JPMorgan Chase & Co. Buys 139,900 Shares of Dolby Laboratories $DLB

JPMorgan Chase & Co. lifted its stake in Dolby Laboratories (NYSE:DLB) by 81.3% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 312,028 shares of the electronics maker’s stock after purchasing an additional 139,900 shares during the quarter. JPMorgan Chase & Co.’s holdings in Dolby Laboratories were worth $22,582,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. State Street Corp boosted its stake in Dolby Laboratories by 8.7% during the second quarter. State Street Corp now owns 2,261,059 shares of the electronics maker’s stock worth $167,906,000 after buying an additional 180,072 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Dolby Laboratories by 51.8% in the 2nd quarter. AQR Capital Management LLC now owns 1,736,260 shares of the electronics maker’s stock worth $128,935,000 after acquiring an additional 592,282 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Dolby Laboratories by 2.0% during the 2nd quarter. Geode Capital Management LLC now owns 1,556,571 shares of the electronics maker’s stock worth $116,159,000 after purchasing an additional 30,057 shares during the period. Frontier Capital Management Co. LLC grew its holdings in Dolby Laboratories by 2.3% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,237,667 shares of the electronics maker’s stock valued at $91,909,000 after purchasing an additional 28,243 shares during the last quarter. Finally, First Trust Advisors LP raised its position in Dolby Laboratories by 35.2% in the 2nd quarter. First Trust Advisors LP now owns 1,237,443 shares of the electronics maker’s stock worth $91,893,000 after purchasing an additional 322,063 shares during the period. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Insider Activity

In other news, CAO Ryan Nicholson sold 2,667 shares of Dolby Laboratories stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $66.38, for a total value of $177,035.46. Following the transaction, the chief accounting officer owned 36,956 shares of the company’s stock, valued at $2,453,139.28. The trade was a 6.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark Andrew Sherman sold 2,491 shares of the firm’s stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $67.26, for a total transaction of $167,544.66. Following the completion of the sale, the executive vice president owned 70,563 shares of the company’s stock, valued at approximately $4,746,067.38. This trade represents a 3.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 92,424 shares of company stock worth $6,196,501 over the last ninety days. 37.93% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Wall Street Zen lowered Dolby Laboratories from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Rosenblatt Securities reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Dolby Laboratories in a research report on Friday, January 30th. Barrington Research reduced their target price on Dolby Laboratories from $95.00 to $90.00 and set an “outperform” rating on the stock in a research note on Monday, January 26th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Dolby Laboratories in a research note on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Dolby Laboratories presently has a consensus rating of “Moderate Buy” and an average price target of $90.75.

Dolby Laboratories Price Performance

DLB stock opened at $66.56 on Monday. Dolby Laboratories has a 1-year low of $60.14 and a 1-year high of $84.15. The business has a 50-day moving average price of $64.32 and a 200 day moving average price of $67.50. The company has a market capitalization of $6.36 billion, a P/E ratio of 26.84 and a beta of 0.84.

Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings results on Thursday, January 29th. The electronics maker reported $1.06 EPS for the quarter, beating the consensus estimate of $0.99 by $0.07. The business had revenue of $346.71 million during the quarter, compared to analyst estimates of $341.26 million. Dolby Laboratories had a net margin of 17.97% and a return on equity of 11.50%. The company’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.14 EPS. On average, analysts anticipate that Dolby Laboratories will post 2.94 earnings per share for the current fiscal year.

Dolby Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 18th. Stockholders of record on Tuesday, February 10th were given a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Tuesday, February 10th. Dolby Laboratories’s payout ratio is presently 58.06%.

Dolby Laboratories Company Profile

Dolby Laboratories, Inc is a global leader in audio and imaging technologies, specializing in the development, licensing and deployment of solutions that enhance entertainment and communications experiences. The company’s core business revolves around creating advanced audio codecs, noise reduction systems and spatial sound technologies for a wide range of applications, including cinema, broadcast, gaming, streaming and personal devices. Dolby’s licensing model enables consumer electronics manufacturers, content creators and service providers to integrate its technologies into products such as televisions, smartphones, home theater systems and set-top boxes.

Among its flagship innovations are Dolby Atmos, an immersive audio format that delivers three-dimensional soundscapes for theaters and home systems; Dolby Digital and Dolby Digital Plus, widely adopted audio compression formats for broadcast and streaming; and Dolby Vision, a high-dynamic-range imaging technology that expands color, contrast and brightness in displays.