CCM Investment Group LLC Purchases Shares of 3,780 Dolby Laboratories (NYSE:DLB)

Key Points

• CCM Investment Group LLC has acquired 3,780 shares of Dolby Laboratories, valued at approximately $302,000, during the first quarter of the year.
• Dolby Laboratories reported a quarterly earnings result of $0.78 per share, exceeding analysts' expectations, and had a revenue increase of 9.2% compared to the same period last year.
• Insider trading activity includes the sale of 15,000 shares by EVP Mark Andrew Sherman, reducing his holdings by 19.38%, with insiders collectively selling 116,049 shares in the last ninety days.

CCM Investment Group LLC purchased a new stake in shares of Dolby Laboratories (NYSE:DLB - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 3,780 shares of the electronics maker's stock, valued at approximately $302,000.

Other large investors have also made changes to their positions in the company. Alpine Bank Wealth Management bought a new stake in shares of Dolby Laboratories during the 1st quarter valued at about $25,000. Cheviot Value Management LLC bought a new stake in shares of Dolby Laboratories during the 1st quarter valued at about $27,000. Global X Japan Co. Ltd. bought a new position in shares of Dolby Laboratories during the 1st quarter valued at approximately $51,000. Fifth Third Bancorp grew its stake in shares of Dolby Laboratories by 84.7% during the 1st quarter. Fifth Third Bancorp now owns 665 shares of the electronics maker's stock valued at $53,000 after acquiring an additional 305 shares during the period. Finally, UMB Bank n.a. grew its stake in shares of Dolby Laboratories by 170.5% during the 1st quarter. UMB Bank n.a. now owns 698 shares of the electronics maker's stock valued at $56,000 after acquiring an additional 440 shares during the period. 58.56% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on DLB. Wall Street Zen downgraded Dolby Laboratories from a "buy" rating to a "hold" rating in a research note on Saturday. Rosenblatt Securities reiterated a "buy" rating and set a $95.00 price objective on shares of Dolby Laboratories in a research note on Friday, August 1st. Tigress Financial began coverage on Dolby Laboratories in a research note on Thursday, May 15th. They set a "buy" rating and a $112.00 price objective for the company. Finally, Barrington Research reiterated an "outperform" rating and set a $100.00 price objective on shares of Dolby Laboratories in a research note on Friday, May 2nd.

Insider Activity at Dolby Laboratories

In other news, EVP Mark Andrew Sherman sold 15,000 shares of the company's stock in a transaction that occurred on 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 sale, the executive vice president directly owned 62,397 shares of the company's stock, valued at $4,681,022.94. This represents a 19.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kevin J. Yeaman sold 2,491 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $75.00, for a total value of $186,825.00. Following the sale, the chief executive officer directly owned 114,725 shares in the company, valued at $8,604,375. This trade represents a 2.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 116,049 shares of company stock worth $8,713,391 over the last ninety days. Insiders own 38.39% of the company's stock.

Dolby Laboratories Trading Up 0.9%

NYSE DLB opened at $72.60 on Monday. The stock's 50 day moving average is $74.67 and its 200 day moving average is $77.24. Dolby Laboratories has a 12 month low of $66.35 and a 12 month high of $89.66. The stock has a market cap of $6.96 billion, a PE ratio of 26.59 and a beta of 0.91.

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, topping analysts' consensus estimates of $0.72 by $0.06. Dolby Laboratories had a return on equity of 11.52% and a net margin of 19.62%. The company had revenue of $315.55 million for the quarter, compared to analysts' expectations of $305.23 million. During the same period in the previous year, the firm earned $0.71 EPS. The firm's revenue was up 9.2% compared to the same quarter last year. On average, analysts forecast that Dolby Laboratories will post 2.94 EPS for the current fiscal year.

Dolby Laboratories Dividend Announcement

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 issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Tuesday, August 12th. Dolby Laboratories's dividend payout ratio is 48.35%.

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.

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