Point72 Hong Kong Ltd Buys Shares of 3,544 Dolby Laboratories, Inc. (NYSE:DLB)

Point72 Hong Kong Ltd bought a new position in shares of Dolby Laboratories, Inc. (NYSE:DLB) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 3,544 shares of the electronics maker’s stock, valued at approximately $277,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in DLB. Allspring Global Investments Holdings LLC grew its holdings in shares of Dolby Laboratories by 10,441,900.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 104,420 shares of the electronics maker’s stock valued at $8,123,000 after purchasing an additional 104,419 shares during the last quarter. Barclays PLC grew its stake in shares of Dolby Laboratories by 80.5% during the third quarter. Barclays PLC now owns 33,230 shares of the electronics maker’s stock worth $2,544,000 after buying an additional 14,825 shares during the last quarter. AlphaQuest LLC increased its holdings in shares of Dolby Laboratories by 111.1% during the fourth quarter. AlphaQuest LLC now owns 6,148 shares of the electronics maker’s stock worth $480,000 after buying an additional 3,235 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Dolby Laboratories in the 4th quarter valued at $3,543,000. Finally, Twin Tree Management LP bought a new position in shares of Dolby Laboratories in the 4th quarter valued at $662,000. Institutional investors own 58.56% of the company’s stock.

Insider Activity

In other Dolby Laboratories news, SVP John D. Couling sold 675 shares of the stock in a transaction dated 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 now directly owns 121,151 shares in the company, valued at approximately $9,091,171.04. This trade represents a 0.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CMO Todd Pendleton sold 18,121 shares of Dolby Laboratories stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $83.75, for a total value of $1,517,633.75. Following the completion of the transaction, the chief marketing officer now directly owns 37,290 shares of the company’s stock, valued at approximately $3,123,037.50. This trade represents a 32.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 38.39% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Tigress Financial assumed coverage on Dolby Laboratories in a report on Thursday. They issued a “buy” rating and a $112.00 target price for the company. Barrington Research reaffirmed an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research note on Friday, May 2nd. StockNews.com lowered shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a report on Friday, January 31st. Finally, Rosenblatt Securities reduced their target price on shares of Dolby Laboratories from $100.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, May 2nd.

Dolby Laboratories Stock Up 0.4%

Shares of NYSE:DLB opened at $77.54 on Friday. The firm has a market cap of $7.40 billion, a P/E ratio of 28.51 and a beta of 0.95. Dolby Laboratories, Inc. has a 12-month low of $66.35 and a 12-month high of $89.66. The business has a fifty day simple moving average of $76.57 and a 200 day simple moving average of $78.48.

Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings data on Thursday, May 1st. The electronics maker reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.05. The company had revenue of $369.56 million during the quarter, compared to the consensus estimate of $375.44 million. Dolby Laboratories had a return on equity of 11.32% and a net margin of 19.97%. The firm’s revenue was up 1.4% compared to the same quarter last year. During the same period last year, the company earned $1.27 earnings per share. As a group, equities research analysts expect that Dolby Laboratories, Inc. will post 2.94 EPS for the current year.

Dolby Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 21st. Stockholders of record on Tuesday, May 13th will be given a $0.33 dividend. The ex-dividend date is Tuesday, May 13th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.70%. Dolby Laboratories’s dividend payout ratio (DPR) is currently 49.81%.

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.