Bryce Point Capital LLC Cuts Stock Holdings in Dolby Laboratories (NYSE:DLB)

Key Points

• Bryce Point Capital LLC sold 12,561 shares of Dolby Laboratories, reducing its stake by 58.7%, leaving them with 8,825 shares valued at $716,000.
• Dolby recently reported earnings per share of $1.34, exceeding analyst expectations, although revenue fell short of estimates at $369.56 million.
• The company declared a quarterly dividend of $0.33 per share, which represents an annual yield of 1.73%.

Bryce Point Capital LLC trimmed its holdings in Dolby Laboratories (NYSE:DLB - Free Report) by 58.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,825 shares of the electronics maker's stock after selling 12,561 shares during the period. Bryce Point Capital LLC's holdings in Dolby Laboratories were worth $716,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Raymond James Financial Inc. acquired a new stake in Dolby Laboratories in the fourth quarter worth $1,872,000. American Century Companies Inc. raised its position in shares of Dolby Laboratories by 12.3% in the fourth quarter. American Century Companies Inc. now owns 21,588 shares of the electronics maker's stock valued at $1,686,000 after purchasing an additional 2,356 shares during the period. Vanguard Group Inc. lifted its stake in Dolby Laboratories by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 7,033,612 shares of the electronics maker's stock worth $549,325,000 after purchasing an additional 68,771 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its stake in Dolby Laboratories by 4.8% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 21,960 shares of the electronics maker's stock worth $1,715,000 after buying an additional 1,009 shares in the last quarter. Finally, Norges Bank purchased a new position in Dolby Laboratories in the 4th quarter worth approximately $55,356,000. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Dolby Laboratories

In other Dolby Laboratories news, SVP John D. Couling sold 675 shares of the stock in a transaction that occurred on 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 directly owned 121,151 shares in the company, valued at $9,091,171.04. This represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Kevin J. Yeaman sold 2,491 shares of the firm's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $75.00, for a total transaction of $186,825.00. Following the transaction, the chief executive officer directly owned 114,725 shares in the company, valued at $8,604,375. The trade was a 2.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 116,724 shares of company stock worth $8,764,043. Company insiders own 38.39% of the company's stock.

Dolby Laboratories Trading Down 0.3%

Shares of NYSE:DLB traded down $0.26 during trading on Thursday, reaching $75.48. The stock had a trading volume of 137,237 shares, compared to its average volume of 424,874. The firm's 50-day simple moving average is $75.01 and its 200 day simple moving average is $77.68. The company has a market capitalization of $7.25 billion, a P/E ratio of 28.48 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 for the quarter, beating analysts' consensus estimates of $1.29 by $0.05. The company had revenue of $369.56 million during the quarter, compared to analysts' expectations of $375.44 million. Dolby Laboratories had a net margin of 19.44% and a return on equity of 11.48%. The firm's revenue for the quarter was up 1.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.27 earnings per share. Equities research analysts forecast that Dolby Laboratories will post 2.94 earnings per share for the current fiscal year.

Dolby Laboratories Dividend Announcement

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

Analyst Upgrades and Downgrades

DLB has been the subject of several analyst reports. Tigress Financial began 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 for the company. Wall Street Zen raised shares of Dolby Laboratories from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Rosenblatt Securities reiterated a "buy" rating and issued a $95.00 price target on shares of Dolby Laboratories in a research note on Friday, June 13th. Finally, Barrington Research reiterated an "outperform" rating and issued a $100.00 price target on shares of Dolby Laboratories in a research report on Friday, May 2nd.

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.