State Board of Administration of Florida Retirement System Purchases 360 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Posted by on May 12th, 2023

State Board of Administration of Florida Retirement System boosted its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB – Get Rating) by 0.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 65,303 shares of the electronics maker’s stock after buying an additional 360 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.07% of Dolby Laboratories worth $4,606,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Cullen Frost Bankers Inc. purchased a new stake in Dolby Laboratories during the 3rd quarter valued at $39,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Dolby Laboratories by 2.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,552 shares of the electronics maker’s stock valued at $603,000 after buying an additional 170 shares during the period. Simplicity Solutions LLC raised its holdings in Dolby Laboratories by 6.3% during the 4th quarter. Simplicity Solutions LLC now owns 7,963 shares of the electronics maker’s stock valued at $562,000 after buying an additional 475 shares during the period. AEGON ASSET MANAGEMENT UK Plc raised its holdings in Dolby Laboratories by 27.3% during the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 28,268 shares of the electronics maker’s stock valued at $1,994,000 after buying an additional 6,056 shares during the period. Finally, Twinbeech Capital LP purchased a new stake in Dolby Laboratories during the 3rd quarter valued at $3,823,000. Hedge funds and other institutional investors own 82.30% of the company’s stock.

Dolby Laboratories Trading Down 1.5 %

DLB opened at $84.20 on Friday. Dolby Laboratories, Inc. has a 12-month low of $61.55 and a 12-month high of $88.06. The business’s fifty day simple moving average is $83.45 and its 200-day simple moving average is $77.60. The company has a market capitalization of $8.07 billion, a price-to-earnings ratio of 34.09, a PEG ratio of 2.21 and a beta of 1.01.

Dolby Laboratories Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 23rd. Stockholders of record on Tuesday, May 16th will be given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date is Monday, May 15th. Dolby Laboratories’s payout ratio is 43.72%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. TheStreet upgraded Dolby Laboratories from a “c” rating to a “b” rating in a research note on Friday, February 3rd. Rosenblatt Securities increased their target price on Dolby Laboratories from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 3rd. Tigress Financial reiterated a “buy” rating and issued a $116.00 target price on shares of Dolby Laboratories in a research note on Friday, April 14th. Finally, StockNews.com assumed coverage on Dolby Laboratories in a research note on Thursday, March 16th. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $98.67.

Insider Transactions at Dolby Laboratories

In related news, EVP Mark Andrew Sherman sold 15,000 shares of the firm’s stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $83.59, for a total transaction of $1,253,850.00. Following the sale, the executive vice president now owns 56,374 shares of the company’s stock, valued at $4,712,302.66. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CMO Todd Pendleton sold 28,701 shares of Dolby Laboratories stock in a transaction that occurred on Wednesday, February 22nd. The stock was sold at an average price of $82.32, for a total transaction of $2,362,666.32. Following the completion of the transaction, the chief marketing officer now directly owns 38,580 shares in the company, valued at $3,175,905.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Mark Andrew Sherman sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $83.59, for a total value of $1,253,850.00. Following the completion of the sale, the executive vice president now owns 56,374 shares of the company’s stock, valued at $4,712,302.66. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 117,633 shares of company stock valued at $9,808,928. 39.25% of the stock is currently owned by corporate insiders.

About Dolby Laboratories

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Dolby Laboratories, Inc engages in the provision of audio and imaging technologies. It transforms entertainment and communications for content playback in movies, television, music, and gaming. Its products include Cinema Imaging Products, Cinema Audio Products, and other products such as 3-D kits, broadcast hardware and software, monitors, and solutions for hearing impaired consumers.

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Institutional Ownership by Quarter for Dolby Laboratories (NYSE:DLB)

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