Norges Bank Invests $55.36 Million in Dolby Laboratories, Inc. (NYSE:DLB)

Norges Bank bought a new position in shares of Dolby Laboratories, Inc. (NYSE:DLB - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 708,790 shares of the electronics maker's stock, valued at approximately $55,356,000. Norges Bank owned about 0.74% of Dolby Laboratories at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Bank of Montreal Can boosted its holdings in Dolby Laboratories by 27.8% in the 3rd quarter. Bank of Montreal Can now owns 39,350 shares of the electronics maker's stock valued at $2,975,000 after purchasing an additional 8,562 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Dolby Laboratories by 125.2% in the third quarter. BNP Paribas Financial Markets now owns 13,463 shares of the electronics maker's stock valued at $1,030,000 after buying an additional 7,484 shares in the last quarter. Glenmede Trust Co. NA grew its holdings in Dolby Laboratories by 3.5% during the third quarter. Glenmede Trust Co. NA now owns 5,376 shares of the electronics maker's stock worth $411,000 after acquiring an additional 182 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Dolby Laboratories by 14.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,519 shares of the electronics maker's stock worth $958,000 after acquiring an additional 1,596 shares in the last quarter. Finally, Verition Fund Management LLC acquired a new stake in Dolby Laboratories in the third quarter valued at $997,000. 58.56% of the stock is owned by institutional investors and hedge funds.

Dolby Laboratories Price Performance

NYSE:DLB traded down $0.76 during trading hours on Tuesday, reaching $69.31. 572,272 shares of the company were exchanged, compared to its average volume of 448,728. The firm has a market cap of $6.61 billion, a price-to-earnings ratio of 25.48 and a beta of 0.94. The stock has a 50 day simple moving average of $81.35 and a 200 day simple moving average of $78.45. Dolby Laboratories, Inc. has a 52-week low of $66.35 and a 52-week high of $89.66.

Dolby Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 19th. Shareholders of record on Tuesday, February 11th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Tuesday, February 11th. This represents a $1.32 annualized dividend and a yield of 1.90%. Dolby Laboratories's dividend payout ratio is currently 48.53%.

Insider Transactions at Dolby Laboratories

In other news, EVP Mark Andrew Sherman sold 40,000 shares of the firm's stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $84.88, for a total transaction of $3,395,200.00. Following the completion of the sale, the executive vice president now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Ryan Nicholson sold 7,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $84.07, for a total value of $588,490.00. Following the sale, the chief accounting officer now owns 29,758 shares of the company's stock, valued at approximately $2,501,755.06. This trade represents a 19.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 65,121 shares of company stock valued at $5,501,324 over the last 90 days. Corporate insiders own 38.39% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on DLB shares. Rosenblatt Securities restated a "buy" rating and set a $100.00 target price on shares of Dolby Laboratories in a research report on Thursday, January 30th. StockNews.com cut Dolby Laboratories from a "strong-buy" rating to a "buy" rating in a report on Friday, January 31st. Finally, 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.

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.