Assetmark Inc. Grows Stake in Dolby Laboratories (NYSE:DLB)

Assetmark Inc. raised its holdings in shares of Dolby Laboratories (NYSE:DLB - Free Report) by 21.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 25,178 shares of the electronics maker's stock after purchasing an additional 4,499 shares during the period. Assetmark Inc.'s holdings in Dolby Laboratories were worth $2,022,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its stake in Dolby Laboratories by 18.3% during the 1st quarter. Bank of New York Mellon Corp now owns 5,709,193 shares of the electronics maker's stock valued at $458,505,000 after purchasing an additional 882,716 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Dolby Laboratories by 3.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 901,707 shares of the electronics maker's stock valued at $70,424,000 after buying an additional 31,164 shares during the period. First Trust Advisors LP lifted its holdings in shares of Dolby Laboratories by 0.9% during the 4th quarter. First Trust Advisors LP now owns 794,772 shares of the electronics maker's stock valued at $62,072,000 after buying an additional 7,265 shares during the period. Norges Bank bought a new position in shares of Dolby Laboratories during the 4th quarter valued at $55,356,000. Finally, Northern Trust Corp lifted its holdings in shares of Dolby Laboratories by 5.6% during the 4th quarter. Northern Trust Corp now owns 582,004 shares of the electronics maker's stock valued at $45,455,000 after buying an additional 30,826 shares during the period. 58.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

DLB has been the topic of several research analyst reports. Rosenblatt Securities reissued a "buy" rating and set a $95.00 price target on shares of Dolby Laboratories in a report on Friday. Wall Street Zen raised Dolby Laboratories from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Barrington Research reaffirmed an "outperform" rating and issued a $100.00 target price on shares of Dolby Laboratories in a report on Friday, May 2nd. Finally, Tigress Financial initiated coverage on Dolby Laboratories in a report on Thursday, May 15th. They issued a "buy" rating and a $112.00 target price on the stock.

Dolby Laboratories Stock Down 6.8%

NYSE:DLB traded down $5.15 on Friday, reaching $70.19. 818,905 shares of the company's stock traded hands, compared to its average volume of 299,803. The stock has a 50-day simple moving average of $74.92 and a 200-day simple moving average of $77.57. The firm has a market cap of $6.74 billion, a PE ratio of 25.71 and a beta of 0.91. Dolby Laboratories has a 12 month low of $66.35 and a 12 month high of $89.66.

Dolby Laboratories (NYSE:DLB - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The electronics maker reported $0.78 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.06. The business had revenue of $315.55 million for the quarter, compared to analysts' expectations of $305.23 million. Dolby Laboratories had a return on equity of 11.62% and a net margin of 19.62%. The business's quarterly revenue was up 9.2% on a year-over-year basis. During the same period last year, the firm earned $0.71 earnings per share. On average, equities analysts anticipate that Dolby Laboratories will post 2.94 earnings per share for the current year.

Dolby Laboratories Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Tuesday, August 12th will be given a dividend of $0.33 per share. The ex-dividend date is Tuesday, August 12th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.9%. Dolby Laboratories's dividend payout ratio (DPR) is presently 48.35%.

Insider Activity

In other news, EVP Mark Andrew Sherman sold 15,000 shares of the firm's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $75.02, for a total transaction of $1,125,300.00. Following the completion of the transaction, the executive vice president owned 62,397 shares in the company, valued at $4,681,022.94. This trade represents a 19.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP John D. Couling sold 675 shares of the firm's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $75.04, for a total value of $50,652.00. Following the transaction, the senior vice president owned 121,151 shares of the company's stock, valued at approximately $9,091,171.04. The trade was a 0.55% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 116,724 shares of company stock worth $8,764,043 over the last 90 days. Corporate insiders own 38.39% of the company's stock.

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.