Crossmark Global Holdings Inc. Cuts Holdings in Dolby Laboratories, Inc. (NYSE:DLB)

Crossmark Global Holdings Inc. cut its holdings in Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 68.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,156 shares of the electronics maker's stock after selling 11,057 shares during the quarter. Crossmark Global Holdings Inc.'s holdings in Dolby Laboratories were worth $395,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in DLB. Blue Trust Inc. raised its stake in Dolby Laboratories by 398.8% during the 2nd quarter. Blue Trust Inc. now owns 414 shares of the electronics maker's stock valued at $35,000 after buying an additional 331 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in Dolby Laboratories in the second quarter valued at about $37,000. GAMMA Investing LLC boosted its position in Dolby Laboratories by 64.6% in the second quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker's stock worth $39,000 after purchasing an additional 192 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Dolby Laboratories by 192.4% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker's stock valued at $46,000 after purchasing an additional 379 shares during the period. Finally, EntryPoint Capital LLC purchased a new stake in shares of Dolby Laboratories during the 1st quarter valued at about $127,000. 58.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on DLB shares. StockNews.com upgraded shares of Dolby Laboratories from a "buy" rating to a "strong-buy" rating in a research note on Friday, November 8th. Barrington Research reiterated an "outperform" rating and issued a $100.00 price target on shares of Dolby Laboratories in a research note on Friday, September 20th.

Insider Activity

In related news, CEO Kevin J. Yeaman sold 28,512 shares of the firm's stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $74.12, for a total transaction of $2,113,309.44. Following the completion of the sale, the chief executive officer now directly owns 83,721 shares of the company's stock, valued at approximately $6,205,400.52. This trade represents a 25.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 39.54% of the company's stock.

Dolby Laboratories Trading Down 0.6 %

Shares of DLB stock traded down $0.41 on Monday, reaching $71.32. The company's stock had a trading volume of 446,837 shares, compared to its average volume of 395,911. The company has a market capitalization of $6.80 billion, a price-to-earnings ratio of 32.57 and a beta of 0.98. The stock's fifty day simple moving average is $73.66 and its 200-day simple moving average is $76.09. Dolby Laboratories, Inc. has a 1 year low of $66.35 and a 1 year high of $90.06.

Dolby Laboratories declared that its Board of Directors has approved a share buyback program on Wednesday, August 7th that authorizes the company to buyback $350.00 million in outstanding shares. This buyback authorization authorizes the electronics maker to repurchase up to 5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its stock is undervalued.

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.