Mackenzie Financial Corp Has $92.18 Million Stock Holdings in Dolby Laboratories (NYSE:DLB)

Key Points

• Mackenzie Financial Corp increased its ownership of Dolby Laboratories by 17.9%, acquiring an additional 174,373 shares to hold approximately 1.20% of the company, valued at $92.18 million.
• The latest earnings report showed Dolby Laboratories had earnings of $1.34 per share, surpassing estimates, but revenue fell short of expectations at $369.56 million.
• Dolby recently announced a quarterly dividend of $0.33 per share, yielding 1.73% with a payout ratio of 49.81%.

Mackenzie Financial Corp grew its stake in Dolby Laboratories (NYSE:DLB - Free Report) by 17.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,147,800 shares of the electronics maker's stock after acquiring an additional 174,373 shares during the quarter. Mackenzie Financial Corp owned 1.20% of Dolby Laboratories worth $92,180,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of DLB. Bank of New York Mellon Corp increased its stake in shares of Dolby Laboratories by 18.3% in the 1st quarter. Bank of New York Mellon Corp now owns 5,709,193 shares of the electronics maker's stock valued at $458,505,000 after acquiring an additional 882,716 shares during the last quarter. Norges Bank bought a new stake in shares of Dolby Laboratories in the 4th quarter valued at about $55,356,000. Alyeska Investment Group L.P. bought a new stake in shares of Dolby Laboratories in the 4th quarter valued at about $27,314,000. Frontier Capital Management Co. LLC acquired a new position in shares of Dolby Laboratories in the 4th quarter valued at approximately $24,323,000. Finally, Oberweis Asset Management Inc. bought a new stake in Dolby Laboratories during the 4th quarter worth approximately $14,136,000. 58.56% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Mark Andrew Sherman sold 15,000 shares of the stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $75.02, for a total value 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 approximately $4,681,022.94. This represents a 19.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Kevin J. Yeaman sold 2,491 shares of the 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 completion of the sale, the chief executive officer directly owned 114,725 shares of the company's stock, valued at approximately $8,604,375. The trade was a 2.13% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 116,724 shares of company stock valued at $8,764,043. 38.39% of the stock is owned by insiders.

Analyst Ratings Changes

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

Dolby Laboratories Price Performance

NYSE:DLB traded down $4.79 during trading hours on Friday, reaching $70.55. 392,342 shares of the stock were exchanged, compared to its average volume of 426,856. Dolby Laboratories has a twelve month low of $66.35 and a twelve month high of $89.66. The firm has a 50 day moving average of $75.01 and a 200 day moving average of $77.66. The stock has a market cap of $6.78 billion, a PE ratio of 26.59 and a beta of 0.91.

Dolby Laboratories (NYSE:DLB - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The electronics maker reported $0.78 earnings per share for the quarter, topping analysts' consensus estimates of $0.72 by $0.06. Dolby Laboratories had a return on equity of 11.48% and a net margin of 19.44%. The firm had revenue of $315.55 million during the quarter, compared to the consensus estimate of $305.23 million. During the same quarter in the prior year, the firm posted $0.71 EPS. The business's revenue was up 9.2% on a year-over-year basis. Equities research analysts anticipate that Dolby Laboratories will post 2.94 earnings per share for the current year.

Dolby Laboratories Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Tuesday, August 12th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.9%. Dolby Laboratories's payout ratio is presently 49.81%.

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.