Wells Fargo & Company MN Trims Stock Holdings in Dolby Laboratories, Inc. (NYSE:DLB)

Wells Fargo & Company MN trimmed its holdings in Dolby Laboratories, Inc. (NYSE:DLB) by 0.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,212,917 shares of the electronics maker’s stock after selling 8,125 shares during the period. Wells Fargo & Company MN’s holdings in Dolby Laboratories were worth $104,529,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of DLB. Cambridge Investment Research Advisors Inc. grew its stake in Dolby Laboratories by 9.2% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 2,708 shares of the electronics maker’s stock valued at $215,000 after buying an additional 228 shares in the last quarter. Fifth Third Bancorp grew its position in shares of Dolby Laboratories by 175.3% during the 3rd quarter. Fifth Third Bancorp now owns 446 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 284 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Dolby Laboratories by 4,883.3% during the 3rd quarter. Principal Financial Group Inc. now owns 219,665 shares of the electronics maker’s stock valued at $17,411,000 after purchasing an additional 215,257 shares in the last quarter. California Public Employees Retirement System grew its position in shares of Dolby Laboratories by 5.2% during the 3rd quarter. California Public Employees Retirement System now owns 359,590 shares of the electronics maker’s stock valued at $28,501,000 after purchasing an additional 17,751 shares in the last quarter. Finally, Signaturefd LLC grew its position in shares of Dolby Laboratories by 12.0% during the 3rd quarter. Signaturefd LLC now owns 3,710 shares of the electronics maker’s stock valued at $294,000 after purchasing an additional 398 shares in the last quarter. 58.56% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

DLB has been the subject of a number of recent analyst reports. Rosenblatt Securities restated a “buy” rating and set a $98.00 price target on shares of Dolby Laboratories in a research report on Monday, April 29th. StockNews.com raised shares of Dolby Laboratories from a “hold” rating to a “buy” rating in a research note on Saturday, May 11th.

Dolby Laboratories Trading Down 1.3 %

Shares of NYSE:DLB opened at $80.04 on Friday. The company has a market cap of $7.67 billion, a price-to-earnings ratio of 40.84 and a beta of 0.98. The company has a 50-day moving average price of $81.67 and a 200-day moving average price of $83.39. Dolby Laboratories, Inc. has a 12 month low of $75.87 and a 12 month high of $91.01.

Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings results on Thursday, May 2nd. The electronics maker reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.10. Dolby Laboratories had a net margin of 15.00% and a return on equity of 10.15%. The company had revenue of $364.52 million for the quarter, compared to analysts’ expectations of $361.98 million. As a group, research analysts forecast that Dolby Laboratories, Inc. will post 2.68 EPS for the current fiscal year.

Dolby Laboratories Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 22nd. Investors of record on Tuesday, May 14th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.50%. The ex-dividend date was Monday, May 13th. Dolby Laboratories’s dividend payout ratio is currently 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.