Allianz Asset Management GmbH Buys 45,794 Shares of Dolby Laboratories (NYSE:DLB)

Key Points

• Allianz Asset Management GmbH increased its stake in Dolby Laboratories by 75.3% in Q1, acquiring an additional 45,794 shares and owning approximately 106,626 shares valued at $8.56 million.
• Several hedge funds have also made significant investments in Dolby, indicating a strong interest in the company, with 58.56% of its stock currently owned by institutional investors.
• Dolby Laboratories recently announced a quarterly dividend of $0.33 per share, which equates to an annualized dividend yield of 1.73%.

Allianz Asset Management GmbH lifted its stake in shares of Dolby Laboratories (NYSE:DLB - Free Report) by 75.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 106,626 shares of the electronics maker's stock after acquiring an additional 45,794 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.11% of Dolby Laboratories worth $8,563,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in DLB. Alpine Bank Wealth Management bought a new position in shares of Dolby Laboratories during the 1st quarter valued at approximately $25,000. Global X Japan Co. Ltd. bought a new position in shares of Dolby Laboratories during the 1st quarter valued at approximately $51,000. Fifth Third Bancorp boosted its stake in Dolby Laboratories by 84.7% in the 1st quarter. Fifth Third Bancorp now owns 665 shares of the electronics maker's stock worth $53,000 after purchasing an additional 305 shares during the period. UMB Bank n.a. boosted its stake in Dolby Laboratories by 170.5% in the 1st quarter. UMB Bank n.a. now owns 698 shares of the electronics maker's stock worth $56,000 after purchasing an additional 440 shares during the period. Finally, Headlands Technologies LLC bought a new position in Dolby Laboratories in the 4th quarter worth approximately $57,000. 58.56% of the stock is currently owned by institutional investors.

Insider Activity at Dolby Laboratories

In related news, SVP John D. Couling sold 675 shares of the stock in a transaction on Monday, May 5th. The stock was sold at an average price of $75.04, for a total transaction of $50,652.00. Following the sale, the senior vice president owned 121,151 shares in the company, valued at approximately $9,091,171.04. This represents a 0.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Kevin J. Yeaman sold 2,491 shares of the stock in a transaction 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 owned 114,725 shares in the company, valued at $8,604,375. The trade was a 2.13% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 116,724 shares of company stock worth $8,764,043. Company insiders own 38.39% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Rosenblatt Securities restated a "buy" rating and issued a $95.00 price target on shares of Dolby Laboratories in a research note on Friday, June 13th. Barrington Research restated an "outperform" rating and issued a $100.00 price target on shares of Dolby Laboratories in a research note on Friday, May 2nd. Wall Street Zen upgraded Dolby Laboratories from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Finally, Tigress Financial assumed coverage on Dolby Laboratories in a research note on Thursday, May 15th. They issued a "buy" rating and a $112.00 price target for the company.

Dolby Laboratories Stock Performance

NYSE DLB opened at $76.32 on Friday. The company has a market capitalization of $7.33 billion, a P/E ratio of 28.80 and a beta of 0.91. Dolby Laboratories has a one year low of $66.35 and a one year high of $89.66. The stock has a 50 day moving average price of $75.04 and a 200-day moving average price of $77.70.

Dolby Laboratories (NYSE:DLB - Get Free Report) last posted its earnings results on Thursday, May 1st. The electronics maker reported $1.34 EPS for the quarter, beating analysts' consensus estimates of $1.29 by $0.05. The firm had revenue of $369.56 million during the quarter, compared to the consensus estimate of $375.44 million. Dolby Laboratories had a return on equity of 11.48% and a net margin of 19.44%. The company's quarterly revenue was up 1.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.27 EPS. As a group, equities analysts predict that Dolby Laboratories will post 2.94 EPS for the current fiscal year.

Dolby Laboratories Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Tuesday, May 13th were given a dividend of $0.33 per share. The ex-dividend date was Tuesday, May 13th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.73%. Dolby Laboratories's dividend payout ratio is currently 49.81%.

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.

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