New York State Common Retirement Fund Has $16 Million Stake in Dolby Laboratories (NYSE:DLB)

New York State Common Retirement Fund lowered its stake in Dolby Laboratories (NYSE:DLB - Free Report) by 7.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 199,272 shares of the electronics maker's stock after selling 15,012 shares during the quarter. New York State Common Retirement Fund owned approximately 0.21% of Dolby Laboratories worth $16,004,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Orion Portfolio Solutions LLC grew its stake in Dolby Laboratories by 0.7% during the 4th quarter. Orion Portfolio Solutions LLC now owns 19,522 shares of the electronics maker's stock valued at $1,525,000 after acquiring an additional 132 shares in the last quarter. Synovus Financial Corp grew its stake in Dolby Laboratories by 0.5% during the 4th quarter. Synovus Financial Corp now owns 32,235 shares of the electronics maker's stock valued at $2,518,000 after acquiring an additional 173 shares in the last quarter. Net Worth Advisory Group grew its stake in Dolby Laboratories by 5.2% during the 1st quarter. Net Worth Advisory Group now owns 3,591 shares of the electronics maker's stock valued at $288,000 after acquiring an additional 178 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its stake in Dolby Laboratories by 0.5% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 44,954 shares of the electronics maker's stock valued at $3,511,000 after acquiring an additional 216 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC grew its stake in Dolby Laboratories by 2.7% during the 1st quarter. Linden Thomas Advisory Services LLC now owns 8,635 shares of the electronics maker's stock valued at $693,000 after acquiring an additional 229 shares in the last quarter. Hedge funds and other institutional investors own 58.56% of the company's stock.

Dolby Laboratories Trading Up 0.9%

Dolby Laboratories stock traded up $0.66 during trading hours on Thursday, reaching $75.67. 333,830 shares of the company were exchanged, compared to its average volume of 450,984. The firm has a market cap of $7.27 billion, a price-to-earnings ratio of 28.56 and a beta of 0.91. The stock has a 50-day moving average of $75.14 and a 200 day moving average of $77.79. Dolby Laboratories has a 12 month low of $66.35 and a 12 month high of $89.66.

Dolby Laboratories (NYSE:DLB - Get Free Report) last posted 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 return on equity of 11.48% and a net margin of 19.44%. The company had revenue of $369.56 million during the quarter, compared to analysts' expectations of $375.44 million. During the same period in the prior year, the business earned $1.27 earnings per share. Dolby Laboratories's revenue for the quarter was up 1.4% compared to the same quarter last year. As a group, research analysts forecast that Dolby Laboratories will post 2.94 EPS for the current year.

Dolby Laboratories Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders 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 annualized dividend and a dividend yield of 1.74%. Dolby Laboratories's dividend payout ratio is 49.81%.

Analyst Upgrades and Downgrades

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

Insider Activity

In related news, EVP Mark Andrew Sherman sold 15,000 shares of the company's stock in a transaction on Wednesday, June 4th. The stock was 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 value of $1,850,500.00. Following the completion of the transaction, the chief executive officer owned 114,725 shares of the company's stock, valued at $8,491,944.50. The trade was a 17.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 74,358 shares of company stock valued at $5,593,770. 38.39% of the stock is owned by company insiders.

Dolby Laboratories Company 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.