California Public Employees Retirement System Sells 4,292 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

California Public Employees Retirement System decreased its position in shares of Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 1.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 287,109 shares of the electronics maker's stock after selling 4,292 shares during the period. California Public Employees Retirement System owned 0.30% of Dolby Laboratories worth $22,423,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its holdings in shares of 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 during the last quarter. Lord Abbett & CO. LLC raised its stake in shares of Dolby Laboratories by 5.8% during the third quarter. Lord Abbett & CO. LLC now owns 284,466 shares of the electronics maker's stock worth $21,771,000 after buying an additional 15,546 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Dolby Laboratories by 10,441,900.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 104,420 shares of the electronics maker's stock valued at $8,123,000 after buying an additional 104,419 shares during the period. Barclays PLC lifted its holdings in Dolby Laboratories by 80.5% in the third quarter. Barclays PLC now owns 33,230 shares of the electronics maker's stock valued at $2,544,000 after buying an additional 14,825 shares during the period. Finally, Franklin Resources Inc. boosted its stake in Dolby Laboratories by 22.0% in the third quarter. Franklin Resources Inc. now owns 47,247 shares of the electronics maker's stock valued at $3,513,000 after acquiring an additional 8,509 shares during the last quarter. Institutional investors own 58.56% of the company's stock.

Dolby Laboratories Stock Performance

NYSE DLB traded up $0.90 on Tuesday, reaching $70.96. The company had a trading volume of 60,346 shares, compared to its average volume of 493,210. The company's fifty day moving average is $81.81 and its 200-day moving average is $78.54. Dolby Laboratories, Inc. has a 1-year low of $66.35 and a 1-year high of $89.66. The firm has a market capitalization of $6.77 billion, a price-to-earnings ratio of 26.09 and a beta of 0.94.

Dolby Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 19th. Investors of record on Tuesday, February 11th were given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date was Tuesday, February 11th. Dolby Laboratories's dividend payout ratio is presently 48.53%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Dolby Laboratories

In other news, CMO Todd Pendleton sold 18,121 shares of the business's 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 owns 37,290 shares of the company's stock, valued at $3,123,037.50. The trade was a 32.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Ryan Nicholson sold 7,000 shares of the firm's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $84.07, for a total transaction of $588,490.00. Following the completion of the transaction, the chief accounting officer now directly 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. In the last quarter, insiders have sold 65,121 shares of company stock worth $5,501,324. Corporate insiders own 38.39% of the company's stock.

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.