Dolby Laboratories (NYSE:DLB) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. increased its holdings in shares of Dolby Laboratories (NYSE:DLB - Free Report) by 3.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 140,806 shares of the electronics maker's stock after purchasing an additional 4,121 shares during the quarter. Principal Financial Group Inc. owned 0.15% of Dolby Laboratories worth $11,308,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DLB. Vanguard Group Inc. grew its position in Dolby Laboratories by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 7,033,612 shares of the electronics maker's stock valued at $549,325,000 after acquiring an additional 68,771 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Dolby Laboratories by 3.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 901,707 shares of the electronics maker's stock valued at $70,424,000 after acquiring an additional 31,164 shares in the last quarter. First Trust Advisors LP grew its position in Dolby Laboratories by 0.9% in the 4th quarter. First Trust Advisors LP now owns 794,772 shares of the electronics maker's stock valued at $62,072,000 after acquiring an additional 7,265 shares in the last quarter. Norges Bank acquired a new position in Dolby Laboratories in the 4th quarter valued at about $55,356,000. Finally, Northern Trust Corp grew its position in Dolby Laboratories by 5.6% in the 4th quarter. Northern Trust Corp now owns 582,004 shares of the electronics maker's stock valued at $45,455,000 after acquiring an additional 30,826 shares in the last quarter. 58.56% of the stock is owned by institutional investors and hedge funds.

Dolby Laboratories Price Performance

Shares of Dolby Laboratories stock traded up $0.66 on Thursday, reaching $75.67. 333,830 shares of the company were exchanged, compared to its average volume of 450,984. Dolby Laboratories has a 1-year low of $66.35 and a 1-year high of $89.66. The company has a market cap of $7.27 billion, a P/E ratio of 28.56 and a beta of 0.91. The stock's 50 day moving average price is $75.16 and its 200-day moving average price is $77.78.

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

Dolby Laboratories Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Tuesday, May 13th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.74%. The ex-dividend date was Tuesday, May 13th. Dolby Laboratories's payout ratio is 49.81%.

Insider Buying and Selling

In related news, SVP John D. Couling sold 675 shares of the business's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $75.04, for a total transaction of $50,652.00. Following the completion of the sale, the senior vice president owned 121,151 shares in the company, valued at $9,091,171.04. The trade was a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kevin J. Yeaman sold 2,491 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $75.00, for a total value of $186,825.00. Following the sale, the chief executive officer 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. Insiders sold a total of 116,724 shares of company stock worth $8,764,043 over the last 90 days. 38.39% of the stock is owned by insiders.

Analyst Ratings Changes

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

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.