ING Groep NV Makes New Investment in Dolby Laboratories (NYSE:DLB)

Key Points

• ING Groep NV has acquired a new stake in Dolby Laboratories, purchasing 12,500 shares valued at approximately $1,004,000.
• A recent downgrade from Wall Street Zen changed Dolby Laboratories' rating from "buy" to "hold," affecting investor sentiment.
• Dolby Laboratories plans to distribute a quarterly dividend of $0.33 per share on August 20, representing an annualized yield of 1.8%.

ING Groep NV bought a new stake in shares of Dolby Laboratories (NYSE:DLB - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 12,500 shares of the electronics maker's stock, valued at approximately $1,004,000.

Several other large investors also recently modified their holdings of the business. Securian Asset Management Inc. grew its stake in shares of Dolby Laboratories by 3.0% during the first quarter. Securian Asset Management Inc. now owns 4,648 shares of the electronics maker's stock valued at $373,000 after acquiring an additional 137 shares in the last quarter. Synovus Financial Corp grew its stake in shares of Dolby Laboratories by 0.5% during the fourth quarter. Synovus Financial Corp now owns 32,235 shares of the electronics maker's stock valued at $2,518,000 after acquiring an additional 173 shares in the last quarter. Net Worth Advisory Group grew its stake in shares of Dolby Laboratories by 5.2% during the first quarter. Net Worth Advisory Group now owns 3,591 shares of the electronics maker's stock valued at $288,000 after acquiring an additional 178 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its stake in Dolby Laboratories by 0.5% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 44,954 shares of the electronics maker's stock worth $3,511,000 after purchasing an additional 216 shares in the last quarter. Finally, US Bancorp DE grew its stake in Dolby Laboratories by 18.6% in the first quarter. US Bancorp DE now owns 1,444 shares of the electronics maker's stock worth $116,000 after purchasing an additional 226 shares in the last quarter. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DLB has been the subject of a number of research reports. Wall Street Zen downgraded Dolby Laboratories from a "buy" rating to a "hold" rating in a research note on Saturday. Tigress Financial began coverage on Dolby Laboratories in a research note on Thursday, May 15th. They issued a "buy" rating and a $112.00 price target for the company. Rosenblatt Securities restated a "buy" rating and issued a $95.00 target price on shares of Dolby Laboratories in a research note on Friday, August 1st. Finally, Barrington Research restated an "outperform" rating and issued a $100.00 target price on shares of Dolby Laboratories in a research note on Friday, May 2nd.

Dolby Laboratories Stock Up 0.9%

DLB stock traded up $0.62 during midday trading on Friday, reaching $72.60. The company had a trading volume of 301,505 shares, compared to its average volume of 358,540. The stock has a 50 day moving average price of $74.67 and a 200 day moving average price of $77.29. Dolby Laboratories has a fifty-two week low of $66.35 and a fifty-two week high of $89.66. The firm has a market capitalization of $6.96 billion, a PE ratio of 26.59 and a beta of 0.91.

Dolby Laboratories (NYSE:DLB - Get Free Report) last issued its earnings results on Thursday, July 31st. The electronics maker reported $0.78 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.06. The company had revenue of $315.55 million during the quarter, compared to the consensus estimate of $305.23 million. Dolby Laboratories had a return on equity of 11.52% and a net margin of 19.62%. Dolby Laboratories's quarterly revenue was up 9.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.71 earnings per share. Research analysts predict that Dolby Laboratories will post 2.94 EPS for the current year.

Dolby Laboratories Dividend Announcement

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

Insider Buying and Selling

In other news, EVP Mark Andrew Sherman sold 15,000 shares of Dolby Laboratories stock in a transaction that occurred 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 sale, the executive vice president owned 62,397 shares of the company's stock, valued at approximately $4,681,022.94. The trade was a 19.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Kevin J. Yeaman sold 2,491 shares of Dolby Laboratories stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $75.00, for a total value of $186,825.00. Following the sale, the chief executive officer directly owned 114,725 shares in the company, valued at approximately $8,604,375. This trade represents a 2.13% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 116,049 shares of company stock worth $8,713,391. Corporate insiders own 38.39% of the company's 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.