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Assenagon Asset Management S.A. Lowers Stock Position in Dolby Laboratories, Inc. (NYSE:DLB)

Dolby Laboratories logo with Consumer Discretionary background

Assenagon Asset Management S.A. cut its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 18.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 85,158 shares of the electronics maker's stock after selling 18,881 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.09% of Dolby Laboratories worth $6,651,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp raised its position in shares of Dolby Laboratories by 1.5% during the 3rd quarter. State Street Corp now owns 1,931,586 shares of the electronics maker's stock worth $147,824,000 after acquiring an additional 29,289 shares in the last quarter. Geode Capital Management LLC raised its holdings in Dolby Laboratories by 4.3% during the third quarter. Geode Capital Management LLC now owns 1,538,583 shares of the electronics maker's stock worth $117,767,000 after purchasing an additional 63,293 shares in the last quarter. Disciplined Growth Investors Inc. MN lifted its position in shares of Dolby Laboratories by 4.5% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 1,466,212 shares of the electronics maker's stock worth $112,209,000 after buying an additional 63,589 shares during the last quarter. Boston Trust Walden Corp boosted its holdings in shares of Dolby Laboratories by 185.3% in the 3rd quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker's stock valued at $82,276,000 after buying an additional 698,283 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its stake in Dolby Laboratories by 3.5% in the second quarter. Mackenzie Financial Corp now owns 1,010,230 shares of the electronics maker's stock valued at $80,041,000 after acquiring an additional 33,848 shares in the last quarter. Institutional investors and hedge funds own 58.56% of the company's stock.

Dolby Laboratories Stock Performance

Dolby Laboratories stock traded up $0.25 during midday trading on Monday, reaching $81.24. The company's stock had a trading volume of 531,260 shares, compared to its average volume of 355,510. Dolby Laboratories, Inc. has a fifty-two week low of $66.35 and a fifty-two week high of $86.37. The firm has a market capitalization of $7.75 billion, a PE ratio of 29.98 and a beta of 0.98. The stock's 50 day simple moving average is $78.07 and its 200 day simple moving average is $75.56.

Dolby Laboratories Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.62%. This is an increase from Dolby Laboratories's previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Tuesday, December 3rd. Dolby Laboratories's payout ratio is presently 48.71%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on DLB shares. Rosenblatt Securities raised their price target on Dolby Laboratories from $98.00 to $100.00 and gave the stock a "buy" rating in a research note on Wednesday, November 20th. Barrington Research reissued an "outperform" rating and set a $100.00 price objective on shares of Dolby Laboratories in a research report on Wednesday, November 20th. Finally, StockNews.com upgraded shares of Dolby Laboratories from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, December 4th.

View Our Latest Research Report on Dolby Laboratories

Insider Activity

In related news, SVP John D. Couling sold 50,000 shares of the company's stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $80.04, for a total transaction of $4,002,000.00. Following the transaction, the senior vice president now owns 106,806 shares of the company's stock, valued at approximately $8,548,752.24. This represents a 31.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Peter C. Gotcher sold 6,079 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $78.96, for a total value of $479,997.84. Following the transaction, the director now directly owns 37,593 shares in the company, valued at approximately $2,968,343.28. This represents a 13.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 135,917 shares of company stock worth $10,877,739 over the last 90 days. 38.39% of the stock is currently owned by corporate insiders.

About Dolby Laboratories

(Free Report)

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.

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Institutional Ownership by Quarter for Dolby Laboratories (NYSE:DLB)

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