Teacher Retirement System of Texas Reduces Holdings in Dolby Laboratories (NYSE:DLB)

Teacher Retirement System of Texas lowered its stake in shares of Dolby Laboratories (NYSE:DLB - Free Report) by 39.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 85,659 shares of the electronics maker's stock after selling 55,780 shares during the quarter. Teacher Retirement System of Texas owned approximately 0.09% of Dolby Laboratories worth $6,879,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank bought a new position in Dolby Laboratories during the fourth quarter worth about $55,356,000. Alyeska Investment Group L.P. purchased a new stake in Dolby Laboratories in the fourth quarter valued at approximately $27,314,000. Frontier Capital Management Co. LLC purchased a new stake in Dolby Laboratories in the fourth quarter valued at approximately $24,323,000. Oberweis Asset Management Inc. purchased a new stake in Dolby Laboratories in the fourth quarter valued at approximately $14,136,000. Finally, ExodusPoint Capital Management LP purchased a new stake in shares of Dolby Laboratories during the 4th quarter valued at $11,459,000. 58.56% of the stock is owned by institutional investors.

Dolby Laboratories Price Performance

Dolby Laboratories stock traded up $0.23 during trading hours on Thursday, reaching $75.66. The company had a trading volume of 286,413 shares, compared to its average volume of 451,617. The company has a 50-day moving average price of $75.11 and a 200 day moving average price of $77.90. The firm has a market cap of $7.27 billion, a price-to-earnings ratio of 28.55 and a beta of 0.91. Dolby Laboratories has a 12-month low of $66.35 and a 12-month high of $89.66.

Dolby Laboratories (NYSE:DLB - Get Free Report) last issued 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. Dolby Laboratories had a net margin of 19.44% and a return on equity of 11.48%. The company had revenue of $369.56 million for the quarter, compared to the consensus estimate of $375.44 million. During the same period in the previous year, the firm earned $1.27 earnings per share. The firm's revenue for the quarter was up 1.4% on a year-over-year basis. As a group, research analysts expect that Dolby Laboratories will post 2.94 earnings per share for the current year.

Dolby Laboratories Dividend Announcement

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

Insider Activity

In other news, CEO Kevin J. Yeaman sold 33,683 shares of the company'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 directly owned 114,725 shares of the company's stock, valued at $8,744,339.50. This represents a 22.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark Andrew Sherman sold 15,000 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $75.02, for a total value of $1,125,300.00. Following the completion of the sale, the executive vice president directly owned 62,397 shares in the company, valued at approximately $4,681,022.94. This represents a 19.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 74,358 shares of company stock valued at $5,593,770. Company insiders own 38.39% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on DLB. Wall Street Zen upgraded Dolby Laboratories from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. 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 target on shares of Dolby Laboratories in a research note on Friday, May 2nd. Finally, Tigress Financial initiated coverage on shares of Dolby Laboratories in a research note on Thursday, May 15th. They set a "buy" rating and a $112.00 price target on the stock.

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.