Arizona State Retirement System Cuts Stock Holdings in Dolby Laboratories, Inc. (NYSE:DLB)

Arizona State Retirement System lowered its stake in shares of Dolby Laboratories, Inc. (NYSE:DLBGet Rating) by 1.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,575 shares of the electronics maker’s stock after selling 199 shares during the quarter. Arizona State Retirement System’s holdings in Dolby Laboratories were worth $1,673,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Marathon Asset Mgmt Ltd acquired a new position in shares of Dolby Laboratories during the third quarter worth $88,762,000. Ceredex Value Advisors LLC grew its stake in shares of Dolby Laboratories by 562.0% during the third quarter. Ceredex Value Advisors LLC now owns 984,773 shares of the electronics maker’s stock worth $86,660,000 after purchasing an additional 836,026 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new position in shares of Dolby Laboratories during the third quarter worth $33,334,000. Bank of New York Mellon Corp grew its stake in shares of Dolby Laboratories by 35.1% during the third quarter. Bank of New York Mellon Corp now owns 1,308,241 shares of the electronics maker’s stock worth $115,128,000 after purchasing an additional 339,994 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Dolby Laboratories during the fourth quarter worth $15,826,000. 56.84% of the stock is currently owned by institutional investors and hedge funds.

A number of equities analysts recently commented on the stock. Zacks Investment Research upgraded shares of Dolby Laboratories from a “sell” rating to a “hold” rating and set a $76.00 target price for the company in a research note on Monday, March 7th. StockNews.com downgraded shares of Dolby Laboratories from a “buy” rating to a “hold” rating in a research note on Friday, April 15th. Finally, TheStreet downgraded shares of Dolby Laboratories from a “b” rating to a “c+” rating in a research note on Monday, March 7th. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Dolby Laboratories has an average rating of “Buy” and an average price target of $95.00.

In related news, Director Avadis Tevanian sold 1,331 shares of the stock in a transaction dated Monday, February 7th. The shares were sold at an average price of $75.31, for a total transaction of $100,237.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Mark Andrew Sherman sold 1,798 shares of the stock in a transaction dated Wednesday, February 9th. The stock was sold at an average price of $77.23, for a total transaction of $138,859.54. The disclosure for this sale can be found here. 37.06% of the stock is currently owned by corporate insiders.

NYSE DLB opened at $77.29 on Friday. Dolby Laboratories, Inc. has a 1 year low of $69.18 and a 1 year high of $104.74. The company has a market capitalization of $7.87 billion, a PE ratio of 31.68, a P/E/G ratio of 2.09 and a beta of 1.06. The company has a fifty day moving average of $75.48 and a two-hundred day moving average of $84.06.

Dolby Laboratories (NYSE:DLBGet Rating) last announced its earnings results on Thursday, February 3rd. The electronics maker reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.05). Dolby Laboratories had a return on equity of 9.86% and a net margin of 20.52%. The business had revenue of $351.63 million for the quarter, compared to analyst estimates of $364.12 million. As a group, sell-side analysts anticipate that Dolby Laboratories, Inc. will post 2.86 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 23rd. Stockholders of record on Wednesday, February 16th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, February 15th. This represents a $1.00 annualized dividend and a dividend yield of 1.29%. Dolby Laboratories’s dividend payout ratio (DPR) is 40.98%.

Dolby Laboratories Company Profile (Get Rating)

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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