State of Alaska Department of Revenue Has $2.14 Million Stock Position in Dolby Laboratories, Inc. (NYSE:DLB)

State of Alaska Department of Revenue boosted its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 143.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 27,937 shares of the electronics maker’s stock after purchasing an additional 16,470 shares during the period. State of Alaska Department of Revenue’s holdings in Dolby Laboratories were worth $2,137,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Blue Trust Inc. boosted its stake in shares of Dolby Laboratories by 398.8% during the 2nd quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock worth $35,000 after acquiring an additional 331 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in Dolby Laboratories in the second quarter valued at about $37,000. GAMMA Investing LLC lifted its position in shares of Dolby Laboratories by 64.6% during the 2nd quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker’s stock worth $39,000 after buying an additional 192 shares during the period. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Dolby Laboratories by 192.4% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker’s stock valued at $46,000 after acquiring an additional 379 shares during the period. Finally, Headlands Technologies LLC boosted its position in Dolby Laboratories by 693.3% in the first quarter. Headlands Technologies LLC now owns 595 shares of the electronics maker’s stock valued at $50,000 after buying an additional 520 shares in the last quarter. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Dolby Laboratories Price Performance

Shares of NYSE:DLB opened at $73.65 on Friday. The company’s 50-day moving average price is $72.89 and its two-hundred day moving average price is $76.49. The stock has a market capitalization of $7.02 billion, a PE ratio of 33.63 and a beta of 0.97. Dolby Laboratories, Inc. has a one year low of $66.35 and a one year high of $90.06.

Dolby Laboratories (NYSE:DLB) last released its quarterly earnings results on Wednesday, August 7th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.14. Dolby Laboratories had a return on equity of 10.66% and a net margin of 16.87%. The business had revenue of $288.82 million during the quarter, compared to the consensus estimate of $286.26 million. On average, analysts anticipate that Dolby Laboratories, Inc. will post 2.71 earnings per share for the current fiscal year.

Dolby Laboratories Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend was Monday, August 19th. Dolby Laboratories’s payout ratio is 54.79%.

Dolby Laboratories declared that its Board of Directors has initiated a share repurchase plan on Wednesday, August 7th that allows the company to buyback $350.00 million in shares. This buyback authorization allows the electronics maker to repurchase up to 5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

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

Insider Transactions at Dolby Laboratories

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 28,512 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $74.12, for a total transaction of $2,113,309.44. Following the completion of the sale, the chief executive officer now owns 83,721 shares of the company’s stock, valued at approximately $6,205,400.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 39.54% of the company’s stock.

Dolby Laboratories Company 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.