Algert Global LLC Increases Stake in Dolby Laboratories, Inc. (NYSE:DLB)

Algert Global LLC increased its stake in Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 52.0% during the third quarter, according to its most recent filing with the SEC. The fund owned 48,822 shares of the electronics maker's stock after buying an additional 16,700 shares during the quarter. Algert Global LLC owned 0.05% of Dolby Laboratories worth $3,736,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Boston Trust Walden Corp grew its stake in shares of Dolby Laboratories by 185.3% during the 3rd quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker's stock worth $82,276,000 after acquiring an additional 698,283 shares during the period. Acadian Asset Management LLC boosted its position in Dolby Laboratories by 39.8% during the second quarter. Acadian Asset Management LLC now owns 652,651 shares of the electronics maker's stock worth $51,698,000 after purchasing an additional 185,884 shares during the period. Dimensional Fund Advisors LP boosted its position in Dolby Laboratories by 27.0% during the second 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. AQR Capital Management LLC increased its stake in shares of Dolby Laboratories by 16.2% in the second quarter. AQR Capital Management LLC now owns 627,160 shares of the electronics maker's stock worth $49,690,000 after purchasing an additional 87,298 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its position in shares of Dolby Laboratories by 496.7% in the third quarter. Thrivent Financial for Lutherans now owns 102,223 shares of the electronics maker's stock valued at $7,823,000 after purchasing an additional 85,093 shares during the period. 58.56% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on DLB shares. StockNews.com cut shares of Dolby Laboratories from a "strong-buy" rating to a "buy" rating in a report on Tuesday. Barrington Research reiterated an "outperform" rating and set a $100.00 price objective on shares of Dolby Laboratories in a research note on Wednesday, November 20th. Finally, Rosenblatt Securities raised their target price on Dolby Laboratories from $98.00 to $100.00 and gave the stock a "buy" rating in a research note on Wednesday, November 20th.

Insiders Place Their Bets

In other news, Director Peter C. Gotcher sold 6,079 shares of Dolby Laboratories stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $78.96, for a total transaction of $479,997.84. Following the completion of the sale, the director now directly owns 37,593 shares of the company's stock, valued at approximately $2,968,343.28. The trade was a 13.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Kevin J. Yeaman sold 28,512 shares of the firm's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $74.12, for a total value of $2,113,309.44. Following the sale, the chief executive officer now owns 83,721 shares in the company, valued at $6,205,400.52. The trade was a 25.40 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 39.54% of the company's stock.

Dolby Laboratories Price Performance

NYSE:DLB traded up $0.02 during trading hours on Tuesday, hitting $80.32. The stock had a trading volume of 321,988 shares, compared to its average volume of 408,119. The company has a 50 day simple moving average of $74.50 and a two-hundred day simple moving average of $75.96. The firm has a market capitalization of $7.66 billion, a price-to-earnings ratio of 29.64 and a beta of 0.98. Dolby Laboratories, Inc. has a one year low of $66.35 and a one year high of $90.06.

Dolby Laboratories Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Tuesday, December 3rd will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.64%. This is a boost from Dolby Laboratories's previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, December 3rd. Dolby Laboratories's payout ratio is presently 48.71%.

Dolby Laboratories declared that its Board of Directors has authorized a share buyback plan on Wednesday, August 7th that permits the company to buyback $350.00 million in outstanding shares. This buyback authorization permits the electronics maker to repurchase up to 5% of its shares through open market purchases. Shares buyback plans are often an indication that the company's management believes its stock is undervalued.

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.