Assenagon Asset Management S.A. Sells 55,860 Shares of Dolby Laboratories (NYSE:DLB)

Assenagon Asset Management S.A. reduced its stake in Dolby Laboratories (NYSE:DLB - Free Report) by 65.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,298 shares of the electronics maker's stock after selling 55,860 shares during the period. Assenagon Asset Management S.A.'s holdings in Dolby Laboratories were worth $2,353,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in DLB. Savant Capital LLC lifted its position in shares of Dolby Laboratories by 2.0% during the 4th quarter. Savant Capital LLC now owns 6,274 shares of the electronics maker's stock valued at $490,000 after acquiring an additional 125 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Dolby Laboratories by 10,441,900.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 104,420 shares of the electronics maker's stock worth $8,123,000 after purchasing an additional 104,419 shares during the period. Vontobel Holding Ltd. acquired a new stake in Dolby Laboratories during the fourth quarter worth about $1,237,000. Rhumbline Advisers increased its holdings in Dolby Laboratories by 0.5% in the 4th quarter. Rhumbline Advisers now owns 250,121 shares of the electronics maker's stock valued at $19,534,000 after buying an additional 1,194 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its position in shares of Dolby Laboratories by 6.1% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 29,603 shares of the electronics maker's stock valued at $2,312,000 after buying an additional 1,693 shares in the last quarter. Institutional investors and hedge funds own 58.56% of the company's stock.

Analyst Upgrades and Downgrades

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

Dolby Laboratories Trading Down 1.5%

Dolby Laboratories stock traded down $1.07 during mid-day trading on Friday, reaching $72.27. The company had a trading volume of 238,772 shares, compared to its average volume of 442,746. The business has a fifty day simple moving average of $74.92 and a 200 day simple moving average of $78.32. The company has a market cap of $6.94 billion, a P/E ratio of 27.26 and a beta of 0.93. Dolby Laboratories has a fifty-two week low of $66.35 and a fifty-two week high of $89.66.

Dolby Laboratories (NYSE:DLB - Get Free Report) last announced its quarterly 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. Dolby Laboratories had a return on equity of 11.48% and a net margin of 19.44%. The company had revenue of $369.56 million during the quarter, compared to analysts' expectations of $375.44 million. Dolby Laboratories's 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. Research analysts forecast that Dolby Laboratories will post 2.94 EPS for the current year.

Dolby Laboratories Announces Dividend

The business also recently declared 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 was Tuesday, May 13th. This represents a $1.32 annualized dividend and a dividend yield of 1.83%. Dolby Laboratories's payout ratio is 49.81%.

Insider Transactions at Dolby Laboratories

In related news, CEO Kevin J. Yeaman sold 33,683 shares of the business's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $76.22, for a total value of $2,567,318.26. Following the transaction, the chief executive officer now owns 114,725 shares in the company, valued at $8,744,339.50. The trade was a 22.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark Andrew Sherman sold 15,000 shares of Dolby Laboratories 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 now directly owns 62,397 shares of the company's stock, valued at approximately $4,681,022.94. This trade represents a 19.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 49,358 shares of company stock worth $3,743,270 over the last ninety days. 38.39% of the stock is 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.