Dolby Laboratories (NYSE:DLB) Shares Sold by Boston Trust Walden Corp

Boston Trust Walden Corp decreased its holdings in shares of Dolby Laboratories (NYSE:DLB - Free Report) by 0.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,075,814 shares of the electronics maker's stock after selling 8,886 shares during the quarter. Boston Trust Walden Corp owned about 1.13% of Dolby Laboratories worth $86,399,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Bank of New York Mellon Corp increased its holdings in Dolby Laboratories by 64.2% in the fourth quarter. Bank of New York Mellon Corp now owns 4,826,477 shares of the electronics maker's stock valued at $376,948,000 after buying an additional 1,887,518 shares during the last quarter. Norges Bank acquired a new position in shares of Dolby Laboratories during the fourth quarter worth approximately $55,356,000. Alyeska Investment Group L.P. acquired a new position in shares of Dolby Laboratories during the fourth quarter worth approximately $27,314,000. Frontier Capital Management Co. LLC acquired a new stake in Dolby Laboratories in the fourth quarter worth approximately $24,323,000. Finally, Oberweis Asset Management Inc. acquired a new stake in Dolby Laboratories in the fourth quarter worth approximately $14,136,000. Institutional investors and hedge funds own 58.56% of the company's stock.

Dolby Laboratories Stock Performance

Shares of DLB opened at $73.25 on Thursday. Dolby Laboratories has a 52 week low of $66.35 and a 52 week high of $89.66. The firm has a market capitalization of $7.04 billion, a P/E ratio of 27.64 and a beta of 0.93. The company has a 50-day simple moving average of $74.91 and a 200-day simple moving average of $78.37.

Dolby Laboratories (NYSE:DLB - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The electronics maker reported $1.34 earnings per share for the quarter, topping 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 firm had revenue of $369.56 million for the quarter, compared to analysts' expectations of $375.44 million. During the same period in the prior year, the firm earned $1.27 earnings per share. The company's quarterly revenue was up 1.4% compared to the same quarter last year. As a group, equities analysts forecast that Dolby Laboratories will post 2.94 earnings per share for the current year.

Dolby Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Tuesday, May 13th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $1.32 annualized dividend and a dividend yield of 1.80%. Dolby Laboratories's dividend payout ratio (DPR) is currently 49.81%.

Insider Activity

In other news, SVP John D. Couling sold 675 shares of Dolby Laboratories stock in a transaction on Monday, May 5th. The shares were sold at an average price of $75.04, for a total transaction of $50,652.00. Following the transaction, the senior vice president now directly owns 121,151 shares of the company's stock, valued at $9,091,171.04. This trade represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Mark Andrew Sherman sold 15,000 shares of the firm's stock in a transaction 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 now owns 62,397 shares in the company, valued at approximately $4,681,022.94. The trade was a 19.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 49,358 shares of company stock valued at $3,743,270 over the last three months. 38.39% of the stock is owned by insiders.

Analysts Set New Price Targets

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

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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