Teacher Retirement System of Texas Boosts Stock Holdings in Dolby Laboratories $DLB

Key Points

• Teacher Retirement System of Texas increased its stake in Dolby by 19.1% to 115,772 shares (about $7.44M), representing roughly 0.12% of the company.
• Insider selling: CAO Ryan Nicholson sold 2,667 shares and SVP Shriram Revankar sold 3,000 shares, reducing their positions; insiders still own 37.93% while institutional investors hold 58.56% of the stock.
• Operational and analyst update: Dolby beat quarterly EPS estimates ($1.06 vs. $0.99) on $346.7M revenue (down 2.8% YoY), and the stock has a consensus “Moderate Buy” with an average target of $90.75 and a 2.2% dividend yield.

Teacher Retirement System of Texas grew its position in shares of Dolby Laboratories (NYSE:DLB - Free Report) by 19.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 115,772 shares of the electronics maker's stock after acquiring an additional 18,579 shares during the quarter. Teacher Retirement System of Texas owned 0.12% of Dolby Laboratories worth $7,435,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. First Horizon Corp purchased a new position in Dolby Laboratories during the 3rd quarter worth $25,000. Hantz Financial Services Inc. boosted its holdings in Dolby Laboratories by 166.7% during the 3rd quarter. Hantz Financial Services Inc. now owns 352 shares of the electronics maker's stock worth $25,000 after acquiring an additional 220 shares during the last quarter. Mather Group LLC. purchased a new position in Dolby Laboratories during the 3rd quarter worth $38,000. Rothschild Investment LLC boosted its holdings in Dolby Laboratories by 4,046.7% during the 3rd quarter. Rothschild Investment LLC now owns 622 shares of the electronics maker's stock worth $45,000 after acquiring an additional 607 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in Dolby Laboratories during the 3rd quarter worth $50,000. 58.56% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Dolby Laboratories

In related news, CAO Ryan Nicholson sold 2,667 shares of the business's stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $66.38, for a total value of $177,035.46. Following the sale, the chief accounting officer directly owned 36,956 shares in the company, valued at approximately $2,453,139.28. The trade was a 6.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Shriram Revankar sold 3,000 shares of the company's stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $66.14, for a total value of $198,420.00. Following the sale, the senior vice president owned 83,218 shares in the company, valued at approximately $5,504,038.52. This represents a 3.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 37.93% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on DLB. Rosenblatt Securities reaffirmed a "buy" rating and set a $85.00 price objective on shares of Dolby Laboratories in a report on Friday, January 30th. Barrington Research lowered their target price on Dolby Laboratories from $95.00 to $90.00 and set an "outperform" rating on the stock in a research note on Monday, January 26th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Dolby Laboratories in a research note on Friday, March 27th. Finally, Wall Street Zen cut Dolby Laboratories from a "buy" rating to a "hold" rating in a research note on Saturday, January 31st. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $90.75.

Dolby Laboratories Stock Performance

Shares of Dolby Laboratories stock opened at $64.08 on Friday. Dolby Laboratories has a 52-week low of $57.62 and a 52-week high of $78.28. The stock's 50-day simple moving average is $62.67 and its 200 day simple moving average is $64.69. The stock has a market capitalization of $6.12 billion, a P/E ratio of 25.84 and a beta of 0.86.

Dolby Laboratories (NYSE:DLB - Get Free Report) last announced its quarterly earnings data on Thursday, January 29th. The electronics maker reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.99 by $0.07. Dolby Laboratories had a return on equity of 11.50% and a net margin of 17.97%.The business had revenue of $346.71 million for the quarter, compared to analysts' expectations of $341.26 million. During the same period in the previous year, the business posted $1.14 EPS. The firm's quarterly revenue was down 2.8% compared to the same quarter last year. Equities research analysts forecast that Dolby Laboratories will post 3.18 EPS for the current fiscal year.

Dolby Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 18th. Investors of record on Tuesday, February 10th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Tuesday, February 10th. Dolby Laboratories's payout ratio is currently 58.06%.

Dolby Laboratories Profile

Dolby Laboratories, Inc is a global leader in audio and imaging technologies, specializing in the development, licensing and deployment of solutions that enhance entertainment and communications experiences. The company's core business revolves around creating advanced audio codecs, noise reduction systems and spatial sound technologies for a wide range of applications, including cinema, broadcast, gaming, streaming and personal devices. Dolby's licensing model enables consumer electronics manufacturers, content creators and service providers to integrate its technologies into products such as televisions, smartphones, home theater systems and set-top boxes.

Among its flagship innovations are Dolby Atmos, an immersive audio format that delivers three-dimensional soundscapes for theaters and home systems; Dolby Digital and Dolby Digital Plus, widely adopted audio compression formats for broadcast and streaming; and Dolby Vision, a high-dynamic-range imaging technology that expands color, contrast and brightness in displays.

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