TD Asset Management Inc Takes $948,000 Position in Dolby Laboratories (NYSE:DLB)

Key Points

• TD Asset Management Inc acquired a new position in Dolby Laboratories, purchasing 11,800 shares valued at approximately $948,000 during the first quarter.
• Dolby Laboratories reported an earnings per share (EPS) of $0.78 for the last quarter, exceeding analysts' expectations of $0.72, with a revenue increase of 9.2% year-over-year.
• The company has declared a quarterly dividend of $0.33, translating to an annual yield of 1.8%, set to be paid on August 20th.

TD Asset Management Inc acquired a new stake in Dolby Laboratories (NYSE:DLB - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 11,800 shares of the electronics maker's stock, valued at approximately $948,000.

Several other large investors also recently modified their holdings of the stock. Alpine Bank Wealth Management bought a new stake in shares of Dolby Laboratories in the first quarter valued at approximately $25,000. Global X Japan Co. Ltd. bought a new position in Dolby Laboratories in the 1st quarter valued at about $51,000. Fifth Third Bancorp raised its position in shares of Dolby Laboratories by 84.7% in the 1st quarter. Fifth Third Bancorp now owns 665 shares of the electronics maker's stock valued at $53,000 after buying an additional 305 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of Dolby Laboratories by 170.5% during the 1st quarter. UMB Bank n.a. now owns 698 shares of the electronics maker's stock worth $56,000 after acquiring an additional 440 shares during the period. Finally, Headlands Technologies LLC acquired a new position in Dolby Laboratories during the fourth quarter valued at approximately $57,000. 58.56% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Barrington Research reiterated an "outperform" rating and issued a $100.00 target price on shares of Dolby Laboratories in a research report on Friday, May 2nd. Rosenblatt Securities reiterated a "buy" rating and set a $95.00 price target on shares of Dolby Laboratories in a report on Friday, August 1st. Wall Street Zen upgraded Dolby Laboratories from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Finally, Tigress Financial started coverage on Dolby Laboratories in a research note on Thursday, May 15th. They issued a "buy" rating and a $112.00 price objective for the company.

Dolby Laboratories Stock Performance

Shares of NYSE:DLB traded down $0.31 during trading on Wednesday, reaching $72.28. The stock had a trading volume of 403,905 shares, compared to its average volume of 430,916. Dolby Laboratories has a 52 week low of $66.35 and a 52 week high of $89.66. The firm's fifty day moving average is $74.81 and its 200 day moving average is $77.45. The stock has a market cap of $6.94 billion, a price-to-earnings ratio of 26.48 and a beta of 0.91.

Dolby Laboratories (NYSE:DLB - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The electronics maker reported $0.78 EPS for the quarter, topping the consensus estimate of $0.72 by $0.06. The company had revenue of $315.55 million during the quarter, compared to the consensus estimate of $305.23 million. Dolby Laboratories had a net margin of 19.62% and a return on equity of 11.52%. The company's quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.71 EPS. On average, research analysts forecast that Dolby Laboratories will post 2.94 earnings per share for the current fiscal year.

Dolby Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Tuesday, August 12th will be issued a dividend of $0.33 per share. The ex-dividend date is Tuesday, August 12th. This represents a $1.32 annualized dividend and a yield of 1.8%. Dolby Laboratories's dividend payout ratio is 48.35%.

Insiders Place Their Bets

In other Dolby Laboratories news, EVP Mark Andrew Sherman sold 15,000 shares of Dolby Laboratories stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $75.02, for a total transaction of $1,125,300.00. Following the transaction, the executive vice president owned 62,397 shares of the company's stock, valued at $4,681,022.94. This trade represents a 19.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kevin J. Yeaman sold 2,491 shares of the stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $75.00, for a total value of $186,825.00. Following the sale, the chief executive officer directly owned 114,725 shares of the company's stock, valued at $8,604,375. The trade was a 2.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 116,049 shares of company stock valued at $8,713,391 over the last three months. 38.39% of the stock is currently owned by insiders.

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.