Bank of New York Mellon Corp Buys 1,887,518 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Bank of New York Mellon Corp increased its stake in Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 64.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,826,477 shares of the electronics maker's stock after purchasing an additional 1,887,518 shares during the quarter. Bank of New York Mellon Corp owned approximately 5.06% of Dolby Laboratories worth $376,948,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Savant Capital LLC lifted its position in shares of Dolby Laboratories by 2.0% in the 4th quarter. Savant Capital LLC now owns 6,274 shares of the electronics maker's stock valued at $490,000 after acquiring an additional 125 shares in the last quarter. Harbor Capital Advisors Inc. raised its stake in Dolby Laboratories by 5.6% during the 4th quarter. Harbor Capital Advisors Inc. now owns 2,571 shares of the electronics maker's stock valued at $201,000 after purchasing an additional 136 shares during the period. Mather Group LLC. lifted its holdings in shares of Dolby Laboratories by 36.8% in the fourth quarter. Mather Group LLC. now owns 528 shares of the electronics maker's stock valued at $41,000 after purchasing an additional 142 shares in the last quarter. First Horizon Advisors Inc. boosted its position in shares of Dolby Laboratories by 22.7% in the third quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker's stock worth $60,000 after buying an additional 146 shares during the period. Finally, Naples Global Advisors LLC grew its holdings in shares of Dolby Laboratories by 0.4% during the fourth quarter. Naples Global Advisors LLC now owns 35,730 shares of the electronics maker's stock valued at $2,791,000 after buying an additional 160 shares in the last quarter. Institutional investors and hedge funds own 58.56% of the company's stock.

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Insider Transactions at Dolby Laboratories

In related news, CMO Todd Pendleton sold 18,121 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $83.75, for a total transaction of $1,517,633.75. Following the transaction, the chief marketing officer now owns 37,290 shares of the company's stock, valued at approximately $3,123,037.50. This trade represents a 32.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark Andrew Sherman sold 40,000 shares of the stock in a transaction on 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 transaction, the executive vice president now owns 62,397 shares in the company, valued at approximately $5,296,257.36. This trade represents a 39.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 77,459 shares of company stock valued at $6,464,675 in the last three months. Corporate insiders own 38.39% of the company's stock.

Dolby Laboratories Stock Performance

Shares of NYSE DLB traded up $0.65 during mid-day trading on Friday, reaching $81.72. The company had a trading volume of 560,060 shares, compared to its average volume of 485,345. The stock has a market capitalization of $7.80 billion, a PE ratio of 30.05 and a beta of 0.98. Dolby Laboratories, Inc. has a twelve month low of $66.35 and a twelve month high of $89.66. The stock's 50 day moving average is $80.99 and its 200-day moving average is $76.76.

Dolby Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 19th. Stockholders of record on Tuesday, February 11th were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend was Tuesday, February 11th. Dolby Laboratories's dividend payout ratio (DPR) is presently 48.53%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on DLB shares. StockNews.com downgraded Dolby Laboratories from a "strong-buy" rating to a "buy" rating in a research note on Friday, January 31st. Rosenblatt Securities reissued a "buy" rating and issued a $100.00 price target on shares of Dolby Laboratories in a research report on Thursday, January 30th. Finally, Barrington Research reaffirmed an "outperform" rating and set a $100.00 price objective on shares of Dolby Laboratories in a research report on Thursday, February 13th.

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.