Allspring Global Investments Holdings LLC Lowers Holdings in Dolby Laboratories (NYSE:DLB)

Allspring Global Investments Holdings LLC reduced its stake in shares of Dolby Laboratories (NYSE:DLB - Free Report) by 11.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 91,984 shares of the electronics maker's stock after selling 12,436 shares during the period. Allspring Global Investments Holdings LLC owned 0.10% of Dolby Laboratories worth $7,417,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in DLB. Proficio Capital Partners LLC purchased a new position in shares of Dolby Laboratories during the 4th quarter valued at about $1,043,000. US Bancorp DE lifted its position in shares of 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 buying an additional 235 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of 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 buying an additional 25,047 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of 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 buying an additional 7,710 shares in the last quarter. Finally, Assetmark Inc. lifted its position in shares of 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 buying an additional 1,139 shares in the last quarter. 58.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Tigress Financial assumed coverage on Dolby Laboratories in a research report on Thursday, May 15th. They set a "buy" rating and a $112.00 price objective on the stock. Rosenblatt Securities reissued a "buy" rating and set a $95.00 target price on shares of Dolby Laboratories in a research note on Friday, June 13th. Wall Street Zen raised Dolby Laboratories from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Finally, Barrington Research reissued an "outperform" rating and set a $100.00 target price on shares of Dolby Laboratories in a research note on Friday, May 2nd.

Dolby Laboratories Trading Up 1.2%

DLB traded up $0.87 on Tuesday, hitting $75.61. 401,792 shares of the company's stock traded hands, compared to its average volume of 452,100. The company's 50 day simple moving average is $75.14 and its 200-day simple moving average is $77.92. The firm has a market cap of $7.26 billion, a price-to-earnings ratio of 28.53 and a beta of 0.91. Dolby Laboratories has a one year low of $66.35 and a one year high of $89.66.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.29 by $0.05. Dolby Laboratories had a return on equity of 11.48% and a net margin of 19.44%. The business had revenue of $369.56 million for the quarter, compared to the consensus estimate of $375.44 million. During the same quarter in the previous year, the company posted $1.27 EPS. The company's revenue was up 1.4% compared to the same quarter last year. As a group, equities analysts anticipate that Dolby Laboratories will post 2.94 EPS for the current fiscal year.

Dolby Laboratories Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Tuesday, May 13th were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend was Tuesday, May 13th. Dolby Laboratories's payout ratio is 49.81%.

Insiders Place Their Bets

In other news, CEO Kevin J. Yeaman sold 25,000 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was 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. The trade was a 17.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Mark Andrew Sherman sold 15,000 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $75.02, for a total value of $1,125,300.00. Following the transaction, the executive vice president directly owned 62,397 shares in the company, valued at approximately $4,681,022.94. This represents a 19.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 74,358 shares of company stock valued at $5,593,770 in the last quarter. 38.39% of the stock is currently owned by insiders.

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.