Cornercap Investment Counsel Inc. Takes $431,000 Position in Dolby Laboratories, Inc. (NYSE:DLB)

Cornercap Investment Counsel Inc. purchased a new stake in Dolby Laboratories, Inc. (NYSE:DLB - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,515 shares of the electronics maker's stock, valued at approximately $431,000.

A number of other institutional investors also recently bought and sold shares of the business. Bank of New York Mellon Corp grew its position in shares of 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 during the last quarter. Norges Bank acquired a new position in Dolby Laboratories in the fourth quarter valued at $55,356,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Dolby Laboratories by 10,441,900.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 104,420 shares of the electronics maker's stock worth $8,123,000 after purchasing an additional 104,419 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Dolby Laboratories by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 7,033,612 shares of the electronics maker's stock worth $549,325,000 after purchasing an additional 68,771 shares during the last quarter. Finally, Disciplined Growth Investors Inc. MN increased its position in shares of Dolby Laboratories by 4.5% during the third quarter. Disciplined Growth Investors Inc. MN now owns 1,466,212 shares of the electronics maker's stock worth $112,209,000 after purchasing an additional 63,589 shares in the last quarter. 58.56% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Dolby Laboratories Stock Down 3.5 %

DLB traded down $2.87 on Thursday, hitting $78.34. 196,368 shares of the company traded hands, compared to its average volume of 441,185. Dolby Laboratories, Inc. has a 12-month low of $66.35 and a 12-month high of $89.66. The company has a 50 day moving average of $82.22 and a 200-day moving average of $78.47. The stock has a market capitalization of $7.48 billion, a PE ratio of 28.80 and a beta of 1.01.

Dolby Laboratories Dividend Announcement

The business 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 annualized dividend and a dividend yield of 1.68%. The ex-dividend date was Tuesday, February 11th. Dolby Laboratories's dividend payout ratio (DPR) is presently 48.53%.

Insider Buying and Selling

In related news, EVP Mark Andrew Sherman sold 40,000 shares of the stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $84.88, for a total transaction of $3,395,200.00. Following the completion of the transaction, the executive vice president now directly owns 62,397 shares of the company's stock, valued at $5,296,257.36. This represents a 39.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Ryan Nicholson sold 7,000 shares of Dolby Laboratories stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $84.07, for a total value of $588,490.00. Following the completion of the sale, the chief accounting officer now directly owns 29,758 shares in the company, valued at $2,501,755.06. This represents a 19.04 % decrease in their position. 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 over the last three months. 38.39% of the stock is currently owned by company insiders.

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.