Dolby Laboratories (NYSE:DLB) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. cut its stake in shares of Dolby Laboratories (NYSE:DLB - Free Report) by 12.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 153,339 shares of the electronics maker's stock after selling 21,826 shares during the quarter. Envestnet Asset Management Inc. owned about 0.16% of Dolby Laboratories worth $12,315,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of DLB. Bank of New York Mellon Corp increased its holdings in Dolby Laboratories by 18.3% in the 1st quarter. Bank of New York Mellon Corp now owns 5,709,193 shares of the electronics maker's stock worth $458,505,000 after buying an additional 882,716 shares in the last quarter. Norges Bank bought a new stake in shares of Dolby Laboratories in the fourth quarter worth approximately $55,356,000. Alyeska Investment Group L.P. purchased a new position in shares of Dolby Laboratories during the fourth quarter valued at approximately $27,314,000. Frontier Capital Management Co. LLC bought a new position in Dolby Laboratories during the fourth quarter valued at approximately $24,323,000. Finally, Oberweis Asset Management Inc. purchased a new stake in Dolby Laboratories in the fourth quarter worth approximately $14,136,000. Hedge funds and other institutional investors own 58.56% of the company's stock.

Dolby Laboratories Trading Down 0.4%

Dolby Laboratories stock traded down $0.27 during mid-day trading on Monday, hitting $75.08. The stock had a trading volume of 317,919 shares, compared to its average volume of 450,664. The firm has a market capitalization of $7.21 billion, a P/E ratio of 28.33 and a beta of 0.91. The firm's 50 day moving average is $75.16 and its 200 day moving average is $77.76. Dolby Laboratories has a one year low of $66.35 and a one year high of $89.66.

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 analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $375.44 million. During the same quarter last year, the firm posted $1.27 EPS. The firm's revenue for the quarter was up 1.4% on a year-over-year basis. As a group, equities research analysts forecast that Dolby Laboratories will post 2.94 earnings per share for the current year.

Dolby Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Tuesday, May 13th were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date of this dividend was Tuesday, May 13th. Dolby Laboratories's dividend payout ratio (DPR) is presently 49.81%.

Insider Buying and Selling at Dolby Laboratories

In other Dolby Laboratories news, 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 completion of the sale, the executive vice president owned 62,397 shares of the company's stock, valued at $4,681,022.94. This trade represents a 19.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John D. Couling sold 675 shares of the firm's 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 directly owned 121,151 shares of the company's stock, valued at $9,091,171.04. The trade was a 0.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 116,724 shares of company stock worth $8,764,043 in the last ninety days. 38.39% of the stock is owned by insiders.

Analysts Set New Price Targets

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

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.