Illinois Municipal Retirement Fund Grows Position in Dolby Laboratories (NYSE:DLB)

Illinois Municipal Retirement Fund increased its stake in shares of Dolby Laboratories (NYSE:DLB - Free Report) by 20.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 30,784 shares of the electronics maker's stock after purchasing an additional 5,212 shares during the period. Illinois Municipal Retirement Fund's holdings in Dolby Laboratories were worth $2,472,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in DLB. Alpine Bank Wealth Management purchased a new position in shares of Dolby Laboratories during the first quarter valued at approximately $25,000. Global X Japan Co. Ltd. purchased a new position in shares of Dolby Laboratories during the first quarter valued at approximately $51,000. Fifth Third Bancorp raised its holdings 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 during the last quarter. UMB Bank n.a. raised its holdings 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 during the last quarter. Finally, Headlands Technologies LLC purchased a new position 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.

Insiders Place Their Bets

In other Dolby Laboratories news, SVP John D. Couling sold 675 shares of the company's stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $75.04, for a total value of $50,652.00. Following the completion of the transaction, the senior vice president directly owned 121,151 shares in the company, valued at $9,091,171.04. This represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Kevin J. Yeaman sold 33,683 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $76.22, for a total transaction of $2,567,318.26. Following the completion of the transaction, the chief executive officer owned 114,725 shares of the company's stock, valued at approximately $8,744,339.50. The trade was a 22.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 74,358 shares of company stock worth $5,593,770 over the last three months. 38.39% of the stock is currently owned by company insiders.

Dolby Laboratories Trading Up 1.8%

NYSE DLB traded up $1.30 during trading hours on Tuesday, hitting $75.56. 348,461 shares of the company's stock traded hands, compared to its average volume of 452,065. The business's fifty day moving average price is $75.09 and its two-hundred day moving average price is $78.01. The firm has a market capitalization of $7.26 billion, a P/E ratio of 28.51 and a beta of 0.91. Dolby Laboratories has a 52 week low of $66.35 and a 52 week high of $89.66.

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

Dolby Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders 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 dividend on an annualized basis and a dividend yield of 1.75%. Dolby Laboratories's payout ratio is currently 49.81%.

Analyst Ratings Changes

Several research analysts have recently weighed in on DLB shares. Wall Street Zen raised shares of Dolby Laboratories from a "hold" rating to a "buy" rating in a report on Friday, May 30th. 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 target price for the company. Rosenblatt Securities restated a "buy" rating and set a $95.00 target price on shares of Dolby Laboratories in a research report on Friday, June 13th. 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.