B. Riley Wealth Advisors Inc. Sells 1,786 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

B. Riley Wealth Advisors Inc. trimmed its holdings in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 33.3% during the second quarter, HoldingsChannel reports. The fund owned 3,577 shares of the electronics maker’s stock after selling 1,786 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Dolby Laboratories were worth $283,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC increased its holdings in Dolby Laboratories by 9.8% in the first quarter. Lord Abbett & CO. LLC now owns 266,672 shares of the electronics maker’s stock valued at $22,339,000 after purchasing an additional 23,804 shares during the period. Illinois Municipal Retirement Fund grew its position in shares of Dolby Laboratories by 47.9% in the 1st quarter. Illinois Municipal Retirement Fund now owns 31,518 shares of the electronics maker’s stock valued at $2,640,000 after buying an additional 10,202 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Dolby Laboratories by 1.7% in the first quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock valued at $544,711,000 after buying an additional 107,713 shares during the period. Boston Trust Walden Corp raised its position in shares of Dolby Laboratories by 3.1% during the second quarter. Boston Trust Walden Corp now owns 376,793 shares of the electronics maker’s stock worth $29,853,000 after acquiring an additional 11,177 shares during the last quarter. Finally, Panagora Asset Management Inc. acquired a new position in shares of Dolby Laboratories in the second quarter worth approximately $3,348,000. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Barrington Research restated an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a report on Friday, September 20th.

Dolby Laboratories Trading Down 0.8 %

DLB stock opened at $74.15 on Wednesday. The firm has a market cap of $7.11 billion, a PE ratio of 37.83 and a beta of 0.97. The stock has a 50-day moving average price of $72.39 and a 200-day moving average price of $77.54. Dolby Laboratories, Inc. has a 1-year low of $66.35 and a 1-year high of $90.06.

Dolby Laboratories (NYSE:DLB) last issued its earnings results 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. The business 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%. On average, analysts forecast that Dolby Laboratories, Inc. will post 2.72 earnings per share for the current year.

Dolby Laboratories declared that its board has authorized a stock buyback program on Wednesday, August 7th that allows the company to buyback $350.00 million in outstanding shares. This buyback authorization allows the electronics maker to reacquire up to 5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Dolby Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date was Monday, August 19th. Dolby Laboratories’s dividend payout ratio (DPR) is currently 61.22%.

About Dolby Laboratories

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.