Cardinal Capital Management Boosts Holdings in Dolby Laboratories, Inc. (NYSE:DLB)

Cardinal Capital Management raised its holdings in Dolby Laboratories, Inc. (NYSE:DLB) by 15.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 34,403 shares of the electronics maker’s stock after purchasing an additional 4,710 shares during the quarter. Cardinal Capital Management’s holdings in Dolby Laboratories were worth $2,882,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in DLB. Janiczek Wealth Management LLC raised its position in shares of Dolby Laboratories by 14.0% in the first quarter. Janiczek Wealth Management LLC now owns 4,618 shares of the electronics maker’s stock worth $387,000 after acquiring an additional 567 shares during the period. Sunbelt Securities Inc. raised its position in shares of Dolby Laboratories by 1,631.0% in the first quarter. Sunbelt Securities Inc. now owns 502 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 473 shares during the period. MJP Associates Inc. ADV raised its position in shares of Dolby Laboratories by 27.2% in the first quarter. MJP Associates Inc. ADV now owns 3,436 shares of the electronics maker’s stock worth $288,000 after acquiring an additional 735 shares during the period. Alaska Permanent Fund Corp raised its position in shares of Dolby Laboratories by 0.8% during the 1st quarter. Alaska Permanent Fund Corp now owns 127,818 shares of the electronics maker’s stock worth $10,707,000 after purchasing an additional 1,058 shares during the last quarter. Finally, Mather Group LLC. acquired a new position in shares of Dolby Laboratories during the 1st quarter worth about $33,000. 58.56% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Dolby Laboratories

In other news, EVP Mark Andrew Sherman sold 2,283 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $79.62, for a total transaction of $181,772.46. Following the completion of the sale, the executive vice president now owns 58,325 shares in the company, valued at approximately $4,643,836.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 39.54% of the company’s stock.

Dolby Laboratories Stock Performance

Shares of NYSE DLB traded up $0.63 during midday trading on Thursday, reaching $79.26. 391,676 shares of the stock were exchanged, compared to its average volume of 370,959. The company has a 50 day simple moving average of $80.17 and a 200 day simple moving average of $82.15. The stock has a market capitalization of $7.60 billion, a P/E ratio of 40.36 and a beta of 0.99. Dolby Laboratories, Inc. has a twelve month low of $75.87 and a twelve 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, topping analysts’ consensus estimates of $0.91 by $0.10. The business had revenue of $364.52 million during the quarter, compared to the consensus estimate of $361.98 million. Dolby Laboratories had a net margin of 15.00% and a return on equity of 10.15%. On average, research analysts expect that Dolby Laboratories, Inc. will post 2.68 earnings per share for the current year.

Dolby Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 22nd. Stockholders of record on Tuesday, May 14th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, May 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.51%. Dolby Laboratories’s dividend payout ratio is currently 61.22%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Rosenblatt Securities restated a “buy” rating and set a $98.00 price target on shares of Dolby Laboratories in a research report on Friday, June 7th. Barrington Research raised shares of Dolby Laboratories from a “market perform” rating to an “outperform” rating and set a $100.00 target price on the stock in a research note on Monday, June 3rd. Finally, StockNews.com raised shares of Dolby Laboratories from a “hold” rating to a “buy” rating in a research note on Saturday, May 11th.

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.