Mitchell & Pahl Private Wealth LLC Increases Holdings in Dolby Laboratories, Inc. (NYSE:DLB)

Mitchell & Pahl Private Wealth LLC increased its position in Dolby Laboratories, Inc. (NYSE:DLB) by 1.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 14,026 shares of the electronics maker’s stock after acquiring an additional 209 shares during the quarter. Mitchell & Pahl Private Wealth LLC’s holdings in Dolby Laboratories were worth $1,073,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of DLB. Lord Abbett & CO. LLC raised its position in Dolby Laboratories by 9.8% in the first quarter. Lord Abbett & CO. LLC now owns 266,672 shares of the electronics maker’s stock worth $22,339,000 after acquiring an additional 23,804 shares during the period. Illinois Municipal Retirement Fund increased its position in Dolby Laboratories by 47.9% in the first quarter. Illinois Municipal Retirement Fund now owns 31,518 shares of the electronics maker’s stock worth $2,640,000 after buying an additional 10,202 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Dolby Laboratories by 1.7% in the first quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock worth $544,711,000 after buying an additional 107,713 shares during the period. Boston Trust Walden Corp lifted its position in shares of Dolby Laboratories by 3.1% during the 2nd quarter. Boston Trust Walden Corp now owns 376,793 shares of the electronics maker’s stock valued at $29,853,000 after buying an additional 11,177 shares in the last quarter. Finally, Panagora Asset Management Inc. bought a new position in shares of Dolby Laboratories during the 2nd quarter valued at approximately $3,348,000. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Dolby Laboratories Stock Down 0.3 %

NYSE:DLB traded down $0.23 on Thursday, reaching $73.79. 41,398 shares of the company’s stock traded hands, compared to its average volume of 409,507. The firm has a market cap of $7.07 billion, a PE ratio of 37.77 and a beta of 0.97. The stock has a 50-day simple moving average of $72.20 and a 200-day simple moving average of $77.18. Dolby Laboratories, Inc. has a 12 month low of $66.35 and a 12 month high of $90.06.

Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings results on Wednesday, August 7th. The electronics maker reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.14. The business had revenue of $288.82 million during the quarter, compared to the consensus estimate of $286.26 million. Dolby Laboratories had a return on equity of 10.66% and a net margin of 16.87%. On average, equities analysts anticipate that Dolby Laboratories, Inc. will post 2.72 earnings per share for the current year.

Dolby Laboratories Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were issued a $0.30 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $1.20 dividend on an annualized basis and a yield of 1.63%. Dolby Laboratories’s dividend payout ratio is currently 61.22%.

Dolby Laboratories announced that its Board of Directors has authorized a stock repurchase program on Wednesday, August 7th that allows the company to repurchase $350.00 million in outstanding shares. This repurchase authorization allows the electronics maker to reacquire up to 5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Separately, Barrington Research restated an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a research note on Friday, September 20th.

Dolby Laboratories Profile

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.