Pallas Capital Advisors LLC Takes $462,000 Position in Dolby Laboratories, Inc. (NYSE:DLB)

Pallas Capital Advisors LLC acquired a new position in shares of Dolby Laboratories, Inc. (NYSE:DLB - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 5,749 shares of the electronics maker's stock, valued at approximately $462,000.

Several other hedge funds have also modified their holdings of the stock. Savant Capital LLC increased its holdings in shares of Dolby Laboratories by 2.0% in the 4th quarter. Savant Capital LLC now owns 6,274 shares of the electronics maker's stock valued at $490,000 after acquiring an additional 125 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in Dolby Laboratories by 10,441,900.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 104,420 shares of the electronics maker's stock valued at $8,123,000 after purchasing an additional 104,419 shares during the last quarter. Naples Global Advisors LLC increased its stake in Dolby Laboratories by 0.4% in the fourth quarter. Naples Global Advisors LLC now owns 35,730 shares of the electronics maker's stock valued at $2,791,000 after purchasing an additional 160 shares during the last quarter. Vontobel Holding Ltd. acquired a new stake in Dolby Laboratories during the fourth quarter worth approximately $1,237,000. Finally, Rhumbline Advisers lifted its position in shares of Dolby Laboratories by 0.5% during the 4th quarter. Rhumbline Advisers now owns 250,121 shares of the electronics maker's stock worth $19,534,000 after buying an additional 1,194 shares during the last quarter. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Dolby Laboratories

In related news, CEO Kevin J. Yeaman sold 33,683 shares of the business's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $76.22, for a total value of $2,567,318.26. Following the sale, the chief executive officer now directly owns 114,725 shares in the company, valued at $8,744,339.50. The trade was a 22.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark Andrew Sherman sold 15,000 shares of the firm's 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 transaction, the executive vice president now owns 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 49,358 shares of company stock valued at $3,743,270. Insiders own 38.39% of the company's stock.

Dolby Laboratories Stock Down 1.7%

Shares of NYSE DLB traded down $1.26 during mid-day trading on Friday, hitting $73.97. 383,225 shares of the company were exchanged, compared to its average volume of 451,587. The stock has a 50 day simple moving average of $74.73 and a 200-day simple moving average of $78.49. Dolby Laboratories, Inc. has a 1-year low of $66.35 and a 1-year high of $89.66. The firm has a market cap of $7.11 billion, a price-to-earnings ratio of 27.19 and a beta of 0.93.

Dolby Laboratories (NYSE:DLB - Get Free Report) last released its earnings results on Thursday, May 1st. The electronics maker reported $1.34 EPS for the quarter, topping the consensus estimate of $1.29 by $0.05. The company had revenue of $369.56 million during the quarter, compared to analysts' expectations of $375.44 million. Dolby Laboratories had a net margin of 19.97% and a return on equity of 11.32%. The business's revenue was up 1.4% on a year-over-year basis. During the same quarter last year, the business earned $1.27 EPS. Analysts anticipate that Dolby Laboratories, Inc. will post 2.94 earnings per share for the current fiscal year.

Dolby Laboratories Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Tuesday, May 13th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $1.32 dividend on an annualized basis and a yield of 1.78%. Dolby Laboratories's payout ratio is 49.81%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Tigress Financial assumed coverage on Dolby Laboratories in a research report on Thursday, May 15th. They set a "buy" rating and a $112.00 price target on the stock. Rosenblatt Securities reiterated a "buy" rating and issued a $95.00 price target on shares of Dolby Laboratories in a research report on Friday. Barrington Research reissued an "outperform" rating and set a $100.00 price objective on shares of Dolby Laboratories in a research report on Friday, May 2nd. Finally, Wall Street Zen raised shares of Dolby Laboratories from a "hold" rating to a "buy" rating in a report on Friday, May 30th.

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.