Bank of New York Mellon Corp Buys 882,716 Shares of Dolby Laboratories (NYSE:DLB)

Bank of New York Mellon Corp boosted its holdings in shares of Dolby Laboratories (NYSE:DLB - Free Report) by 18.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,709,193 shares of the electronics maker's stock after acquiring an additional 882,716 shares during the period. Bank of New York Mellon Corp owned 5.98% of Dolby Laboratories worth $458,505,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Alpine Bank Wealth Management purchased a new position in Dolby Laboratories during the 1st quarter valued at about $25,000. Global X Japan Co. Ltd. purchased a new position in Dolby Laboratories in the first quarter worth about $51,000. Fifth Third Bancorp raised its holdings in Dolby Laboratories by 84.7% in the first quarter. Fifth Third Bancorp now owns 665 shares of the electronics maker's stock worth $53,000 after buying an additional 305 shares during the last quarter. UMB Bank n.a. raised its holdings in Dolby Laboratories by 170.5% in the first quarter. UMB Bank n.a. now owns 698 shares of the electronics maker's stock worth $56,000 after buying an additional 440 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in Dolby Laboratories in the fourth quarter worth about $57,000. 58.56% of the stock is owned by hedge funds and other institutional investors.

Dolby Laboratories Stock Performance

Shares of DLB traded down $0.37 during mid-day trading on Monday, hitting $75.19. 55,092 shares of the company traded hands, compared to its average volume of 441,109. The stock has a 50-day moving average price of $75.18 and a two-hundred day moving average price of $77.96. Dolby Laboratories has a 1 year low of $66.35 and a 1 year high of $89.66. The stock has a market cap of $7.22 billion, a price-to-earnings ratio of 28.34 and a beta of 0.91.

Dolby Laboratories (NYSE:DLB - Get Free Report) last announced its earnings results on Thursday, May 1st. The electronics maker reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.05. The company had revenue of $369.56 million during the quarter, compared to analyst estimates of $375.44 million. Dolby Laboratories had a net margin of 19.44% and a return on equity of 11.48%. The firm's quarterly revenue was up 1.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.27 earnings per share. On average, analysts forecast that Dolby Laboratories will post 2.94 EPS for the current year.

Dolby Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Tuesday, May 13th were given a $0.33 dividend. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.76%. Dolby Laboratories's payout ratio is currently 49.81%.

Insiders Place Their Bets

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 33,683 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 114,725 shares in the company, valued at $8,744,339.50. This represents a 22.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP John D. Couling sold 675 shares of the company's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $75.04, for a total transaction of $50,652.00. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 74,358 shares of company stock worth $5,593,770 over the last three months. 38.39% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

DLB has been the subject of several recent analyst reports. 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. Tigress Financial initiated coverage on shares of Dolby Laboratories in a report on Thursday, May 15th. They issued a "buy" rating and a $112.00 target price for the company. Rosenblatt Securities reaffirmed a "buy" rating and issued a $95.00 target price on shares of Dolby Laboratories in a report on Friday, June 13th. Finally, Wall Street Zen raised shares of Dolby Laboratories from a "hold" rating to a "buy" rating in a report on Friday, May 30th.

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.