Entropy Technologies LP Sells 3,771 Shares of Dolby Laboratories (NYSE:DLB)

Key Points

• Entropy Technologies LP reduced its stake in Dolby Laboratories by 23.2% in the first quarter, holding 12,461 shares valued at $1 million as of the latest filing.
• Several institutional investors, including Bank of New York Mellon Corp and Vanguard Group Inc., increased their stakes in Dolby, reflecting strong institutional interest with over 58% of shares owned by such investors.
• Dolby Laboratories reported $0.78 EPS for the last quarter, surpassing analysts' expectations, and announced a quarterly dividend of $0.33, representing a yield of 1.8%.

Entropy Technologies LP decreased its holdings in Dolby Laboratories (NYSE:DLB - Free Report) by 23.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,461 shares of the electronics maker's stock after selling 3,771 shares during the quarter. Entropy Technologies LP's holdings in Dolby Laboratories were worth $1,001,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Dolby Laboratories by 114.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 12,141 shares of the electronics maker's stock valued at $975,000 after purchasing an additional 6,484 shares during the period. Park Avenue Securities LLC acquired a new position in shares of Dolby Laboratories during the first quarter valued at about $222,000. Fiera Capital Corp raised its holdings in shares of Dolby Laboratories by 19.0% during the first quarter. Fiera Capital Corp now owns 639,404 shares of the electronics maker's stock valued at $51,351,000 after purchasing an additional 102,028 shares during the period. Vise Technologies Inc. acquired a new position in shares of Dolby Laboratories during the fourth quarter valued at about $308,000. Finally, Principal Financial Group Inc. raised its holdings in shares of Dolby Laboratories by 3.0% in the 1st quarter. Principal Financial Group Inc. now owns 140,806 shares of the electronics maker's stock worth $11,308,000 after acquiring an additional 4,121 shares during the last quarter. Institutional investors own 58.56% of the company's stock.

Dolby Laboratories Stock Performance

Shares of DLB stock traded down $1.19 on Thursday, hitting $72.53. 374,508 shares of the company's stock traded hands, compared to its average volume of 428,971. Dolby Laboratories has a one year low of $68.24 and a one year high of $89.66. The company's fifty day simple moving average is $74.55 and its 200 day simple moving average is $77.13. The stock has a market capitalization of $6.95 billion, a price-to-earnings ratio of 26.57 and a beta of 0.91.

Dolby Laboratories (NYSE:DLB - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.72 by $0.06. The business had revenue of $315.55 million for the quarter, compared to analyst estimates of $305.23 million. Dolby Laboratories had a net margin of 19.62% and a return on equity of 11.52%. The company's revenue was up 9.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.71 EPS. As a group, sell-side analysts anticipate that Dolby Laboratories will post 2.94 earnings per share for the current fiscal year.

Dolby Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Tuesday, August 12th will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Tuesday, August 12th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.8%. Dolby Laboratories's payout ratio is presently 48.35%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Tigress Financial assumed coverage on shares of Dolby Laboratories in a research report on Thursday, May 15th. They issued a "buy" rating and a $112.00 price objective for the company. Barrington Research reaffirmed an "outperform" rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research report on Friday, May 2nd. Wall Street Zen downgraded shares of Dolby Laboratories from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $95.00 price objective on shares of Dolby Laboratories in a research report on Friday, August 1st.

Insider Transactions at Dolby Laboratories

In related news, EVP Mark Andrew Sherman sold 15,000 shares of Dolby Laboratories stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $75.02, for a total transaction of $1,125,300.00. Following the completion of the transaction, the executive vice president directly owned 62,397 shares of the company's stock, valued at $4,681,022.94. This trade represents a 19.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Kevin J. Yeaman sold 25,000 shares of Dolby Laboratories stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $72.31, for a total transaction of $1,807,750.00. Following the completion of the transaction, the chief executive officer directly owned 114,725 shares of the company's stock, valued at $8,295,764.75. This trade represents a 17.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 141,049 shares of company stock worth $10,521,141 in the last ninety days. Insiders own 38.39% of the company's stock.

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.