Franklin Resources Inc. Acquires 8,509 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Franklin Resources Inc. boosted its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 22.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,247 shares of the electronics maker's stock after buying an additional 8,509 shares during the period. Franklin Resources Inc.'s holdings in Dolby Laboratories were worth $3,513,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Boston Trust Walden Corp raised its holdings in Dolby Laboratories by 185.3% in the third quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker's stock worth $82,276,000 after buying an additional 698,283 shares during the last quarter. Clifford Capital Partners LLC increased its position in shares of Dolby Laboratories by 3,114.7% during the third quarter. Clifford Capital Partners LLC now owns 270,579 shares of the electronics maker's stock valued at $20,707,000 after acquiring an additional 262,162 shares in the last quarter. Acadian Asset Management LLC raised its holdings in Dolby Laboratories by 39.8% in the 2nd quarter. Acadian Asset Management LLC now owns 652,651 shares of the electronics maker's stock worth $51,698,000 after acquiring an additional 185,884 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Dolby Laboratories by 27.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 792,828 shares of the electronics maker's stock worth $62,817,000 after acquiring an additional 168,744 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in Dolby Laboratories by 16.2% in the 2nd quarter. AQR Capital Management LLC now owns 627,160 shares of the electronics maker's stock valued at $49,690,000 after acquiring an additional 87,298 shares in the last quarter. Hedge funds and other institutional investors own 58.56% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. StockNews.com raised Dolby Laboratories from a "buy" rating to a "strong-buy" rating in a report on Wednesday, December 4th. Rosenblatt Securities increased their price objective on Dolby Laboratories from $98.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday, November 20th. Finally, Barrington Research reissued an "outperform" rating and issued a $100.00 target price on shares of Dolby Laboratories in a research report on Wednesday, November 20th.

Insider Transactions at Dolby Laboratories

In other news, CAO Ryan Nicholson sold 10,500 shares of the business's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $80.18, for a total transaction of $841,890.00. Following the completion of the sale, the chief accounting officer now owns 24,364 shares of the company's stock, valued at $1,953,505.52. The trade was a 30.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mark Andrew Sherman sold 12,338 shares of the firm's stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $78.08, for a total value of $963,351.04. Following the completion of the transaction, the executive vice president now directly owns 62,397 shares in the company, valued at approximately $4,871,957.76. This represents a 16.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 164,429 shares of company stock worth $12,991,048 in the last ninety days. Insiders own 39.54% of the company's stock.

Dolby Laboratories Trading Up 0.9 %

DLB stock traded up $0.66 on Wednesday, hitting $78.28. The company had a trading volume of 120,507 shares, compared to its average volume of 418,918. Dolby Laboratories, Inc. has a 12-month low of $66.35 and a 12-month high of $87.12. The stock has a market cap of $7.47 billion, a price-to-earnings ratio of 28.89 and a beta of 0.98. The stock's 50-day simple moving average is $76.47 and its 200 day simple moving average is $75.66.

Dolby Laboratories Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Tuesday, December 3rd were paid a $0.33 dividend. This is an increase from Dolby Laboratories's previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date was Tuesday, December 3rd. Dolby Laboratories's dividend payout ratio (DPR) is 48.71%.

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.