Sei Investments Co. Reduces Holdings in Dolby Laboratories, Inc. (NYSE:DLB)

Sei Investments Co. trimmed its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 36.1% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,361 shares of the electronics maker’s stock after selling 34,046 shares during the quarter. Sei Investments Co. owned 0.06% of Dolby Laboratories worth $4,782,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Pacer Advisors Inc. boosted its stake in Dolby Laboratories by 47.5% during the second quarter. Pacer Advisors Inc. now owns 23,320 shares of the electronics maker’s stock worth $1,848,000 after buying an additional 7,509 shares during the period. MQS Management LLC bought a new stake in shares of Dolby Laboratories during the second quarter worth $748,000. Vanguard Personalized Indexing Management LLC lifted its position in shares of Dolby Laboratories by 49.6% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 9,895 shares of the electronics maker’s stock worth $778,000 after purchasing an additional 3,279 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Dolby Laboratories by 27.0% during the second quarter. Dimensional Fund Advisors LP now owns 792,828 shares of the electronics maker’s stock worth $62,817,000 after purchasing an additional 168,744 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in shares of Dolby Laboratories by 0.5% during the second quarter. Envestnet Asset Management Inc. now owns 438,157 shares of the electronics maker’s stock worth $34,715,000 after purchasing an additional 2,005 shares during the last quarter. 58.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on DLB. Barrington Research reiterated an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a research 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 report on Friday, June 7th.

Dolby Laboratories Price Performance

NYSE:DLB opened at $75.85 on Wednesday. Dolby Laboratories, Inc. has a 1-year low of $66.35 and a 1-year high of $90.06. The company has a 50-day moving average of $72.67 and a 200 day moving average of $77.84. The firm has a market cap of $7.27 billion, a PE ratio of 38.70 and a beta of 0.97.

Dolby Laboratories (NYSE:DLB) last released its quarterly earnings data on Wednesday, August 7th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.14. Dolby Laboratories had a net margin of 16.87% and a return on equity of 10.66%. The company had revenue of $288.82 million during the quarter, compared to analyst estimates of $286.26 million. Sell-side analysts anticipate that Dolby Laboratories, Inc. will post 2.72 EPS for the current fiscal year.

Dolby Laboratories announced that its board has authorized a share buyback program on Wednesday, August 7th that allows the company to repurchase $350.00 million in shares. This repurchase authorization allows the electronics maker to repurchase up to 5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Dolby Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date was Monday, August 19th. Dolby Laboratories’s dividend payout ratio (DPR) is presently 61.22%.

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.