Dolby Laboratories (NYSE:DLB) Shares Purchased by Allianz Asset Management GmbH

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 grew its stake in Dolby Laboratories (NYSE:DLB - Free Report) by 75.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 106,626 shares of the electronics maker's stock after acquiring an additional 45,794 shares during the period. Allianz Asset Management GmbH owned 0.11% of Dolby Laboratories worth $8,563,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Raymond James Financial Inc. purchased a new stake in shares of Dolby Laboratories in the 4th quarter worth $1,872,000. Quantbot Technologies LP purchased a new position in shares of Dolby Laboratories during the fourth quarter valued at $414,000. American Century Companies Inc. increased its stake in shares of Dolby Laboratories by 12.3% during the fourth quarter. American Century Companies Inc. now owns 21,588 shares of the electronics maker's stock valued at $1,686,000 after buying an additional 2,356 shares during the period. KLP Kapitalforvaltning AS purchased a new position in shares of Dolby Laboratories during the fourth quarter valued at $1,562,000. Finally, Vanguard Group Inc. increased its stake in shares of Dolby Laboratories by 1.0% during the fourth 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 during the period. 58.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on DLB. Rosenblatt Securities restated a "buy" rating and set 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 set a $100.00 price target on shares of Dolby Laboratories in a research note on Friday, May 2nd. Tigress Financial began coverage on Dolby Laboratories in a research note on Thursday, May 15th. They set a "buy" rating and a $112.00 price target on the stock. Finally, Wall Street Zen upgraded Dolby Laboratories from a "hold" rating to a "buy" rating in a research note on Friday, May 30th.

Insider Transactions at Dolby Laboratories

In other news, CEO Kevin J. Yeaman sold 2,491 shares of the company's stock in a transaction dated Wednesday, July 16th. The stock was 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. This represents a 2.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark Andrew Sherman sold 15,000 shares of the company's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $75.02, for a total value of $1,125,300.00. Following the completion of the transaction, the executive vice president directly owned 62,397 shares of the company's stock, valued at $4,681,022.94. The trade was a 19.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 116,724 shares of company stock worth $8,764,043 over the last quarter. 38.39% of the stock is currently owned by insiders.

Dolby Laboratories Stock Down 0.5%

Shares of NYSE:DLB traded down $0.35 during midday trading on Wednesday, reaching $75.74. The company's stock had a trading volume of 294,989 shares, compared to its average volume of 291,091. The firm has a market capitalization of $7.28 billion, a PE ratio of 28.58 and a beta of 0.91. Dolby Laboratories has a twelve month low of $66.35 and a twelve month high of $89.66. The stock has a fifty day moving average of $75.01 and a 200 day moving average of $77.68.

Dolby Laboratories (NYSE:DLB - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The electronics maker reported $1.34 earnings per share for the quarter, topping analysts' consensus estimates of $1.29 by $0.05. Dolby Laboratories had a net margin of 19.44% and a return on equity of 11.48%. The firm had revenue of $369.56 million for the quarter, compared to analyst estimates of $375.44 million. During the same quarter in the prior year, the business earned $1.27 earnings per share. The business's quarterly revenue was up 1.4% compared to the same quarter last year. Sell-side analysts anticipate that Dolby Laboratories will post 2.94 earnings per share for the current fiscal year.

Dolby Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Tuesday, May 13th were paid a $0.33 dividend. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.74%. Dolby Laboratories's payout ratio is 49.81%.

About Dolby Laboratories

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.