Dolby Laboratories $DLB Shares Acquired by M&T Bank Corp

Key Points

• M&T Bank Corp boosted its stake in Dolby by 625.2%, buying 89,036 shares to hold 103,278 shares (about 0.11% of the company) valued at roughly $6.63 million.
• Dolby beat Q4 estimates with EPS of $1.06 versus $0.99 and revenue of $346.7M versus $341.3M, although revenue fell 2.8% year-over-year.
• Analysts hold a consensus rating of Moderate Buy with a $90.75 price target, and Dolby pays a quarterly dividend of $0.36 (around a 2.2% yield).

M&T Bank Corp increased its holdings in shares of Dolby Laboratories (NYSE:DLB - Free Report) by 625.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 103,278 shares of the electronics maker's stock after purchasing an additional 89,036 shares during the period. M&T Bank Corp owned 0.11% of Dolby Laboratories worth $6,633,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in shares of Dolby Laboratories by 7.3% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 48,006 shares of the electronics maker's stock worth $3,091,000 after purchasing an additional 3,264 shares in the last quarter. Evergreen Capital Management LLC grew its stake in shares of Dolby Laboratories by 40.6% in the fourth quarter. Evergreen Capital Management LLC now owns 6,336 shares of the electronics maker's stock valued at $407,000 after buying an additional 1,828 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Dolby Laboratories by 14.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,996 shares of the electronics maker's stock valued at $1,220,000 after buying an additional 2,400 shares in the last quarter. Asset Management One Co. Ltd. raised its holdings in shares of Dolby Laboratories by 2.4% during the 4th quarter. Asset Management One Co. Ltd. now owns 11,240 shares of the electronics maker's stock valued at $732,000 after buying an additional 268 shares during the period. Finally, Childress Capital Advisors LLC purchased a new stake in shares of Dolby Laboratories during the 4th quarter valued at about $335,000. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on DLB. Rosenblatt Securities restated a "buy" rating and issued a $85.00 price target on shares of Dolby Laboratories in a report on Friday, January 30th. Barrington Research dropped their price objective on shares of Dolby Laboratories from $95.00 to $90.00 and set an "outperform" rating on the stock in a research note on Monday, January 26th. Wall Street Zen cut shares of Dolby Laboratories from a "buy" rating to a "hold" rating in a research report on Saturday, January 31st. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of Dolby Laboratories in a research note on Friday, March 27th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Dolby Laboratories presently has a consensus rating of "Moderate Buy" and a consensus price target of $90.75.

Dolby Laboratories Price Performance

Shares of DLB stock opened at $64.08 on Friday. The firm has a market cap of $6.12 billion, a P/E ratio of 25.84 and a beta of 0.86. Dolby Laboratories has a 1-year low of $57.62 and a 1-year high of $78.28. The firm has a fifty day moving average of $62.67 and a two-hundred day moving average of $64.69.

Dolby Laboratories (NYSE:DLB - Get Free Report) last released its earnings results on Thursday, January 29th. The electronics maker reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.07. Dolby Laboratories had a net margin of 17.97% and a return on equity of 11.50%. The company had revenue of $346.71 million during the quarter, compared to the consensus estimate of $341.26 million. During the same quarter in the previous year, the firm earned $1.14 EPS. The company's revenue was down 2.8% on a year-over-year basis. On average, sell-side analysts expect that Dolby Laboratories will post 3.18 EPS for the current year.

Dolby Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 18th. Shareholders of record on Tuesday, February 10th were paid a dividend of $0.36 per share. The ex-dividend date was Tuesday, February 10th. This represents a $1.44 annualized dividend and a yield of 2.2%. Dolby Laboratories's dividend payout ratio is presently 58.06%.

Insider Activity at Dolby Laboratories

In other Dolby Laboratories news, SVP Shriram Revankar sold 3,000 shares of the stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $66.14, for a total transaction of $198,420.00. Following the transaction, the senior vice president owned 83,218 shares of the company's stock, valued at $5,504,038.52. This trade represents a 3.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Ryan Nicholson sold 2,667 shares of Dolby Laboratories stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $66.38, for a total value of $177,035.46. Following the completion of the transaction, the chief accounting officer owned 36,956 shares of the company's stock, valued at approximately $2,453,139.28. The trade was a 6.73% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 37.93% of the company's stock.

Dolby Laboratories Company Profile

Dolby Laboratories, Inc is a global leader in audio and imaging technologies, specializing in the development, licensing and deployment of solutions that enhance entertainment and communications experiences. The company's core business revolves around creating advanced audio codecs, noise reduction systems and spatial sound technologies for a wide range of applications, including cinema, broadcast, gaming, streaming and personal devices. Dolby's licensing model enables consumer electronics manufacturers, content creators and service providers to integrate its technologies into products such as televisions, smartphones, home theater systems and set-top boxes.

Among its flagship innovations are Dolby Atmos, an immersive audio format that delivers three-dimensional soundscapes for theaters and home systems; Dolby Digital and Dolby Digital Plus, widely adopted audio compression formats for broadcast and streaming; and Dolby Vision, a high-dynamic-range imaging technology that expands color, contrast and brightness in displays.

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