Bank of New York Mellon Corp Increases Stock Holdings in Dolby Laboratories (NYSE:DLB)

Bank of New York Mellon Corp boosted its position in Dolby Laboratories (NYSE:DLB - Free Report) by 18.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,709,193 shares of the electronics maker's stock after buying 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 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of DLB. Proficio Capital Partners LLC purchased a new stake in Dolby Laboratories in the fourth quarter valued at approximately $1,043,000. US Bancorp DE boosted its position in Dolby Laboratories by 23.9% in the fourth quarter. US Bancorp DE now owns 1,218 shares of the electronics maker's stock valued at $95,000 after buying an additional 235 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Dolby Laboratories by 3.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 742,639 shares of the electronics maker's stock valued at $58,000,000 after buying an additional 25,047 shares during the last quarter. Victory Capital Management Inc. boosted its position in Dolby Laboratories by 52.6% in the fourth quarter. Victory Capital Management Inc. now owns 22,375 shares of the electronics maker's stock valued at $1,747,000 after buying an additional 7,710 shares during the last quarter. Finally, Assetmark Inc. boosted its position in Dolby Laboratories by 5.8% in the fourth quarter. Assetmark Inc. now owns 20,679 shares of the electronics maker's stock valued at $1,615,000 after buying an additional 1,139 shares during the last quarter. Hedge funds and other institutional investors own 58.56% of the company's stock.

Insider Buying and Selling

In other Dolby Laboratories news, SVP John D. Couling sold 675 shares of the stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $75.04, for a total value of $50,652.00. Following the sale, the senior vice president owned 121,151 shares of the company's stock, valued at $9,091,171.04. This trade represents a 0.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Kevin J. Yeaman sold 33,683 shares of the stock in a transaction dated 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 sale, 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 74,358 shares of company stock valued at $5,593,770. Corporate insiders own 38.39% of the company's stock.

Wall Street Analyst Weigh In

DLB has been the subject of a number of analyst reports. Barrington Research reissued an "outperform" rating and issued a $100.00 price target on shares of Dolby Laboratories in a report on Friday, May 2nd. Rosenblatt Securities reissued a "buy" rating and issued a $95.00 price target on shares of Dolby Laboratories in a report on Friday, June 13th. Tigress Financial initiated coverage on Dolby Laboratories in a report on Thursday, May 15th. They issued a "buy" rating and a $112.00 price target for the company. Finally, Wall Street Zen raised Dolby Laboratories from a "hold" rating to a "buy" rating in a report on Friday, May 30th.

Dolby Laboratories Stock Performance

Shares of NYSE DLB traded up $0.87 during mid-day trading on Tuesday, reaching $75.61. 401,792 shares of the company's stock were exchanged, compared to its average volume of 452,100. The firm has a market capitalization of $7.26 billion, a price-to-earnings ratio of 28.53 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 company's 50-day moving average is $75.14 and its 200-day moving average is $77.92.

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

Dolby Laboratories Announces Dividend

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

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.