Janney Montgomery Scott LLC Sells 7,479 Shares of Dolby Laboratories (NYSE:DLB)

Janney Montgomery Scott LLC cut its stake in shares of Dolby Laboratories (NYSE:DLB - Free Report) by 73.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,709 shares of the electronics maker's stock after selling 7,479 shares during the quarter. Janney Montgomery Scott LLC's holdings in Dolby Laboratories were worth $218,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in DLB. Fifth Third Bancorp grew its holdings in Dolby Laboratories by 84.7% during the 1st quarter. Fifth Third Bancorp now owns 665 shares of the electronics maker's stock worth $53,000 after acquiring an additional 305 shares during the last quarter. UMB Bank n.a. grew its holdings in Dolby Laboratories by 170.5% during the 1st quarter. UMB Bank n.a. now owns 698 shares of the electronics maker's stock worth $56,000 after acquiring an additional 440 shares during the last quarter. Headlands Technologies LLC bought a new stake in Dolby Laboratories during the 4th quarter worth approximately $57,000. Farther Finance Advisors LLC boosted its stake in shares of Dolby Laboratories by 239.3% in the 1st quarter. Farther Finance Advisors LLC now owns 743 shares of the electronics maker's stock valued at $60,000 after purchasing an additional 524 shares during the last quarter. Finally, Kapitalo Investimentos Ltda bought a new stake in shares of Dolby Laboratories in the 4th quarter valued at $71,000. 58.56% of the stock is owned by institutional investors.

Dolby Laboratories Price Performance

Shares of Dolby Laboratories stock traded up $0.23 during trading on Thursday, reaching $75.66. 286,426 shares of the company traded hands, compared to its average volume of 452,101. Dolby Laboratories has a 1-year low of $66.35 and a 1-year high of $89.66. The company has a 50 day moving average price of $75.10 and a 200-day moving average price of $77.89. The firm has a market capitalization of $7.27 billion, a PE ratio of 28.55 and a beta of 0.91.

Dolby Laboratories (NYSE:DLB - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The electronics maker reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.05. Dolby Laboratories had a net margin of 19.44% and a return on equity of 11.48%. The firm had revenue of $369.56 million for the quarter, compared to the consensus estimate of $375.44 million. During the same quarter in the prior year, the company posted $1.27 earnings per share. The business's revenue was up 1.4% on a year-over-year basis. Equities research analysts expect 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. Stockholders of record on Tuesday, May 13th were paid a $0.33 dividend. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $1.32 annualized dividend and a dividend yield of 1.74%. Dolby Laboratories's payout ratio is 49.81%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Rosenblatt Securities reaffirmed a "buy" rating and issued a $95.00 price objective on shares of Dolby Laboratories in a research note on Friday, June 13th. Tigress Financial assumed coverage on shares of Dolby Laboratories in a research note on Thursday, May 15th. They issued a "buy" rating and a $112.00 price objective on the stock. Barrington Research reaffirmed an "outperform" rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research note on Friday, May 2nd. Finally, Wall Street Zen upgraded shares of Dolby Laboratories from a "hold" rating to a "buy" rating in a research report on Friday, May 30th.

Insider Transactions at Dolby Laboratories

In related news, EVP Mark Andrew Sherman sold 15,000 shares of the stock in a transaction dated 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 completion of the transaction, the executive vice president owned 62,397 shares in the company, valued at approximately $4,681,022.94. This represents a 19.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kevin J. Yeaman sold 25,000 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $74.02, for a total transaction of $1,850,500.00. Following the transaction, the chief executive officer owned 114,725 shares of the company's stock, valued at approximately $8,491,944.50. The trade was a 17.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 74,358 shares of company stock worth $5,593,770 in the last quarter. 38.39% of the stock is currently owned by corporate insiders.

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.