Dolby Laboratories $DLB Stock Acquired by ProShare Advisors LLC

ProShare Advisors LLC raised its holdings in Dolby Laboratories (NYSE:DLB) by 33.8% in the third quarter, Holdings Channel reports. The firm owned 144,784 shares of the electronics maker’s stock after purchasing an additional 36,613 shares during the period. ProShare Advisors LLC’s holdings in Dolby Laboratories were worth $8,509,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in DLB. Bank of New York Mellon Corp bought a new stake in shares of Dolby Laboratories during the 2nd quarter worth $253,289,000. First Trust Advisors LP grew its position in Dolby Laboratories by 19.9% during the first quarter. First Trust Advisors LP now owns 2,254,933 shares of the electronics maker’s stock valued at $135,431,000 after buying an additional 374,405 shares during the period. Arrowstreet Capital Limited Partnership grew its position in Dolby Laboratories by 507.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 124,509 shares of the electronics maker’s stock valued at $7,478,000 after buying an additional 104,014 shares during the period. Dimensional Fund Advisors LP grew its position in Dolby Laboratories by 6.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,321,407 shares of the electronics maker’s stock valued at $79,357,000 after buying an additional 83,835 shares during the period. Finally, Sei Investments Co. increased its holdings in Dolby Laboratories by 26.4% during the first quarter. Sei Investments Co. now owns 308,307 shares of the electronics maker’s stock worth $18,516,000 after buying an additional 64,306 shares during the last quarter. 58.56% of the stock is owned by hedge funds and other institutional investors.

Dolby Laboratories Stock Up 2.6%

Shares of DLB opened at $64.95 on Thursday. The business’s 50-day moving average price is $60.66 and its 200-day moving average price is $59.34. Dolby Laboratories has a twelve month low of $48.26 and a twelve month high of $69.95. The stock has a market cap of $6.08 billion, a PE ratio of 27.64 and a beta of 0.79.

Dolby Laboratories declared that its board has authorized a stock repurchase program on Thursday, July 30th that permits the company to buy back $350 million in outstanding shares. This repurchase authorization permits the electronics maker to buy up to 7% of its shares through open market purchases. Share repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other Dolby Laboratories news, SVP Shriram Revankar sold 3,000 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $62.71, for a total value of $188,130.00. Following the sale, the senior vice president directly owned 73,274 shares in the company, valued at $4,595,012.54. This represents a 3.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Ryan Nicholson sold 1,348 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $62.04, for a total transaction of $83,629.92. Following the completion of the transaction, the chief accounting officer directly owned 35,636 shares of the company’s stock, valued at approximately $2,210,857.44. The trade was a 3.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 20,865 shares of company stock worth $1,267,723. 37.93% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on DLB shares. Wall Street Zen lowered shares of Dolby Laboratories from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Weiss Ratings upgraded shares of Dolby Laboratories from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, September 9th. Zacks Research downgraded shares of Dolby Laboratories from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 15th. Finally, Rosenblatt Securities restated a “buy” rating and set a $85.00 price target on shares of Dolby Laboratories in a research note on Friday, August 28th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $87.50.

About Dolby Laboratories

Dolby Laboratories, Inc develops audio and imaging technologies used to enhance entertainment and communications experiences. The company’s technologies are incorporated into cinema, television, broadcast, streaming, mobile, personal computer, automotive and gaming products and services.

Its principal offerings include Dolby Atmos, an object-based audio technology designed to create immersive sound, and Dolby Vision, a high-dynamic-range imaging technology intended to improve picture quality.