Timucuan Asset Management Inc. FL lifted its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 0.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,254,775 shares of the electronics maker’s stock after purchasing an additional 8,753 shares during the period. Dolby Laboratories comprises 5.5% of Timucuan Asset Management Inc. FL’s portfolio, making the stock its 8th largest position. Timucuan Asset Management Inc. FL owned 1.22% of Dolby Laboratories worth $77,595,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Penserra Capital Management LLC acquired a new stake in Dolby Laboratories in the fourth quarter valued at $27,000. Essex Savings Bank acquired a new stake in Dolby Laboratories in the fourth quarter valued at $28,000. Cutler Group LP acquired a new stake in Dolby Laboratories in the fourth quarter valued at $30,000. Enlightenment Research LLC acquired a new stake in Dolby Laboratories in the fourth quarter valued at $31,000. Finally, NumerixS Investment Technologies Inc acquired a new stake in Dolby Laboratories in the fourth quarter valued at $43,000. 55.78% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently issued reports on DLB. Barrington Research reaffirmed a “buy” rating and issued a $85.00 price target on shares of Dolby Laboratories in a report on Thursday, January 31st. Zacks Investment Research raised shares of Dolby Laboratories from a “hold” rating to a “buy” rating and set a $71.00 price target on the stock in a report on Thursday, January 24th. Finally, B. Riley set a $67.00 price target on shares of Dolby Laboratories and gave the company a “hold” rating in a report on Tuesday, December 4th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Dolby Laboratories has a consensus rating of “Buy” and a consensus price target of $75.75.
In other Dolby Laboratories news, insider Kevin J. Yeaman sold 100,000 shares of the stock in a transaction on Friday, February 8th. The shares were sold at an average price of $63.70, for a total transaction of $6,370,000.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Mark Andrew Sherman sold 4,726 shares of the stock in a transaction on Tuesday, December 18th. The stock was sold at an average price of $64.55, for a total transaction of $305,063.30. The disclosure for this sale can be found here. Insiders have sold 715,840 shares of company stock worth $46,364,650 over the last three months. 40.23% of the stock is owned by corporate insiders.
DLB traded up $0.44 during trading on Friday, hitting $64.89. The company had a trading volume of 1,555 shares, compared to its average volume of 498,193. The stock has a market capitalization of $6.62 billion, a PE ratio of 26.98, a P/E/G ratio of 2.22 and a beta of 0.87. Dolby Laboratories, Inc. has a 1-year low of $58.17 and a 1-year high of $72.04.
Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings results on Wednesday, January 30th. The electronics maker reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.40. The firm had revenue of $302.40 million for the quarter, compared to analysts’ expectations of $295.04 million. Dolby Laboratories had a net margin of 25.47% and a return on equity of 11.30%. The firm’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the company posted ($0.80) earnings per share. On average, sell-side analysts predict that Dolby Laboratories, Inc. will post 2.24 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, February 21st. Shareholders of record on Tuesday, February 12th were issued a dividend of $0.19 per share. The ex-dividend date of this dividend was Monday, February 11th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.17%. Dolby Laboratories’s dividend payout ratio (DPR) is 31.67%.
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Dolby Laboratories Profile
Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment and communications at the cinema, at home, at work, and on mobile devices. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for TVs, set-top boxes (STBs), personal computers (PCs), gaming consoles, mobile devices, and digital radio; AVC, a digital video codec with high bandwidth efficiency used in media devices; Dolby AC-4, an audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for home theaters, cinemas, device speakers, mobile devices, and headphones.
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