4,587 Shares in Dolby Laboratories, Inc. (NYSE:DLB) Acquired by Deerfield Management Company L.P. Series C

Deerfield Management Company L.P. Series C acquired a new stake in Dolby Laboratories, Inc. (NYSE:DLB) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 4,587 shares of the electronics maker’s stock, valued at approximately $363,000.

A number of other hedge funds also recently made changes to their positions in DLB. Mather Group LLC. acquired a new stake in Dolby Laboratories during the 1st quarter valued at $33,000. Blue Trust Inc. boosted its position in Dolby Laboratories by 398.8% in the 2nd quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock valued at $35,000 after buying an additional 331 shares during the last quarter. Quarry LP purchased a new position in Dolby Laboratories in the 4th quarter valued at about $37,000. Point72 Hong Kong Ltd acquired a new stake in shares of Dolby Laboratories during the second quarter valued at about $37,000. Finally, GAMMA Investing LLC increased its position in shares of Dolby Laboratories by 64.6% during the second quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker’s stock worth $39,000 after acquiring an additional 192 shares during the last quarter. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Dolby Laboratories Stock Performance

DLB opened at $75.59 on Friday. The company has a market capitalization of $7.24 billion, a P/E ratio of 38.57 and a beta of 0.97. The company has a 50-day moving average of $72.80 and a 200-day moving average of $78.03. Dolby Laboratories, Inc. has a 1-year low of $66.35 and a 1-year high of $90.06.

Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings data on Wednesday, August 7th. The electronics maker reported $0.47 earnings per share 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 firm had revenue of $288.82 million during the quarter, compared to analyst estimates of $286.26 million. As a group, sell-side analysts expect that Dolby Laboratories, Inc. will post 2.72 earnings per share for the current fiscal year.

Dolby Laboratories declared that its board has initiated a share buyback 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 repurchase up to 5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Dolby Laboratories Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend was Monday, August 19th. Dolby Laboratories’s dividend payout ratio is presently 61.22%.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Barrington Research reissued an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories in a report on Friday, September 20th. Rosenblatt Securities reiterated a “buy” rating and set a $98.00 target price on shares of Dolby Laboratories in a research note on Friday, June 7th.

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.