California Public Employees Retirement System Reduces Stock Position in Dolby Laboratories, Inc. (NYSE:DLB)

California Public Employees Retirement System lowered its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 0.7% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 357,016 shares of the electronics maker’s stock after selling 2,574 shares during the period. California Public Employees Retirement System owned about 0.37% of Dolby Laboratories worth $30,768,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Ninety One UK Ltd lifted its position in shares of Dolby Laboratories by 29.0% in the 4th quarter. Ninety One UK Ltd now owns 2,572,346 shares of the electronics maker’s stock worth $221,685,000 after purchasing an additional 578,239 shares during the period. Morgan Stanley lifted its position in Dolby Laboratories by 11.9% during the 3rd quarter. Morgan Stanley now owns 4,902,295 shares of the electronics maker’s stock valued at $388,556,000 after acquiring an additional 523,250 shares during the period. Kayne Anderson Rudnick Investment Management LLC lifted its position in Dolby Laboratories by 4.8% during the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 5,246,122 shares of the electronics maker’s stock valued at $415,808,000 after acquiring an additional 239,578 shares during the period. Lord Abbett & CO. LLC purchased a new position in Dolby Laboratories during the 3rd quarter valued at about $18,702,000. Finally, Principal Financial Group Inc. lifted its position in Dolby Laboratories by 4,883.3% during the 3rd quarter. Principal Financial Group Inc. now owns 219,665 shares of the electronics maker’s stock valued at $17,411,000 after acquiring an additional 215,257 shares during the period. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Dolby Laboratories Stock Down 0.9 %

Shares of DLB stock opened at $79.20 on Friday. The company has a 50 day moving average price of $81.62 and a 200-day moving average price of $83.31. Dolby Laboratories, Inc. has a 52 week low of $75.87 and a 52 week high of $91.01. The firm has a market capitalization of $7.57 billion, a PE ratio of 41.04 and a beta of 0.97.

Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings results on Thursday, February 1st. The electronics maker reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.14. Dolby Laboratories had a net margin of 14.70% and a return on equity of 10.21%. The firm had revenue of $315.57 million during the quarter, compared to analyst estimates of $310.98 million. Analysts anticipate that Dolby Laboratories, Inc. will post 2.6 earnings per share for the current year.

Dolby Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 22nd. Investors of record on Tuesday, February 13th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date was Monday, February 12th. Dolby Laboratories’s payout ratio is 62.18%.

Insider Buying and Selling

In related news, SVP John D. Couling sold 33,560 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $80.81, for a total value of $2,711,983.60. Following the transaction, the senior vice president now owns 108,519 shares of the company’s stock, valued at $8,769,420.39. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 39.54% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on DLB. Rosenblatt Securities reissued a “buy” rating and set a $98.00 price target on shares of Dolby Laboratories in a research report on Wednesday, January 31st. StockNews.com upgraded shares of Dolby Laboratories from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd.

Dolby Laboratories Company Profile

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.