New York State Common Retirement Fund Reduces Holdings in Dolby Laboratories, Inc. (NYSE:DLB)

New York State Common Retirement Fund decreased its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 16.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 221,051 shares of the electronics maker's stock after selling 44,200 shares during the quarter. New York State Common Retirement Fund owned about 0.23% of Dolby Laboratories worth $16,917,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Blue Trust Inc. lifted its position in Dolby Laboratories by 398.8% in the second quarter. Blue Trust Inc. now owns 414 shares of the electronics maker's stock valued at $35,000 after buying an additional 331 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Dolby Laboratories during the 2nd quarter worth approximately $37,000. GAMMA Investing LLC increased its holdings in Dolby Laboratories by 64.6% in the 2nd quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker's stock valued at $39,000 after purchasing an additional 192 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its position in Dolby Laboratories by 192.4% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker's stock valued at $46,000 after purchasing an additional 379 shares during the period. Finally, Headlands Technologies LLC lifted its stake in Dolby Laboratories by 693.3% during the first quarter. Headlands Technologies LLC now owns 595 shares of the electronics maker's stock worth $50,000 after purchasing an additional 520 shares in the last quarter. Institutional investors and hedge funds own 58.56% of the company's stock.

Wall Street Analyst Weigh In

Separately, Barrington Research reaffirmed an "outperform" rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research note on Friday, September 20th.

Insider Activity

In related news, CEO Kevin J. Yeaman sold 28,512 shares of the company's stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $74.12, for a total transaction of $2,113,309.44. Following the sale, the chief executive officer now directly owns 83,721 shares in the company, valued at approximately $6,205,400.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 39.54% of the company's stock.

Dolby Laboratories Price Performance

Shares of DLB stock traded up $0.94 during trading on Wednesday, reaching $75.47. The company's stock had a trading volume of 290,427 shares, compared to its average volume of 398,635. The company has a market capitalization of $7.20 billion, a price-to-earnings ratio of 34.03 and a beta of 0.98. Dolby Laboratories, Inc. has a 1-year low of $66.35 and a 1-year high of $90.06. The stock's 50-day moving average price is $73.00 and its 200 day moving average price is $76.41.

Dolby Laboratories (NYSE:DLB - Get Free Report) last released its earnings results on Wednesday, August 7th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.33 by $0.14. Dolby Laboratories had a return on equity of 10.66% and a net margin of 16.87%. The firm had revenue of $288.82 million during the quarter, compared to analyst estimates of $286.26 million. On average, sell-side analysts anticipate that Dolby Laboratories, Inc. will post 2.71 EPS for the current fiscal year.

Dolby Laboratories announced that its Board of Directors has authorized a stock repurchase 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 shares through open market purchases. Shares buyback programs are generally a sign that the company's board believes its shares are undervalued.

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.