Brighton Jones LLC Takes $345,000 Position in Dolby Laboratories $DLB

Brighton Jones LLC purchased a new position in shares of Dolby Laboratories (NYSE:DLB) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,639 shares of the electronics maker’s stock, valued at approximately $345,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MAI Capital Management raised its position in shares of Dolby Laboratories by 87.1% in the first quarter. MAI Capital Management now owns 348 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 162 shares during the period. Cheviot Value Management LLC acquired a new position in Dolby Laboratories in the 1st quarter worth about $27,000. Caitong International Asset Management Co. Ltd purchased a new position in Dolby Laboratories during the first quarter worth approximately $29,000. Ameritas Advisory Services LLC acquired a new stake in Dolby Laboratories in the second quarter valued at approximately $48,000. Finally, UMB Bank n.a. increased its position in shares of Dolby Laboratories by 38.1% in the second quarter. UMB Bank n.a. now owns 964 shares of the electronics maker’s stock valued at $72,000 after buying an additional 266 shares in the last quarter. Institutional investors and hedge funds own 58.56% of the company’s stock.

Insider Activity

In related news, SVP Shriram Revankar sold 7,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $74.92, for a total value of $524,440.00. Following the completion of the sale, the senior vice president owned 70,435 shares of the company’s stock, valued at approximately $5,276,990.20. This represents a 9.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Kevin J. Yeaman sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $72.31, for a total transaction of $1,807,750.00. Following the sale, the chief executive officer owned 114,725 shares of the company’s stock, valued at approximately $8,295,764.75. The trade was a 17.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 82,000 shares of company stock worth $5,845,440. Corporate insiders own 38.39% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on DLB. Barrington Research reiterated an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a research report on Friday, September 12th. Rosenblatt Securities reissued a “buy” rating and set a $95.00 target price on shares of Dolby Laboratories in a research note on Friday, August 1st. Wall Street Zen raised shares of Dolby Laboratories from a “hold” rating to a “buy” rating in a research note on Saturday, August 30th. Tigress Financial boosted their price objective on Dolby Laboratories from $112.00 to $114.00 and gave the stock a “buy” rating in a research note on Friday, August 15th. Finally, Robert W. Baird started coverage on Dolby Laboratories in a research report on Friday, September 5th. They issued a “neutral” rating and a $74.00 target price on the stock. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Dolby Laboratories has a consensus rating of “Moderate Buy” and a consensus price target of $95.75.

Dolby Laboratories Price Performance

Shares of Dolby Laboratories stock opened at $65.60 on Friday. The stock’s 50 day simple moving average is $70.82 and its 200-day simple moving average is $73.32. The stock has a market cap of $6.29 billion, a P/E ratio of 24.03 and a beta of 0.92. Dolby Laboratories has a 1-year low of $64.50 and a 1-year high of $89.66.

Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings results on Thursday, July 31st. The electronics maker reported $0.78 EPS for the quarter, beating the consensus estimate of $0.72 by $0.06. The firm had revenue of $315.55 million during the quarter, compared to analysts’ expectations of $305.23 million. Dolby Laboratories had a return on equity of 11.52% and a net margin of 19.62%.The business’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.71 earnings per share. As a group, research analysts expect that Dolby Laboratories will post 2.94 EPS for the current fiscal year.

About Dolby Laboratories

Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment at the cinema, DTV transmissions and devices, mobile devices, OTT video and music services, home entertainment devices, and automobiles. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for a range of media applications; AVC, a digital video codec with high bandwidth efficiency used in various media devices; Dolby AC-4, a digital audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for cinema and various media devices.