First Trust Advisors LP reduced its holdings in shares of Dolby Laboratories, Inc. (NYSE:DLB – Get Rating) by 32.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 130,342 shares of the electronics maker’s stock after selling 63,131 shares during the quarter. First Trust Advisors LP owned about 0.14% of Dolby Laboratories worth $9,194,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Belpointe Asset Management LLC purchased a new stake in shares of Dolby Laboratories during the 4th quarter valued at approximately $26,000. Ronald Blue Trust Inc. lifted its stake in shares of Dolby Laboratories by 40.9% during the 4th quarter. Ronald Blue Trust Inc. now owns 527 shares of the electronics maker’s stock valued at $35,000 after buying an additional 153 shares in the last quarter. Zions Bancorporation N.A. purchased a new stake in shares of Dolby Laboratories during the 1st quarter valued at approximately $42,000. Cullen Frost Bankers Inc. purchased a new stake in Dolby Laboratories in the 3rd quarter worth approximately $39,000. Finally, Covestor Ltd lifted its stake in Dolby Laboratories by 53.7% in the 1st quarter. Covestor Ltd now owns 1,162 shares of the electronics maker’s stock worth $91,000 after purchasing an additional 406 shares in the last quarter. 82.30% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on DLB shares. TheStreet upgraded shares of Dolby Laboratories from a “c” rating to a “b” rating in a research note on Friday, February 3rd. StockNews.com began coverage on shares of Dolby Laboratories in a research report on Thursday, May 18th. They set a “buy” rating on the stock. Tigress Financial restated a “buy” rating and set a $116.00 price objective on shares of Dolby Laboratories in a research report on Friday, April 14th. Finally, Rosenblatt Securities raised their price objective on shares of Dolby Laboratories from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, February 3rd. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $103.00.
Dolby Laboratories Stock Performance
Dolby Laboratories Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, May 23rd. Shareholders of record on Tuesday, May 16th were issued a $0.27 dividend. The ex-dividend date of this dividend was Monday, May 15th. This represents a $1.08 annualized dividend and a yield of 1.32%. Dolby Laboratories’s dividend payout ratio (DPR) is presently 43.72%.
Insider Transactions at Dolby Laboratories
In related news, Director Anjali Sud sold 8,873 shares of the stock in a transaction that occurred on Friday, February 24th. The shares were sold at an average price of $82.00, for a total transaction of $727,586.00. Following the transaction, the director now owns 6,079 shares in the company, valued at $498,478. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Dolby Laboratories news, Director Anjali Sud sold 8,873 shares of the business’s stock in a transaction on Friday, February 24th. The shares were sold at an average price of $82.00, for a total transaction of $727,586.00. Following the completion of the sale, the director now directly owns 6,079 shares in the company, valued at approximately $498,478. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Kevin J. Yeaman sold 9,030 shares of the business’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $83.65, for a total transaction of $755,359.50. Following the sale, the chief executive officer now owns 51,879 shares of the company’s stock, valued at $4,339,678.35. The disclosure for this sale can be found here. Insiders sold 64,960 shares of company stock worth $5,443,790 over the last three months. 39.25% of the stock is currently owned by company insiders.
Dolby Laboratories Company Profile
Dolby Laboratories, Inc engages in the provision of audio and imaging technologies. It transforms entertainment and communications for content playback in movies, television, music, and gaming. Its products include Cinema Imaging Products, Cinema Audio Products, and other products such as 3-D kits, broadcast hardware and software, monitors, and solutions for hearing impaired consumers.
- Get a free copy of the StockNews.com research report on Dolby Laboratories (DLB)
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