JPMorgan Chase & Co. raised its stake in Dolby Laboratories Inc. (NYSE:DLB) by 1,280.1% during the second quarter, Holdings Channel reports. The firm owned 74,744 shares of the company’s stock after buying an additional 69,328 shares during the period. JPMorgan Chase & Co. owned about 0.07% of Dolby Laboratories worth $3,578,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Ameriprise Financial Inc. boosted its stake in Dolby Laboratories by 17.4% in the second quarter. Ameriprise Financial Inc. now owns 63,876 shares of the company’s stock worth $3,056,000 after buying an additional 9,455 shares during the last quarter. Mesirow Financial Investment Management Equity Management purchased a new stake in Dolby Laboratories during the second quarter worth about $1,994,000. Fuller & Thaler Asset Management Inc. boosted its stake in Dolby Laboratories by 8.2% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 1,839,610 shares of the company’s stock worth $88,025,000 after buying an additional 139,658 shares during the last quarter. BRC Investment Management LLC purchased a new stake in Dolby Laboratories during the second quarter worth about $700,000. Finally, I.G. Investment Management LTD. boosted its stake in Dolby Laboratories by 9.4% in the second quarter. I.G. Investment Management LTD. now owns 5,760 shares of the company’s stock worth $276,000 after buying an additional 493 shares during the last quarter. 49.39% of the stock is owned by institutional investors and hedge funds.
Shares of Dolby Laboratories Inc. (NYSE:DLB) traded up 0.12% during mid-day trading on Tuesday, hitting $51.48. The company’s stock had a trading volume of 264,443 shares. The stock has a market cap of $5.28 billion, a PE ratio of 25.11 and a beta of 0.57. Dolby Laboratories Inc. has a 1-year low of $30.38 and a 1-year high of $55.02. The company has a 50-day moving average price of $51.90 and a 200-day moving average price of $48.30.
Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.76 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.25. The firm earned $277.60 million during the quarter, compared to the consensus estimate of $268.04 million. Dolby Laboratories had a net margin of 20.19% and a return on equity of 10.19%. The business’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same period last year, the business posted $0.49 earnings per share. Analysts predict that Dolby Laboratories Inc. will post $1.79 EPS for the current fiscal year.
A number of analysts recently issued reports on DLB shares. Zacks Investment Research cut Dolby Laboratories from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 28th. B. Riley reissued a “neutral” rating and set a $46.00 price objective on shares of Dolby Laboratories in a research report on Monday, July 25th. Dougherty & Co lifted their price objective on Dolby Laboratories from $54.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, July 28th. Finally, JPMorgan Chase & Co. started coverage on Dolby Laboratories in a research report on Tuesday, October 4th. They set a “neutral” rating and a $51.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Dolby Laboratories has a consensus rating of “Hold” and a consensus price target of $50.80.
In other news, insider Kevin J. Yeaman sold 3,287 shares of the firm’s stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $49.52, for a total transaction of $162,772.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Kevin J. Yeaman sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $50.00, for a total transaction of $1,250,000.00. The disclosure for this sale can be found here. Company insiders own 45.16% of the company’s stock.
About Dolby Laboratories
Dolby Laboratories, Inc creates audio, imaging and communication technologies that transform entertainment and communications at the cinema, home, work and on mobile devices. The Company offers digital signal processing and compression technologies. Its technologies enable the development of the audio technologies for the cinema, home entertainment, mobile and gaming experiences.