Vest Financial LLC Increases Stock Holdings in Dolby Laboratories $DLB

Key Points

• Vest Financial LLC increased its stake in Dolby Laboratories by 56% in Q4, adding 30,532 shares to hold 85,070 shares worth about $5.46 million (roughly 0.09% of the company).
• Insider selling occurred: SVP Shriram Revankar sold 3,000 shares at an average of $66.14 and CAO Ryan Nicholson sold 2,667 shares at $66.38, leaving insiders with 37.93% ownership.
• Dolby slightly beat expectations with Q4 EPS of $1.06 vs. $0.99 and revenue of $346.7M vs. $341.3M (revenue down 2.8% YoY), pays a $0.36 quarterly dividend (2.3% yield), and carries a consensus analyst target of $90.75.

Vest Financial LLC raised its position in shares of Dolby Laboratories (NYSE:DLB - Free Report) by 56.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 85,070 shares of the electronics maker's stock after acquiring an additional 30,532 shares during the period. Vest Financial LLC owned approximately 0.09% of Dolby Laboratories worth $5,463,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. First Horizon Corp purchased a new stake in shares of Dolby Laboratories during the 3rd quarter valued at about $25,000. Hantz Financial Services Inc. lifted its position in shares of Dolby Laboratories by 166.7% during the third quarter. Hantz Financial Services Inc. now owns 352 shares of the electronics maker's stock worth $25,000 after purchasing an additional 220 shares in the last quarter. Mather Group LLC. purchased a new position in shares of Dolby Laboratories in the third quarter valued at $38,000. Rothschild Investment LLC grew 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 valued at $45,000 after purchasing an additional 607 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Dolby Laboratories during the 3rd quarter worth approximately $50,000. Institutional investors and hedge funds own 58.56% of the company's stock.

Insider Activity at Dolby Laboratories

In other news, SVP Shriram Revankar sold 3,000 shares of the stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $66.14, for a total value of $198,420.00. Following the completion of the sale, the senior vice president owned 83,218 shares in the company, valued at $5,504,038.52. This represents a 3.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Ryan Nicholson sold 2,667 shares of the company's stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $66.38, for a total value of $177,035.46. Following the completion of the transaction, the chief accounting officer owned 36,956 shares in the company, valued at $2,453,139.28. This represents a 6.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 37.93% of the company's stock.

Dolby Laboratories Trading Up 0.5%

Shares of NYSE DLB opened at $63.24 on Wednesday. Dolby Laboratories has a twelve month low of $57.62 and a twelve month high of $78.28. The company has a market capitalization of $6.04 billion, a price-to-earnings ratio of 25.23 and a beta of 0.86. The firm has a 50-day moving average of $62.61 and a two-hundred day moving average of $64.57.

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

Dolby Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 18th. Shareholders of record on Tuesday, February 10th were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 2.3%. The ex-dividend date was Tuesday, February 10th. Dolby Laboratories's payout ratio is presently 58.06%.

Analysts Set New Price Targets

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

About Dolby Laboratories

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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