Highland Capital Management LLC Takes Position in Dolby Laboratories (NYSE:DLB)

Highland Capital Management LLC bought a new stake in shares of Dolby Laboratories (NYSE:DLB - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 3,566 shares of the electronics maker's stock, valued at approximately $286,000.

A number of other hedge funds have also made changes to their positions in the stock. Park Avenue Securities LLC acquired a new position in Dolby Laboratories in the 1st quarter worth approximately $222,000. AlphaQuest LLC lifted its holdings in shares of Dolby Laboratories by 111.1% in the fourth quarter. AlphaQuest LLC now owns 6,148 shares of the electronics maker's stock valued at $480,000 after purchasing an additional 3,235 shares in the last quarter. Vise Technologies Inc. acquired a new stake in shares of Dolby Laboratories in the fourth quarter worth $308,000. Twin Tree Management LP acquired a new stake in shares of Dolby Laboratories in the fourth quarter worth $662,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Dolby Laboratories during the fourth quarter valued at $1,872,000. Institutional investors and hedge funds own 58.56% of the company's stock.

Insider Buying and Selling at Dolby Laboratories

In other news, EVP Mark Andrew Sherman sold 15,000 shares of the stock in a transaction on 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 transaction, the executive vice president owned 62,397 shares in the company, valued at $4,681,022.94. This represents a 19.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP John D. Couling sold 675 shares of the firm's 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 owned 121,151 shares in the company, valued at $9,091,171.04. This represents a 0.55% decrease in their position. The disclosure for this sale can be found here. Insiders sold 74,358 shares of company stock worth $5,593,770 over the last ninety days. 38.39% of the stock is currently owned by insiders.

Dolby Laboratories Price Performance

DLB traded up $0.22 during trading on Monday, reaching $74.27. 351,651 shares of the stock traded hands, compared to its average volume of 453,190. The stock's 50-day simple moving average is $75.02 and its two-hundred day simple moving average is $78.05. Dolby Laboratories has a fifty-two week low of $66.35 and a fifty-two week high of $89.66. The stock has a market cap of $7.14 billion, a price-to-earnings ratio of 28.03 and a beta of 0.93.

Dolby Laboratories (NYSE:DLB - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The electronics maker reported $1.34 earnings per share for the quarter, topping analysts' consensus estimates of $1.29 by $0.05. The company had revenue of $369.56 million during 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 business's quarterly revenue was up 1.4% on a year-over-year basis. During the same period last year, the business earned $1.27 EPS. Research analysts anticipate that Dolby Laboratories will post 2.94 earnings per share for the current fiscal year.

Dolby Laboratories Announces Dividend

The firm 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 annualized dividend and a yield of 1.78%. The ex-dividend date was Tuesday, May 13th. Dolby Laboratories's payout ratio is presently 49.81%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Rosenblatt Securities reissued a "buy" rating and issued a $95.00 price objective on shares of Dolby Laboratories in a research note on Friday, June 13th. Wall Street Zen raised shares of Dolby Laboratories from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Barrington Research restated an "outperform" rating and set a $100.00 price target on shares of Dolby Laboratories in a report on Friday, May 2nd. Finally, 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 objective on the stock.

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.