Wells Fargo & Company MN Decreases Holdings in Dolby Laboratories, Inc. (NYSE:DLB)

Wells Fargo & Company MN reduced its position in Dolby Laboratories, Inc. (NYSE:DLB) by 8.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 154,412 shares of the electronics maker’s stock after selling 14,561 shares during the period. Wells Fargo & Company MN owned approximately 0.16% of Dolby Laboratories worth $12,060,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Dolby Laboratories by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 7,033,612 shares of the electronics maker’s stock worth $549,325,000 after purchasing an additional 68,771 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Dolby Laboratories by 64.2% in the fourth quarter. Bank of New York Mellon Corp now owns 4,826,477 shares of the electronics maker’s stock worth $376,948,000 after buying an additional 1,887,518 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Dolby Laboratories by 4.3% in the third quarter. Geode Capital Management LLC now owns 1,538,583 shares of the electronics maker’s stock worth $117,767,000 after buying an additional 63,293 shares during the last quarter. Boston Trust Walden Corp grew its position in Dolby Laboratories by 0.9% during the fourth quarter. Boston Trust Walden Corp now owns 1,084,700 shares of the electronics maker’s stock valued at $84,715,000 after buying an additional 9,624 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Dolby Laboratories by 3.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 742,639 shares of the electronics maker’s stock valued at $58,000,000 after buying an additional 25,047 shares during the last quarter. Institutional investors own 58.56% of the company’s stock.

Analysts Set New Price Targets

DLB has been the topic of several analyst reports. Rosenblatt Securities reissued a “buy” rating and set a $100.00 price objective on shares of Dolby Laboratories in a research report on Thursday, January 30th. Barrington Research reiterated an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a research report on Thursday, February 13th. Finally, StockNews.com cut Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 31st.

Dolby Laboratories Price Performance

Shares of NYSE DLB opened at $73.99 on Wednesday. The stock has a market cap of $7.06 billion, a PE ratio of 27.20 and a beta of 0.94. Dolby Laboratories, Inc. has a 1 year low of $66.35 and a 1 year high of $89.66. The firm has a fifty day moving average price of $80.05 and a 200-day moving average price of $78.39.

Dolby Laboratories Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 19th. Shareholders of record on Tuesday, February 11th were issued a dividend of $0.33 per share. The ex-dividend date was Tuesday, February 11th. This represents a $1.32 dividend on an annualized basis and a yield of 1.78%. Dolby Laboratories’s dividend payout ratio is presently 48.53%.

Insider Buying and Selling

In other Dolby Laboratories news, EVP Mark Andrew Sherman sold 40,000 shares of the stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $84.88, for a total transaction of $3,395,200.00. Following the completion of the transaction, the executive vice president now owns 62,397 shares in the company, valued at $5,296,257.36. This trade represents a 39.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CMO Todd Pendleton sold 18,121 shares of Dolby Laboratories stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $83.75, for a total value of $1,517,633.75. Following the completion of the transaction, the chief marketing officer now owns 37,290 shares of the company’s stock, valued at approximately $3,123,037.50. This represents a 32.70 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,121 shares of company stock valued at $5,501,324. Corporate insiders own 38.39% of the company’s stock.

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.