Los Angeles Capital Management & Equity Research Inc. Reduces Position in Dolby Laboratories (DLB)

Los Angeles Capital Management & Equity Research Inc. decreased its stake in shares of Dolby Laboratories (NYSE:DLB) by 9.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 128,060 shares of the electronics maker’s stock after selling 13,470 shares during the quarter. Los Angeles Capital Management & Equity Research Inc. owned about 0.13% of Dolby Laboratories worth $7,366,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of DLB. Spot Trading L.L.C. bought a new position in shares of Dolby Laboratories during the first quarter worth $660,000. Wellington Management Group LLP boosted its position in shares of Dolby Laboratories by 1.2% during the first quarter. Wellington Management Group LLP now owns 19,240 shares of the electronics maker’s stock worth $1,008,000 after acquiring an additional 219 shares during the last quarter. Teachers Advisors LLC boosted its position in shares of Dolby Laboratories by 5.5% during the first quarter. Teachers Advisors LLC now owns 138,445 shares of the electronics maker’s stock worth $7,256,000 after acquiring an additional 7,209 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Dolby Laboratories by 129.3% during the first quarter. Legal & General Group Plc now owns 18,387 shares of the electronics maker’s stock worth $964,000 after acquiring an additional 10,368 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Dolby Laboratories by 6.2% during the first quarter. Dimensional Fund Advisors LP now owns 534,009 shares of the electronics maker’s stock worth $27,986,000 after acquiring an additional 31,238 shares during the last quarter. Hedge funds and other institutional investors own 51.71% of the company’s stock.

A number of brokerages recently weighed in on DLB. B. Riley restated a “buy” rating and set a $61.50 target price on shares of Dolby Laboratories in a research report on Thursday, September 14th. BidaskClub lowered shares of Dolby Laboratories from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $52.00 price target (up previously from $49.00) on shares of Dolby Laboratories in a research note on Wednesday, September 13th. Finally, Dougherty & Co reaffirmed a “buy” rating and set a $63.00 price target on shares of Dolby Laboratories in a research note on Wednesday, September 13th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $60.17.

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In other news, SVP Steven E. Forshay sold 9,355 shares of the stock in a transaction on Monday, October 30th. The shares were sold at an average price of $57.86, for a total value of $541,280.30. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Bob Borchers sold 116,821 shares of the stock in a transaction on Friday, November 17th. The shares were sold at an average price of $61.15, for a total transaction of $7,143,604.15. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 788,555 shares of company stock worth $42,336,905. 43.80% of the stock is owned by insiders.

Shares of Dolby Laboratories (DLB) opened at $61.49 on Friday. The stock has a market cap of $6,274.26, a price-to-earnings ratio of 29.56, a P/E/G ratio of 2.28 and a beta of 0.83. Dolby Laboratories has a 12 month low of $44.98 and a 12 month high of $61.59.

Dolby Laboratories (NYSE:DLB) last released its quarterly earnings results on Wednesday, October 25th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.18. The company had revenue of $242.05 million for the quarter, compared to the consensus estimate of $244.80 million. Dolby Laboratories had a net margin of 18.66% and a return on equity of 10.73%. Dolby Laboratories’s revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.37 earnings per share. analysts predict that Dolby Laboratories will post 2.24 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Monday, November 6th were paid a dividend of $0.16 per share. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.14. The ex-dividend date was Friday, November 3rd. This represents a $0.64 dividend on an annualized basis and a yield of 1.04%. Dolby Laboratories’s dividend payout ratio is presently 32.99%.

About Dolby Laboratories

Dolby Laboratories, Inc designs and manufactures audio and imaging products for the cinema, television, broadcast and entertainment industries. Its products for cinema include Digital Cinema Servers and Cinema Audio Products, and broadcast and other include Dolby Conference Phone and Other Products. It offers services to support theatrical and television production for cinema exhibition, broadcast and home entertainment, including equipment training and maintenance, mixing room alignment and equalization, as well as audio, color and light image calibration.

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

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