Oppenheimer Asset Management Inc. trimmed its position in Dolby Laboratories (NYSE:DLB) by 6.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,862 shares of the electronics maker’s stock after selling 707 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Dolby Laboratories were worth $532,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Watermark Asset Management Inc. acquired a new position in shares of Dolby Laboratories in the first quarter worth about $114,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Dolby Laboratories by 9.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,331 shares of the electronics maker’s stock worth $114,000 after buying an additional 209 shares during the period. US Bancorp DE boosted its holdings in shares of Dolby Laboratories by 4.8% in the first quarter. US Bancorp DE now owns 2,951 shares of the electronics maker’s stock worth $155,000 after buying an additional 135 shares during the period. Teacher Retirement System of Texas boosted its holdings in shares of Dolby Laboratories by 4.6% in the second quarter. Teacher Retirement System of Texas now owns 4,637 shares of the electronics maker’s stock worth $227,000 after buying an additional 205 shares during the period. Finally, Airain ltd acquired a new position in shares of Dolby Laboratories in the first quarter worth about $257,000. Institutional investors own 51.88% of the company’s stock.
Several research firms recently commented on DLB. B. Riley set a $62.00 price target on shares of Dolby Laboratories and gave the stock a “buy” rating in a report on Friday, August 18th. BidaskClub upgraded shares of Dolby Laboratories from a “sell” rating to a “hold” rating in a report on Saturday, July 8th. Zacks Investment Research cut shares of Dolby Laboratories from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Dougherty & Co restated a “buy” rating and set a $63.00 price target on shares of Dolby Laboratories in a report on Wednesday. Finally, Piper Jaffray Companies restated a “hold” rating and set a $52.00 price target (up from $49.00) on shares of Dolby Laboratories in a report on Wednesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $57.30.
In related news, major shareholder Dagmar Dolby sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $52.03, for a total value of $5,203,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Kevin J. Yeaman sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $51.79, for a total value of $517,900.00. The disclosure for this sale can be found here. Insiders sold a total of 1,360,000 shares of company stock valued at $68,372,900 over the last quarter. 43.80% of the stock is owned by insiders.
Dolby Laboratories (NYSE:DLB) opened at 58.18 on Friday. Dolby Laboratories has a 12 month low of $44.99 and a 12 month high of $59.79. The company has a market cap of $5.97 billion, a price-to-earnings ratio of 29.76 and a beta of 0.81. The company’s 50-day moving average is $50.98 and its 200 day moving average is $51.06.
Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings data on Tuesday, July 25th. The electronics maker reported $0.75 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.10. Dolby Laboratories had a return on equity of 10.25% and a net margin of 19.02%. The business had revenue of $305.67 million during the quarter, compared to analyst estimates of $296.88 million. During the same period in the previous year, the firm earned $0.62 EPS. Dolby Laboratories’s quarterly revenue was up 10.1% compared to the same quarter last year. Equities analysts forecast that Dolby Laboratories will post $1.99 earnings per share for the current fiscal year.
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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