Federated Hermes Inc. Decreases Stake in Dolby Laboratories, Inc. (NYSE:DLB)

Federated Hermes Inc. decreased its holdings in Dolby Laboratories, Inc. (NYSE:DLB) by 1.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 26,421 shares of the electronics maker’s stock after selling 290 shares during the quarter. Federated Hermes Inc.’s holdings in Dolby Laboratories were worth $2,093,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Dolby Laboratories during the 4th quarter worth $42,067,000. Bank of New York Mellon Corp grew its stake in Dolby Laboratories by 11.2% in the first quarter. Bank of New York Mellon Corp now owns 2,324,244 shares of the electronics maker’s stock worth $194,702,000 after purchasing an additional 233,958 shares in the last quarter. Acadian Asset Management LLC increased its holdings in Dolby Laboratories by 39.8% in the second quarter. Acadian Asset Management LLC now owns 652,651 shares of the electronics maker’s stock valued at $51,698,000 after buying an additional 185,884 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Dolby Laboratories by 1.7% during the 1st 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 last quarter. Finally, Ninety One UK Ltd lifted its holdings in Dolby Laboratories by 2.6% during the 2nd quarter. Ninety One UK Ltd now owns 2,344,963 shares of the electronics maker’s stock worth $185,791,000 after buying an additional 60,114 shares during the last quarter. Institutional investors and hedge funds own 58.56% of the company’s stock.

Analyst Upgrades and Downgrades

DLB has been the topic of several research reports. Barrington Research reissued an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a research report on Friday. Rosenblatt Securities reissued a “buy” rating and set a $98.00 target price on shares of Dolby Laboratories in a report on Friday, June 7th.

Dolby Laboratories Trading Up 1.0 %

NYSE:DLB opened at $73.32 on Friday. The stock has a 50 day moving average of $73.48 and a 200-day moving average of $78.36. The firm has a market capitalization of $7.03 billion, a PE ratio of 37.41 and a beta of 0.97. Dolby Laboratories, Inc. has a 52 week low of $66.35 and a 52 week high of $90.06.

Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings data on Wednesday, August 7th. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.14. The firm 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%. As a group, analysts predict that Dolby Laboratories, Inc. will post 2.72 EPS for the current fiscal year.

Dolby Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were given a $0.30 dividend. The ex-dividend date was Monday, August 19th. This represents a $1.20 annualized dividend and a yield of 1.64%. Dolby Laboratories’s dividend payout ratio is presently 61.22%.

Dolby Laboratories announced that its Board of Directors has approved a stock repurchase plan on Wednesday, August 7th that permits the company to repurchase $350.00 million in outstanding shares. This repurchase authorization permits the electronics maker to reacquire up to 5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

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.