Willis Investment Counsel Purchases 330 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Willis Investment Counsel boosted its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 5.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,951 shares of the electronics maker’s stock after purchasing an additional 330 shares during the period. Willis Investment Counsel’s holdings in Dolby Laboratories were worth $455,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in DLB. Vanguard Group Inc. grew its stake in Dolby Laboratories by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock worth $544,711,000 after acquiring an additional 107,713 shares in the last quarter. Ninety One UK Ltd grew its stake in Dolby Laboratories by 2.6% in the 2nd quarter. Ninety One UK Ltd now owns 2,344,963 shares of the electronics maker’s stock worth $185,791,000 after acquiring an additional 60,114 shares in the last quarter. Disciplined Growth Investors Inc. MN grew its stake in Dolby Laboratories by 0.8% in the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 1,402,623 shares of the electronics maker’s stock worth $111,130,000 after acquiring an additional 10,852 shares in the last quarter. Mackenzie Financial Corp grew its stake in Dolby Laboratories by 3.5% in the 2nd quarter. Mackenzie Financial Corp now owns 1,010,230 shares of the electronics maker’s stock worth $80,041,000 after acquiring an additional 33,848 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Dolby Laboratories by 27.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 792,828 shares of the electronics maker’s stock worth $62,817,000 after purchasing an additional 168,744 shares during the period. 58.56% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Dolby Laboratories Stock Performance

Shares of DLB opened at $74.06 on Monday. The company has a 50 day moving average price of $72.17 and a 200-day moving average price of $77.34. Dolby Laboratories, Inc. has a fifty-two week low of $66.35 and a fifty-two week high of $90.06. The stock has a market capitalization of $7.10 billion, a PE ratio of 37.79 and a beta of 0.97.

Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings results on Wednesday, August 7th. The electronics maker reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.14. Dolby Laboratories had a net margin of 16.87% and a return on equity of 10.66%. The firm had revenue of $288.82 million during the quarter, compared to analysts’ expectations of $286.26 million. Equities research analysts forecast that Dolby Laboratories, Inc. will post 2.72 EPS for the current year.

Dolby Laboratories Dividend Announcement

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

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

Dolby Laboratories 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.