Dolby Laboratories, Inc. (NYSE:DLB) Position Boosted by Bank of Montreal Can

Bank of Montreal Can boosted its stake in Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 27.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 39,350 shares of the electronics maker's stock after purchasing an additional 8,562 shares during the quarter. Bank of Montreal Can's holdings in Dolby Laboratories were worth $2,975,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. LRI Investments LLC boosted its holdings in Dolby Laboratories by 6.0% in the 2nd quarter. LRI Investments LLC now owns 2,293 shares of the electronics maker's stock worth $182,000 after acquiring an additional 130 shares during the period. First Horizon Advisors Inc. increased its stake in Dolby Laboratories by 22.7% during the 3rd quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker's stock worth $60,000 after buying an additional 146 shares during the period. Signaturefd LLC lifted its holdings in Dolby Laboratories by 5.1% in the 2nd quarter. Signaturefd LLC now owns 3,167 shares of the electronics maker's stock worth $251,000 after buying an additional 153 shares in the last quarter. Mitchell & Pahl Private Wealth LLC boosted its position in Dolby Laboratories by 1.3% in the 2nd quarter. Mitchell & Pahl Private Wealth LLC now owns 13,817 shares of the electronics maker's stock valued at $1,095,000 after buying an additional 174 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Dolby Laboratories by 64.6% during the second quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker's stock valued at $39,000 after acquiring an additional 192 shares in the last quarter. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Dolby Laboratories news, SVP John D. Couling sold 50,000 shares of Dolby Laboratories stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $80.04, for a total transaction of $4,002,000.00. Following the sale, the senior vice president now owns 106,806 shares of the company's stock, valued at $8,548,752.24. The trade was a 31.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Kevin J. Yeaman sold 28,512 shares of the firm's stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $74.12, for a total value of $2,113,309.44. Following the transaction, the chief executive officer now directly owns 83,721 shares in the company, valued at $6,205,400.52. This trade represents a 25.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 152,091 shares of company stock valued at $12,027,697 in the last quarter. Company insiders own 39.54% of the company's stock.

Analysts Set New Price Targets

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

Dolby Laboratories Trading Down 1.4 %

NYSE DLB traded down $1.15 during trading hours on Thursday, reaching $79.32. The company's stock had a trading volume of 463,959 shares, compared to its average volume of 410,312. The business has a 50-day simple moving average of $75.36 and a 200 day simple moving average of $75.83. Dolby Laboratories, Inc. has a 52 week low of $66.35 and a 52 week high of $90.06. The stock has a market cap of $7.57 billion, a PE ratio of 29.69 and a beta of 0.98.

Dolby Laboratories announced that its Board of Directors has authorized a stock buyback plan on Wednesday, August 7th that permits the company to repurchase $350.00 million in shares. This repurchase authorization permits the electronics maker to reacquire up to 5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Dolby Laboratories Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Tuesday, December 3rd will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.32 annualized dividend and a dividend yield of 1.66%. This is a positive change from Dolby Laboratories's previous quarterly dividend of $0.30. Dolby Laboratories's dividend payout ratio is currently 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.