Thrivent Financial for Lutherans Has $2.49 Million Stock Holdings in Dolby Laboratories $DLB

Thrivent Financial for Lutherans lowered its holdings in shares of Dolby Laboratories (NYSE:DLB) by 49.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 34,355 shares of the electronics maker’s stock after selling 33,637 shares during the period. Thrivent Financial for Lutherans’ holdings in Dolby Laboratories were worth $2,486,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in DLB. Royal Bank of Canada boosted its holdings in shares of Dolby Laboratories by 3.5% during the 1st quarter. Royal Bank of Canada now owns 68,367 shares of the electronics maker’s stock worth $5,491,000 after buying an additional 2,298 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Dolby Laboratories by 218.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 249,574 shares of the electronics maker’s stock valued at $20,043,000 after acquiring an additional 171,288 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Dolby Laboratories by 5.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 238,216 shares of the electronics maker’s stock valued at $19,131,000 after acquiring an additional 12,598 shares during the period. Focus Partners Wealth bought a new position in Dolby Laboratories during the first quarter worth $390,000. Finally, Ameritas Advisory Services LLC acquired a new stake in Dolby Laboratories in the second quarter worth $48,000. 58.56% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Kevin J. Yeaman sold 36,699 shares of Dolby Laboratories stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $66.91, for a total transaction of $2,455,530.09. Following the transaction, the chief executive officer owned 114,725 shares of the company’s stock, valued at $7,676,249.75. The trade was a 24.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Andrew Sherman sold 9,109 shares of the company’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $66.73, for a total value of $607,843.57. Following the sale, the executive vice president owned 73,054 shares of the company’s stock, valued at $4,874,893.42. This trade represents a 11.09% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 137,120 shares of company stock worth $9,184,809 over the last three months. Company insiders own 37.93% of the company’s stock.

Analyst Upgrades and Downgrades

DLB has been the subject of several research analyst reports. Rosenblatt Securities reaffirmed a “buy” rating and issued a $85.00 price target on shares of Dolby Laboratories in a research note on Friday, January 30th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Dolby Laboratories in a research report on Monday, December 29th. Barrington Research dropped their price target 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, Wall Street Zen lowered Dolby Laboratories from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $90.75.

Dolby Laboratories Price Performance

Shares of NYSE DLB opened at $68.15 on Wednesday. The company has a 50-day moving average price of $64.76 and a 200-day moving average price of $68.24. The stock has a market capitalization of $6.51 billion, a P/E ratio of 27.48 and a beta of 0.86. Dolby Laboratories has a 1 year low of $60.14 and a 1 year high of $85.21.

Dolby Laboratories (NYSE:DLB) last posted its earnings results on Thursday, January 29th. The electronics maker reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.07. Dolby Laboratories had a net margin of 17.97% and a return on equity of 11.50%. The company had revenue of $346.71 million for the quarter, compared to analyst estimates of $341.26 million. During the same quarter in the prior year, the business posted $1.14 EPS. The firm’s revenue was down 2.8% compared to the same quarter last year. As a group, equities research 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 announced a quarterly dividend, which will be paid on Wednesday, February 18th. Stockholders of record on Tuesday, February 10th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Tuesday, February 10th. Dolby Laboratories’s dividend payout ratio (DPR) is currently 58.06%.

About Dolby Laboratories

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.