Versor Investments LP Acquires Shares of 13,604 Dolby Laboratories $DLB

Versor Investments LP acquired a new stake in shares of Dolby Laboratories (NYSE:DLB) in the 3rd quarter, HoldingsChannel reports. The fund acquired 13,604 shares of the electronics maker’s stock, valued at approximately $985,000.

A number of other hedge funds also recently bought and sold shares of DLB. Norges Bank purchased a new position in shares of Dolby Laboratories during the second quarter valued at approximately $55,030,000. AQR Capital Management LLC boosted its stake in shares of Dolby Laboratories by 51.8% during the 2nd quarter. AQR Capital Management LLC now owns 1,736,260 shares of the electronics maker’s stock valued at $128,935,000 after purchasing an additional 592,282 shares in the last quarter. First Trust Advisors LP lifted its holdings in Dolby Laboratories by 35.2% in the second quarter. First Trust Advisors LP now owns 1,237,443 shares of the electronics maker’s stock worth $91,893,000 after buying an additional 322,063 shares during the period. Pacer Advisors Inc. grew its holdings in shares of Dolby Laboratories by 98.2% during the 3rd quarter. Pacer Advisors Inc. now owns 443,897 shares of the electronics maker’s stock worth $32,125,000 after acquiring an additional 219,901 shares during the period. Finally, State Street Corp lifted its stake in shares of Dolby Laboratories by 8.7% in the 2nd quarter. State Street Corp now owns 2,261,059 shares of the electronics maker’s stock valued at $167,906,000 after purchasing an additional 180,072 shares during the period. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Insider Activity at Dolby Laboratories

In related news, EVP Mark Andrew Sherman sold 2,491 shares of the company’s stock in a transaction on Wednesday, December 17th. The stock was 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 in the company, valued at approximately $4,746,067.38. This represents a 3.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Shriram Revankar sold 3,000 shares of the firm’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $65.55, for a total value of $196,650.00. Following the completion of the transaction, the senior vice president directly owned 67,435 shares in the company, valued at $4,420,364.25. The trade was a 4.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 137,120 shares of company stock worth $9,184,809. Company insiders own 37.93% of the company’s stock.

Analysts Set New Price Targets

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

Dolby Laboratories Trading Up 2.4%

Shares of DLB opened at $68.15 on Wednesday. The company has a market cap of $6.51 billion, a price-to-earnings ratio of 27.48 and a beta of 0.86. The business’s fifty day simple moving average is $64.76 and its two-hundred day simple moving average is $68.24. Dolby Laboratories has a 12 month low of $60.14 and a 12 month high of $85.21.

Dolby Laboratories (NYSE:DLB) last released its quarterly earnings data 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 company had revenue of $346.71 million for the quarter, compared to analysts’ expectations of $341.26 million. Dolby Laboratories had a return on equity of 11.50% and a net margin of 17.97%.Dolby Laboratories’s revenue was down 2.8% compared to the same quarter last year. During the same period last year, the firm posted $1.14 earnings per share. As a group, research analysts forecast that Dolby Laboratories will post 2.94 EPS for the current year.

Dolby Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 18th. Investors of record on Tuesday, February 10th will be issued a $0.36 dividend. The ex-dividend date is Tuesday, February 10th. This represents a $1.44 annualized dividend and a yield of 2.1%. Dolby Laboratories’s dividend payout ratio (DPR) is currently 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.