Hussman Strategic Advisors Inc. lowered its position in shares of Dolby Laboratories (NYSE:DLB) by 66.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,000 shares of the electronics maker’s stock after selling 50,000 shares during the quarter. Hussman Strategic Advisors Inc.’s holdings in Dolby Laboratories were worth $1,438,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Schwab Charles Investment Management Inc. raised its holdings in shares of Dolby Laboratories by 4.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 310,210 shares of the electronics maker’s stock valued at $15,188,000 after acquiring an additional 12,045 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Dolby Laboratories by 11.7% during the second quarter. Principal Financial Group Inc. now owns 32,427 shares of the electronics maker’s stock valued at $1,588,000 after acquiring an additional 3,396 shares during the last quarter. UBS Asset Management Americas Inc. raised its holdings in shares of Dolby Laboratories by 3.8% during the second quarter. UBS Asset Management Americas Inc. now owns 154,119 shares of the electronics maker’s stock valued at $7,546,000 after acquiring an additional 5,696 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Dolby Laboratories by 2.2% during the second quarter. Vanguard Group Inc. now owns 4,725,496 shares of the electronics maker’s stock valued at $231,360,000 after acquiring an additional 103,702 shares during the last quarter. Finally, Skylands Capital LLC acquired a new position in shares of Dolby Laboratories during the second quarter valued at approximately $759,000. 51.83% of the stock is owned by institutional investors and hedge funds.
Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings data on Wednesday, October 25th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.18. Dolby Laboratories had a return on equity of 10.73% and a net margin of 18.66%. The firm had revenue of $242.05 million during the quarter, compared to the consensus estimate of $244.80 million. During the same period in the previous year, the firm posted $0.37 EPS. The company’s quarterly revenue was up 3.9% compared to the same quarter last year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Monday, November 6th will be given a dividend of $0.16 per share. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a dividend yield of 1.09%. The ex-dividend date is Friday, November 3rd. Dolby Laboratories’s payout ratio is currently 28.87%.
In related news, CEO Kevin J. Yeaman sold 10,000 shares of Dolby Laboratories stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $58.38, for a total transaction of $583,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Dagmar Dolby sold 50,000 shares of Dolby Laboratories stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $51.26, for a total value of $2,563,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,174,665 shares of company stock valued at $59,548,880 over the last 90 days. Insiders own 43.80% of the company’s stock.
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DLB has been the subject of a number of research analyst reports. B. Riley set a $66.00 target price on Dolby Laboratories and gave the company a “buy” rating in a report on Thursday, October 19th. Dougherty & Co reissued a “buy” rating and set a $63.00 target price on shares of Dolby Laboratories in a report on Wednesday, September 13th. Piper Jaffray Companies reissued a “hold” rating and set a $52.00 target price (up previously from $49.00) on shares of Dolby Laboratories in a report on Wednesday, September 13th. Finally, BidaskClub raised Dolby Laboratories from a “sell” rating to a “hold” rating in a report on Saturday, July 8th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. Dolby Laboratories has a consensus rating of “Hold” and a consensus price target of $60.17.
Dolby Laboratories Company Profile
Dolby Laboratories, Inc designs and manufactures audio and imaging products for the cinema, television, broadcast and entertainment industries. Its products for cinema include Digital Cinema Servers and Cinema Audio Products, and broadcast and other include Dolby Conference Phone and Other Products. It offers services to support theatrical and television production for cinema exhibition, broadcast and home entertainment, including equipment training and maintenance, mixing room alignment and equalization, as well as audio, color and light image calibration.
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