Pacer Advisors Inc. Purchases 121,564 Shares of Dolby Laboratories (NYSE:DLB)

Key Points

• Pacer Advisors Inc. significantly increased its investment in Dolby Laboratories by acquiring an additional 121,564 shares, raising its stake by 294.9% to a total of 162,787 shares valued at $13 million.
• Various analysts have recently issued positive ratings on Dolby Laboratories, including a $112 price target from Tigress Financial and reaffirmed "buy" ratings from Rosenblatt Securities and Barrington Research.
• Dolby Laboratories announced a quarterly dividend of $0.33 per share, resulting in an annualized dividend yield of 1.73% and a payout ratio of 49.81%.

Pacer Advisors Inc. increased its position in shares of Dolby Laboratories (NYSE:DLB - Free Report) by 294.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 162,787 shares of the electronics maker's stock after buying an additional 121,564 shares during the quarter. Pacer Advisors Inc. owned about 0.17% of Dolby Laboratories worth $13,073,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Alpine Bank Wealth Management bought a new stake in Dolby Laboratories during the 1st quarter worth approximately $25,000. Global X Japan Co. Ltd. bought a new stake in Dolby Laboratories during the 1st quarter worth approximately $51,000. Fifth Third Bancorp increased 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 purchasing an additional 305 shares in the last quarter. UMB Bank n.a. increased 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 purchasing an additional 440 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in Dolby Laboratories during the 4th quarter worth approximately $57,000. 58.56% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Dolby Laboratories

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 39,875 shares of the stock in a transaction on Tuesday, July 15th. The stock was 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 directly owned 114,725 shares of the company's stock, valued at approximately $8,583,724.50. This represents a 25.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John D. Couling sold 675 shares of the stock in a transaction on Monday, May 5th. The shares were sold at an average price of $75.04, for a total value of $50,652.00. Following the transaction, the senior vice president directly owned 121,151 shares of the company's stock, valued at approximately $9,091,171.04. This trade represents a 0.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 116,724 shares of company stock valued at $8,764,043. Company insiders own 38.39% of the company's stock.

Wall Street Analyst Weigh In

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

Dolby Laboratories Trading Up 0.4%

Shares of DLB stock traded up $0.32 during trading on Wednesday, hitting $76.41. The company's stock had a trading volume of 48,329 shares, compared to its average volume of 425,238. The company has a market cap of $7.34 billion, a PE ratio of 28.84 and a beta of 0.91. The business has a fifty day moving average of $75.01 and a 200-day moving average of $77.69. Dolby Laboratories has a 52 week low of $66.35 and a 52 week high of $89.66.

Dolby Laboratories (NYSE:DLB - Get Free Report) last released its earnings results on Thursday, May 1st. The electronics maker reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.05. The company had revenue of $369.56 million during the quarter, compared to analyst estimates of $375.44 million. Dolby Laboratories had a return on equity of 11.48% and a net margin of 19.44%. Dolby Laboratories's quarterly revenue was up 1.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.27 earnings per share. As a group, research analysts predict that Dolby Laboratories will post 2.94 EPS for the current year.

Dolby Laboratories Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Tuesday, May 13th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.73%. The ex-dividend date of this dividend was Tuesday, May 13th. Dolby Laboratories's dividend payout ratio (DPR) is 49.81%.

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.