JPMorgan Chase & Co. trimmed its holdings in Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 57.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 263,620 shares of the electronics maker's stock after selling 353,110 shares during the quarter. JPMorgan Chase & Co. owned 0.28% of Dolby Laboratories worth $20,175,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Geode Capital Management LLC lifted its position in shares of Dolby Laboratories by 4.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,538,583 shares of the electronics maker's stock worth $117,767,000 after acquiring an additional 63,293 shares during the period. Lord Abbett & CO. LLC lifted its position in Dolby Laboratories by 5.8% in the third quarter. Lord Abbett & CO. LLC now owns 284,466 shares of the electronics maker's stock worth $21,771,000 after purchasing an additional 15,546 shares during the period. Barclays PLC increased its holdings in Dolby Laboratories by 80.5% in the 3rd 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. Boston Trust Walden Corp increased its holdings in Dolby Laboratories by 185.3% in the 3rd quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker's stock valued at $82,276,000 after buying an additional 698,283 shares during the period. Finally, Pacer Advisors Inc. raised its stake in shares of Dolby Laboratories by 47.5% in the 2nd quarter. Pacer Advisors Inc. now owns 23,320 shares of the electronics maker's stock valued at $1,848,000 after buying an additional 7,509 shares in the last quarter. Institutional investors and hedge funds own 58.56% of the company's stock.
Wall Street Analyst Weigh In
DLB has been the topic of several recent research reports. Barrington Research reiterated an "outperform" rating and set a $100.00 target price on shares of Dolby Laboratories in a research report on Wednesday, November 20th. Rosenblatt Securities upped their price objective on Dolby Laboratories from $98.00 to $100.00 and gave the company a "buy" rating 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, December 4th.
View Our Latest Analysis on DLB
Insider Buying and Selling
In other news, Director Peter C. Gotcher sold 6,079 shares of the business's stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $78.96, for a total transaction of $479,997.84. Following the completion of the transaction, the director now directly owns 37,593 shares in the company, valued at approximately $2,968,343.28. The trade was a 13.92 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kevin J. Yeaman sold 28,512 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were 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 owns 83,721 shares in the company, valued at $6,205,400.52. This 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 164,429 shares of company stock worth $12,991,048 in the last 90 days. Corporate insiders own 38.39% of the company's stock.
Dolby Laboratories Price Performance
Shares of DLB traded down $0.68 during trading hours on Friday, hitting $76.43. The stock had a trading volume of 393,963 shares, compared to its average volume of 327,760. The stock has a market capitalization of $7.29 billion, a price-to-earnings ratio of 28.20 and a beta of 0.98. The company's fifty day moving average is $77.47 and its two-hundred day moving average is $75.60. Dolby Laboratories, Inc. has a 52 week low of $66.35 and a 52 week high of $86.37.
Dolby Laboratories Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Tuesday, December 3rd were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.73%. This is a boost from Dolby Laboratories's previous quarterly dividend of $0.30. The ex-dividend date was Tuesday, December 3rd. Dolby Laboratories's payout ratio is currently 48.71%.
About Dolby Laboratories
(
Free Report)
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.
Further Reading
Before you consider Dolby Laboratories, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Dolby Laboratories wasn't on the list.
While Dolby Laboratories currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
As the AI market heats up, investors who have a vision for artificial intelligence have the potential to see real returns. Learn about the industry as a whole as well as seven companies that are getting work done with the power of AI.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.