Neo Ivy Capital Management Buys Shares of 6,958 Dolby Laboratories (NYSE:DLB)

Key Points

• Neo Ivy Capital Management has taken a new position in Dolby Laboratories, acquiring 6,958 shares valued at approximately $559,000 in the 1st quarter.
• Dolby Laboratories recently announced a quarterly dividend of $0.33, resulting in an annualized dividend yield of 1.73%.
• The company reported a 1.34 EPS for the last quarter, exceeding expectations, although its revenue of $369.56 million fell short of analyst estimates.

Neo Ivy Capital Management purchased a new position in shares of Dolby Laboratories (NYSE:DLB - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 6,958 shares of the electronics maker's stock, valued at approximately $559,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC grew its stake in shares of Dolby Laboratories by 114.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 12,141 shares of the electronics maker's stock valued at $975,000 after acquiring an additional 6,484 shares in the last quarter. Park Avenue Securities LLC acquired a new position in shares of Dolby Laboratories during the 1st quarter worth approximately $222,000. Vise Technologies Inc. bought a new position in shares of Dolby Laboratories during the fourth quarter worth approximately $308,000. Principal Financial Group Inc. raised its position in shares of Dolby Laboratories by 3.0% in the first quarter. Principal Financial Group Inc. now owns 140,806 shares of the electronics maker's stock valued at $11,308,000 after buying an additional 4,121 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Dolby Laboratories in the fourth quarter valued at approximately $1,872,000. 58.56% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

DLB has been the subject of several analyst reports. Barrington Research reaffirmed an "outperform" rating and issued a $100.00 price objective on shares of Dolby Laboratories in a report on Friday, May 2nd. Wall Street Zen upgraded shares of Dolby Laboratories from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Rosenblatt Securities reissued a "buy" rating and issued a $95.00 price objective on shares of Dolby Laboratories in a research note on Friday, June 13th. Finally, Tigress Financial began 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.

Insider Activity

In related news, SVP John D. Couling sold 675 shares of Dolby Laboratories stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $75.04, for a total transaction of $50,652.00. Following the sale, the senior vice president directly owned 121,151 shares in the company, valued at $9,091,171.04. This trade represents a 0.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Kevin J. Yeaman sold 39,875 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $74.82, for a total transaction of $2,983,447.50. Following the completion of the transaction, the chief executive officer owned 114,725 shares of the company's stock, valued at approximately $8,583,724.50. This trade represents a 25.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 116,724 shares of company stock valued at $8,764,043 over the last quarter. 38.39% of the stock is owned by company insiders.

Dolby Laboratories Stock Performance

Shares of DLB traded up $0.32 during mid-day trading on Wednesday, reaching $76.41. The company had a trading volume of 52,078 shares, compared to its average volume of 425,271. The company has a market capitalization of $7.34 billion, a price-to-earnings ratio of 28.83 and a beta of 0.91. The company's 50 day simple moving average is $75.01 and its 200 day simple moving average is $77.69. Dolby Laboratories has a 1-year low of $66.35 and a 1-year high of $89.66.

Dolby Laboratories (NYSE:DLB - Get Free Report) last posted its earnings results on Thursday, May 1st. The electronics maker reported $1.34 earnings per share 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 analysts' expectations of $375.44 million. During the same quarter in the previous year, the firm posted $1.27 earnings per share. The company's revenue was up 1.4% on a year-over-year basis. As a group, equities analysts forecast that Dolby Laboratories will post 2.94 earnings per share for the current fiscal year.

Dolby Laboratories Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Tuesday, May 13th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.73%. The ex-dividend date was Tuesday, May 13th. Dolby Laboratories's dividend payout ratio (DPR) is currently 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.