Comerica Bank Acquires 26,819 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Comerica Bank grew its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 87.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 57,634 shares of the electronics maker's stock after buying an additional 26,819 shares during the period. Comerica Bank owned 0.06% of Dolby Laboratories worth $4,501,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Dolby Laboratories by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 7,033,612 shares of the electronics maker's stock valued at $549,325,000 after buying an additional 68,771 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Dolby Laboratories by 64.2% in the 4th quarter. Bank of New York Mellon Corp now owns 4,826,477 shares of the electronics maker's stock worth $376,948,000 after purchasing an additional 1,887,518 shares in the last quarter. Boston Trust Walden Corp lifted its holdings in Dolby Laboratories by 0.9% in the 4th quarter. Boston Trust Walden Corp now owns 1,084,700 shares of the electronics maker's stock worth $84,715,000 after purchasing an additional 9,624 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Dolby Laboratories by 3.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 901,707 shares of the electronics maker's stock worth $70,424,000 after purchasing an additional 31,164 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in Dolby Laboratories by 0.9% in the 4th quarter. First Trust Advisors LP now owns 794,772 shares of the electronics maker's stock worth $62,072,000 after purchasing an additional 7,265 shares in the last quarter. 58.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

DLB has been the topic of a number of research analyst reports. StockNews.com cut Dolby Laboratories from a "strong-buy" rating to a "buy" rating in a report on Friday, January 31st. Barrington Research reissued an "outperform" rating and issued a $100.00 price target on shares of Dolby Laboratories in a report on Friday, May 2nd. Finally, Rosenblatt Securities lowered their price target on Dolby Laboratories from $100.00 to $95.00 and set a "buy" rating on the stock in a report on Friday, May 2nd.

Dolby Laboratories Stock Performance

Shares of DLB traded up $0.31 during mid-day trading on Friday, hitting $75.29. 278,880 shares of the stock were exchanged, compared to its average volume of 454,071. The company has a market cap of $7.19 billion, a PE ratio of 27.68 and a beta of 0.95. Dolby Laboratories, Inc. has a 52-week low of $66.35 and a 52-week high of $89.66. The firm has a 50-day moving average of $77.07 and a two-hundred day moving average of $78.41.

Dolby Laboratories (NYSE:DLB - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The electronics maker reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.05. The business had revenue of $369.56 million for the quarter, compared to analysts' expectations of $375.44 million. Dolby Laboratories had a return on equity of 11.32% and a net margin of 19.97%. The company's revenue for the quarter was up 1.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.27 EPS. On average, sell-side analysts predict that Dolby Laboratories, Inc. will post 2.94 EPS for the current year.

Dolby Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 21st. Stockholders of record on Tuesday, May 13th will be issued a dividend of $0.33 per share. The ex-dividend date is Tuesday, May 13th. This represents a $1.32 annualized dividend and a dividend yield of 1.75%. Dolby Laboratories's dividend payout ratio (DPR) is 49.81%.

Insider Transactions at Dolby Laboratories

In other news, CMO Todd Pendleton sold 18,121 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $83.75, for a total transaction of $1,517,633.75. Following the transaction, the chief marketing officer now owns 37,290 shares of the company's stock, valued at approximately $3,123,037.50. The trade was a 32.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP John D. Couling sold 675 shares of the business's stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $75.04, for a total value of $50,652.00. Following the transaction, the senior vice president now directly owns 121,151 shares in the company, valued at approximately $9,091,171.04. This represents a 0.55% decrease in their position. The disclosure for this sale can be found here. Insiders own 38.39% of the company's stock.

Dolby Laboratories 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.