Barrington Research restated an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a research report on Friday, May 2nd. Tigress Financial initiated coverage on Dolby Laboratories in a research report on Thursday, May 15th. They set a “buy” rating and a $112.00 target price on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $95.00 price objective on shares of Dolby Laboratories in a research report on Friday, June 13th. Finally, Wall Street Zen upgraded Dolby Laboratories from a “hold” rating to a “buy” rating in a research report on Friday, May 30th.

Dolby Laboratories Stock Performance

Shares of DLB opened at $75.50 on Friday. The company has a 50 day moving average price of $75.18 and a 200-day moving average price of $77.95. The stock has a market capitalization of $7.25 billion, a PE ratio of 28.49 and a beta of 0.91. Dolby Laboratories has a fifty-two week low of $66.35 and a fifty-two week high of $89.66.

Dolby Laboratories (NYSE:DLB) last released its quarterly earnings results on Thursday, May 1st. The electronics maker reported $1.34 EPS for the quarter, beating the consensus estimate of $1.29 by $0.05. Dolby Laboratories had a net margin of 19.44% and a return on equity of 11.48%. The business had revenue of $369.56 million during the quarter, compared to analyst estimates of $375.44 million. During the same period in the prior year, the firm posted $1.27 earnings per share. The company’s quarterly revenue was up 1.4% on a year-over-year basis. Equities research analysts forecast that Dolby Laboratories will post 2.94 EPS for the current year.

Dolby Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Tuesday, May 13th were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend was Tuesday, May 13th. Dolby Laboratories’s dividend payout ratio (DPR) is presently 49.81%.

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.