Envestnet Asset Management Inc. Trims Stock Holdings in Dolby Laboratories (NYSE:DLB)

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

Other large investors also recently modified their holdings of the company. Alpine Bank Wealth Management bought a new stake in shares of Dolby Laboratories in the 1st quarter worth approximately $25,000. Global X Japan Co. Ltd. bought a new stake in shares of Dolby Laboratories during the first quarter valued at approximately $51,000. Fifth Third Bancorp boosted its position in shares of Dolby Laboratories by 84.7% during the first quarter. Fifth Third Bancorp now owns 665 shares of the electronics maker's stock valued at $53,000 after purchasing an additional 305 shares in the last quarter. UMB Bank n.a. boosted its position in shares of Dolby Laboratories by 170.5% during the first quarter. UMB Bank n.a. now owns 698 shares of the electronics maker's stock valued at $56,000 after purchasing an additional 440 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in shares of Dolby Laboratories during the fourth quarter valued at approximately $57,000. 58.56% of the stock is owned by hedge funds and other institutional investors.

Dolby Laboratories Stock Performance

Shares of NYSE:DLB traded up $0.11 during midday trading on Wednesday, reaching $76.72. 239,621 shares of the company's stock traded hands, compared to its average volume of 449,875. The company has a market cap of $7.37 billion, a price-to-earnings ratio of 28.95 and a beta of 0.91. Dolby Laboratories has a one year low of $66.35 and a one year high of $89.66. The stock has a 50 day moving average of $75.09 and a 200 day moving average of $77.73.

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

Dolby Laboratories Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Tuesday, May 13th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date of this dividend was Tuesday, May 13th. Dolby Laboratories's dividend payout ratio (DPR) is presently 49.81%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on DLB shares. Barrington Research restated an "outperform" rating and set a $100.00 price target on shares of Dolby Laboratories in a research report on Friday, May 2nd. Rosenblatt Securities reissued a "buy" rating and issued a $95.00 target price on shares of Dolby Laboratories in a report on Friday, June 13th. Wall Street Zen raised Dolby Laboratories from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Finally, Tigress Financial initiated coverage on Dolby Laboratories in a report on Thursday, May 15th. They issued a "buy" rating and a $112.00 target price on the stock.

Insider Activity at Dolby Laboratories

In related news, CEO Kevin J. Yeaman sold 2,491 shares of the company's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $75.00, for a total transaction of $186,825.00. Following the completion of the sale, the chief executive officer owned 114,725 shares in the company, valued at approximately $8,604,375. This represents a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Andrew Sherman sold 15,000 shares of the company's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $75.02, for a total value of $1,125,300.00. Following the sale, the executive vice president owned 62,397 shares of the company's stock, valued at approximately $4,681,022.94. This trade represents a 19.38% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 116,724 shares of company stock worth $8,764,043. 38.39% of the stock is owned by insiders.

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.