Allianz Asset Management GmbH Has $11.56 Million Stake in Dolby Laboratories (DLB)

Allianz Asset Management GmbH lessened its stake in Dolby Laboratories (NYSE:DLB) by 7.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 200,915 shares of the electronics maker’s stock after selling 16,722 shares during the quarter. Allianz Asset Management GmbH owned 0.20% of Dolby Laboratories worth $11,557,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Envestnet Asset Management Inc. raised its holdings in Dolby Laboratories by 11.1% in the 3rd quarter. Envestnet Asset Management Inc. now owns 22,440 shares of the electronics maker’s stock worth $1,292,000 after purchasing an additional 2,242 shares during the period. Convergence Investment Partners LLC acquired a new position in Dolby Laboratories in the 3rd quarter worth about $1,824,000. Stifel Financial Corp raised its holdings in Dolby Laboratories by 28.2% in the 3rd quarter. Stifel Financial Corp now owns 84,728 shares of the electronics maker’s stock worth $4,868,000 after purchasing an additional 18,626 shares during the period. Trigran Investments Inc. raised its holdings in Dolby Laboratories by 59.0% in the 3rd quarter. Trigran Investments Inc. now owns 178,621 shares of the electronics maker’s stock worth $10,274,000 after purchasing an additional 66,247 shares during the period. Finally, BB&T Securities LLC raised its holdings in Dolby Laboratories by 6.4% in the 3rd quarter. BB&T Securities LLC now owns 16,749 shares of the electronics maker’s stock worth $963,000 after purchasing an additional 1,003 shares during the period. 52.53% of the stock is owned by institutional investors and hedge funds.

In other Dolby Laboratories news, CMO Bob Borchers sold 50,000 shares of the stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $62.72, for a total transaction of $3,136,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Steven E. Forshay sold 9,355 shares of the stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $57.86, for a total value of $541,280.30. The disclosure for this sale can be found here. Insiders have sold 511,095 shares of company stock valued at $31,288,813 in the last three months. Insiders own 43.80% of the company’s stock.

A number of equities analysts recently weighed in on DLB shares. B. Riley reaffirmed a “buy” rating and issued a $65.50 price target on shares of Dolby Laboratories in a report on Thursday, October 26th. Dougherty & Co reaffirmed a “buy” rating and issued a $63.00 price target on shares of Dolby Laboratories in a report on Wednesday, September 13th. Zacks Investment Research cut Dolby Laboratories from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 31st. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $52.00 price target (up previously from $49.00) on shares of Dolby Laboratories in a report on Wednesday, September 13th. Finally, BidaskClub cut Dolby Laboratories from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 22nd. One equities 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 currently has an average rating of “Hold” and an average price target of $60.17.

Dolby Laboratories (NYSE DLB) opened at $62.32 on Friday. The firm has a market capitalization of $6,238.54, a PE ratio of 29.32, a P/E/G ratio of 2.26 and a beta of 0.86. Dolby Laboratories has a fifty-two week low of $44.98 and a fifty-two week high of $63.34.

Dolby Laboratories (NYSE:DLB) last announced its earnings results on Wednesday, October 25th. The electronics maker reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.18. Dolby Laboratories had a return on equity of 10.62% and a net margin of 18.66%. The business had revenue of $242.05 million during the quarter, compared to analysts’ expectations of $244.80 million. During the same quarter in the prior year, the firm earned $0.37 earnings per share. The business’s revenue was up 3.9% compared to the same quarter last year. research analysts predict that Dolby Laboratories will post 2.24 earnings per share for the current year.

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Dolby Laboratories 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.

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

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