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

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

A number of other hedge funds have also recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC lifted its position in shares of Dolby Laboratories by 114.6% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 12,141 shares of the electronics maker's stock worth $975,000 after purchasing an additional 6,484 shares during the last quarter. Park Avenue Securities LLC acquired a new position in Dolby Laboratories during the first quarter worth about $222,000. AlphaQuest LLC lifted its holdings in shares of Dolby Laboratories by 111.1% in the fourth quarter. AlphaQuest LLC now owns 6,148 shares of the electronics maker's stock valued at $480,000 after purchasing an additional 3,235 shares in the last quarter. Vise Technologies Inc. purchased a new stake in shares of Dolby Laboratories in the fourth quarter valued at about $308,000. Finally, Twin Tree Management LP purchased a new position in shares of Dolby Laboratories during the fourth quarter valued at approximately $662,000. Hedge funds and other institutional investors own 58.56% of the company's stock.

Dolby Laboratories Trading Down 0.2%

NYSE DLB traded down $0.16 on Wednesday, reaching $75.43. The company's stock had a trading volume of 243,952 shares, compared to its average volume of 451,643. The firm has a market cap of $7.25 billion, a PE ratio of 28.46 and a beta of 0.91. Dolby Laboratories has a 52 week low of $66.35 and a 52 week high of $89.66. The business has a 50-day moving average price of $75.14 and a 200 day moving average price of $77.92.

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

Dolby Laboratories Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on DLB shares. Barrington Research reissued an "outperform" rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research report on Friday, May 2nd. Tigress Financial started coverage on Dolby Laboratories in a research note on Thursday, May 15th. They issued 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 report on Friday, May 30th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $95.00 target price on shares of Dolby Laboratories in a report on Friday, June 13th.

Insiders Place Their Bets

In other Dolby Laboratories news, EVP Mark Andrew Sherman sold 15,000 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $75.02, for a total value of $1,125,300.00. Following the completion of the transaction, the executive vice president directly owned 62,397 shares in the company, valued at approximately $4,681,022.94. This represents a 19.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Kevin J. Yeaman sold 25,000 shares of the company's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $74.02, for a total transaction of $1,850,500.00. Following the completion of the sale, the chief executive officer directly owned 114,725 shares in the company, valued at approximately $8,491,944.50. This represents a 17.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,358 shares of company stock worth $5,593,770 in the last quarter. 38.39% of the stock is currently owned by corporate insiders.

Dolby Laboratories Profile

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.