Bank of Nova Scotia Increases Stake in Dolby Laboratories, Inc. (NYSE:DLB)

Bank of Nova Scotia increased its position in Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 377.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,575 shares of the electronics maker's stock after buying an additional 20,223 shares during the period. Bank of Nova Scotia's holdings in Dolby Laboratories were worth $1,997,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in DLB. Vanguard Group Inc. lifted its stake in Dolby Laboratories by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 7,033,612 shares of the electronics maker's stock valued at $549,325,000 after acquiring an additional 68,771 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Dolby Laboratories by 64.2% in the 4th quarter. Bank of New York Mellon Corp now owns 4,826,477 shares of the electronics maker's stock valued at $376,948,000 after buying an additional 1,887,518 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Dolby Laboratories by 4.3% during the 3rd 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. Boston Trust Walden Corp grew its stake 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 acquiring an additional 9,624 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Dolby Laboratories by 3.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 742,639 shares of the electronics maker's stock valued at $58,000,000 after purchasing an additional 25,047 shares during the period. Institutional investors and hedge funds own 58.56% of the company's stock.

Remove Ads

Analyst Ratings Changes

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

Dolby Laboratories Stock Down 0.1 %

Shares of DLB stock traded down $0.05 during trading hours on Tuesday, hitting $73.99. 249,709 shares of the company's stock traded hands, compared to its average volume of 448,241. The stock has a market cap of $7.06 billion, a price-to-earnings ratio of 27.20 and a beta of 0.94. The stock's fifty day simple moving average is $80.05 and its two-hundred day simple moving average is $78.39. Dolby Laboratories, Inc. has a 12-month low of $66.35 and a 12-month high of $89.66.

Dolby Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 19th. Stockholders of record on Tuesday, February 11th were paid a $0.33 dividend. The ex-dividend date was Tuesday, February 11th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.78%. Dolby Laboratories's dividend payout ratio is currently 48.53%.

Insider Transactions at Dolby Laboratories

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

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.