Lecap Asset Management Ltd. Takes $502,000 Position in Dolby Laboratories (NYSE:DLB)

Lecap Asset Management Ltd. bought a new position in shares of Dolby Laboratories (NYSE:DLB - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 6,254 shares of the electronics maker's stock, valued at approximately $502,000.

Several other institutional investors also recently modified their holdings of the stock. Global X Japan Co. Ltd. acquired a new stake in shares of Dolby Laboratories during the 1st quarter valued at $51,000. Fifth Third Bancorp raised its position in Dolby Laboratories by 84.7% in 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. boosted its stake 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. Headlands Technologies LLC bought a new stake in shares of Dolby Laboratories during the fourth quarter worth about $57,000. Finally, Farther Finance Advisors LLC grew its holdings in shares of Dolby Laboratories by 239.3% during the first quarter. Farther Finance Advisors LLC now owns 743 shares of the electronics maker's stock worth $60,000 after purchasing an additional 524 shares during the last quarter. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Dolby Laboratories Price Performance

Shares of Dolby Laboratories stock traded up $0.22 during midday trading on Monday, reaching $74.27. The company had a trading volume of 351,651 shares, compared to its average volume of 453,190. The stock has a fifty day moving average price of $75.09 and a 200 day moving average price of $78.01. 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 cap of $7.14 billion, a PE ratio of 28.03 and a beta of 0.93.

Dolby Laboratories (NYSE:DLB - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The electronics maker reported $1.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 previous year, the company earned $1.27 EPS. The company's revenue for the quarter was up 1.4% on a year-over-year basis. As a group, sell-side analysts forecast that Dolby Laboratories will post 2.94 EPS for the current year.

Dolby Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Tuesday, May 13th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend was Tuesday, May 13th. Dolby Laboratories's dividend payout ratio (DPR) is presently 49.81%.

Analysts Set New Price Targets

DLB has been the subject of a number of research reports. Tigress Financial initiated coverage on shares of Dolby Laboratories in a report on Thursday, May 15th. They issued a "buy" rating and a $112.00 price objective for the company. Rosenblatt Securities reaffirmed a "buy" rating and set a $95.00 price target on shares of Dolby Laboratories in a research note on Friday, June 13th. Barrington Research reiterated an "outperform" rating and set a $100.00 price target on shares of Dolby Laboratories in a report on Friday, May 2nd. Finally, Wall Street Zen upgraded Dolby Laboratories from a "hold" rating to a "buy" rating in a report on Friday, May 30th.

Insider Activity

In related news, EVP Mark Andrew Sherman sold 15,000 shares of the firm's 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 completion of the sale, the executive vice president owned 62,397 shares of the company's stock, valued at $4,681,022.94. This trade represents a 19.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP John D. Couling sold 675 shares of Dolby Laboratories stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $75.04, for a total value of $50,652.00. Following the completion of the sale, the senior vice president owned 121,151 shares of the company's stock, valued at approximately $9,091,171.04. The trade was a 0.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 74,358 shares of company stock valued at $5,593,770 in the last ninety days. 38.39% of the stock is owned by company 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.