Allspring Global Investments Holdings LLC Sells 12,436 Shares of Dolby Laboratories (NYSE:DLB)

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Dolby Laboratories (NYSE:DLB - Free Report) by 11.9% in the first quarter, according to its most recent filing with the SEC. The firm owned 91,984 shares of the electronics maker's stock after selling 12,436 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.10% of Dolby Laboratories worth $7,417,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DLB. Proficio Capital Partners LLC bought a new position in shares of Dolby Laboratories during the 4th quarter worth about $1,043,000. US Bancorp DE lifted its holdings in Dolby Laboratories by 23.9% during the 4th quarter. US Bancorp DE now owns 1,218 shares of the electronics maker's stock valued at $95,000 after purchasing an additional 235 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Dolby Laboratories by 3.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 742,639 shares of the electronics maker's stock valued at $58,000,000 after purchasing an additional 25,047 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in Dolby Laboratories by 52.6% during the 4th quarter. Victory Capital Management Inc. now owns 22,375 shares of the electronics maker's stock valued at $1,747,000 after purchasing an additional 7,710 shares during the last quarter. Finally, Assetmark Inc. lifted its holdings in Dolby Laboratories by 5.8% during the 4th quarter. Assetmark Inc. now owns 20,679 shares of the electronics maker's stock valued at $1,615,000 after purchasing an additional 1,139 shares during the last quarter. 58.56% of the stock is owned by institutional investors.

Dolby Laboratories Stock Performance

Shares of NYSE DLB traded down $0.56 during trading on Friday, reaching $75.50. The company had a trading volume of 276,142 shares, compared to its average volume of 451,077. Dolby Laboratories has a 52 week low of $66.35 and a 52 week high of $89.66. The stock has a market cap of $7.25 billion, a PE ratio of 28.49 and a beta of 0.91. The business's 50 day moving average price is $75.18 and its 200-day moving average price is $77.95.

Dolby Laboratories (NYSE:DLB - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The electronics maker reported $1.34 EPS for the quarter, topping the consensus estimate of $1.29 by $0.05. Dolby Laboratories had a net margin of 19.44% and a return on equity of 11.48%. The company had revenue of $369.56 million during the quarter, compared to analysts' expectations of $375.44 million. During the same quarter in the previous year, the company earned $1.27 EPS. Dolby Laboratories's revenue was up 1.4% on a year-over-year basis. Equities analysts anticipate that Dolby Laboratories will post 2.94 earnings per share for the current year.

Dolby Laboratories Dividend Announcement

The firm also recently declared 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. This represents a $1.32 annualized dividend and a dividend yield of 1.75%. The ex-dividend date was Tuesday, May 13th. Dolby Laboratories's dividend payout ratio is 49.81%.

Insider Transactions at Dolby Laboratories

In related news, 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 transaction of $50,652.00. Following the completion of the transaction, the senior vice president owned 121,151 shares in the company, valued at approximately $9,091,171.04. The trade was a 0.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kevin J. Yeaman sold 25,000 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $74.02, for a total transaction of $1,850,500.00. Following the transaction, the chief executive officer owned 114,725 shares of the company's stock, valued at approximately $8,491,944.50. This represents a 17.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 74,358 shares of company stock worth $5,593,770 in the last quarter. 38.39% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on DLB shares. Tigress Financial started coverage on shares of Dolby Laboratories in a report on Thursday, May 15th. They set a "buy" rating and a $112.00 price target for the company. Barrington Research reaffirmed an "outperform" rating and issued a $100.00 target price on shares of Dolby Laboratories in a research note on Friday, May 2nd. Wall Street Zen raised shares of Dolby Laboratories from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $95.00 target price on shares of Dolby Laboratories in a research note on Friday, June 13th.

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.