Synovus Financial Corp Has $486,000 Position in Dolby Laboratories $DLB

Key Points

• Synovus Financial Corp has significantly reduced its holdings in Dolby Laboratories by 81.2%, now owning only 6,052 shares valued at approximately $486,000 after selling 26,183 shares during the first quarter.
• Despite Synovus's reduction, other hedge funds have increased their positions in Dolby, with Wealth Enhancement Advisory Services LLC boosting its stake by 114.6% during the same period.
• Dolby Laboratories has a current market capitalization of $6.91 billion and reported a 9.2% increase in quarterly revenue year-over-year, with earnings per share surpassing expectations.

Synovus Financial Corp cut its holdings in Dolby Laboratories (NYSE:DLB - Free Report) by 81.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 6,052 shares of the electronics maker's stock after selling 26,183 shares during the period. Synovus Financial Corp's holdings in Dolby Laboratories were worth $486,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Bank of New York Mellon Corp increased its holdings in shares of Dolby Laboratories by 18.3% during the 1st quarter. Bank of New York Mellon Corp now owns 5,709,193 shares of the electronics maker's stock worth $458,505,000 after buying an additional 882,716 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Dolby Laboratories by 7.1% during the 1st quarter. Vanguard Group Inc. now owns 7,535,722 shares of the electronics maker's stock worth $605,194,000 after buying an additional 502,110 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Dolby Laboratories during the 4th quarter worth $27,314,000. Frontier Capital Management Co. LLC acquired a new stake in shares of Dolby Laboratories during the 4th quarter worth $24,323,000. Finally, Nuveen LLC acquired a new stake in shares of Dolby Laboratories during the 1st quarter worth $16,890,000. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Dolby Laboratories

In other news, EVP Mark Andrew Sherman sold 15,000 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $75.02, for a total value of $1,125,300.00. Following the completion of the transaction, the executive vice president directly owned 62,397 shares in the company, valued at $4,681,022.94. This trade represents a 19.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Shriram Revankar sold 7,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $74.92, for a total transaction of $524,440.00. Following the completion of the transaction, the senior vice president owned 70,435 shares of the company's stock, valued at $5,276,990.20. This trade represents a 9.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 148,049 shares of company stock worth $11,045,581. 38.39% of the stock is owned by company insiders.

Dolby Laboratories Stock Performance

Shares of DLB stock traded down $0.46 during trading hours on Friday, hitting $71.68. 400,469 shares of the company were exchanged, compared to its average volume of 452,630. Dolby Laboratories has a one year low of $68.24 and a one year high of $89.66. The business's 50-day simple moving average is $74.24 and its two-hundred day simple moving average is $76.17. The stock has a market capitalization of $6.87 billion, a price-to-earnings ratio of 26.26 and a beta of 0.93.

Dolby Laboratories (NYSE:DLB - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The electronics maker reported $0.78 EPS for the quarter, topping the consensus estimate of $0.72 by $0.06. The business had revenue of $315.55 million for the quarter, compared to analysts' expectations of $305.23 million. Dolby Laboratories had a net margin of 19.62% and a return on equity of 11.52%. The company's quarterly revenue was up 9.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.71 earnings per share. Dolby Laboratories has set its FY 2025 guidance at 3.880-4.030 EPS. Q4 2025 guidance at 0.610-0.760 EPS. As a group, analysts anticipate that Dolby Laboratories will post 2.94 EPS for the current fiscal year.

Dolby Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 20th. Shareholders of record on Tuesday, August 12th were paid a $0.33 dividend. The ex-dividend date was Tuesday, August 12th. This represents a $1.32 annualized dividend and a dividend yield of 1.8%. Dolby Laboratories's dividend payout ratio (DPR) is presently 48.35%.

Wall Street Analysts Forecast Growth

DLB has been the subject of a number of research reports. Rosenblatt Securities reaffirmed a "buy" rating and set a $95.00 price target on shares of Dolby Laboratories in a research report on Friday, August 1st. Wall Street Zen raised shares of Dolby Laboratories from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Tigress Financial upped their price objective on shares of Dolby Laboratories from $112.00 to $114.00 and gave the company a "buy" rating in a research report on Friday, August 15th. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $103.00.

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.