Treasurer of the State of North Carolina Lowers Holdings in Dolby Laboratories, Inc. (NYSE:DLB)

Treasurer of the State of North Carolina reduced its position in Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 55.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 25,700 shares of the electronics maker's stock after selling 32,389 shares during the period. Treasurer of the State of North Carolina's holdings in Dolby Laboratories were worth $2,007,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Savant Capital LLC lifted its holdings in shares of Dolby Laboratories by 2.0% during the 4th quarter. Savant Capital LLC now owns 6,274 shares of the electronics maker's stock valued at $490,000 after buying an additional 125 shares during the period. Orion Portfolio Solutions LLC raised its holdings in Dolby Laboratories by 0.7% in the 4th quarter. Orion Portfolio Solutions LLC now owns 19,522 shares of the electronics maker's stock worth $1,525,000 after purchasing an additional 132 shares during the period. Harbor Capital Advisors Inc. raised its stake in shares of Dolby Laboratories by 5.6% in the fourth quarter. Harbor Capital Advisors Inc. now owns 2,571 shares of the electronics maker's stock worth $201,000 after buying an additional 136 shares during the period. Mather Group LLC. lifted its position in shares of Dolby Laboratories by 36.8% during the 4th quarter. Mather Group LLC. now owns 528 shares of the electronics maker's stock valued at $41,000 after buying an additional 142 shares in the last quarter. Finally, Naples Global Advisors LLC grew its stake in shares of Dolby Laboratories by 0.4% during the 4th quarter. Naples Global Advisors LLC now owns 35,730 shares of the electronics maker's stock valued at $2,791,000 after acquiring an additional 160 shares during the period. 58.56% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

DLB has been the subject of several recent analyst reports. StockNews.com downgraded shares of Dolby Laboratories from a "strong-buy" rating to a "buy" rating in a report on Friday, January 31st. Barrington Research reissued an "outperform" rating and set a $100.00 price objective on shares of Dolby Laboratories in a report on Thursday, February 13th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $100.00 target price on shares of Dolby Laboratories in a report on Thursday, January 30th.

Dolby Laboratories Price Performance

Shares of Dolby Laboratories stock traded up $1.62 during trading hours on Wednesday, reaching $74.34. The company's stock had a trading volume of 61,794 shares, compared to its average volume of 448,480. The stock has a market cap of $7.09 billion, a P/E ratio of 27.33 and a beta of 0.94. Dolby Laboratories, Inc. has a one year low of $66.35 and a one year high of $89.66. The firm has a 50 day moving average price of $78.86 and a 200-day moving average price of $78.24.

Dolby Laboratories Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 19th. Stockholders of record on Tuesday, February 11th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date of this dividend was Tuesday, February 11th. Dolby Laboratories's dividend payout ratio (DPR) is 48.53%.

Insider Activity

In other news, CAO Ryan Nicholson sold 7,000 shares of the company's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $84.07, for a total value of $588,490.00. Following the transaction, the chief accounting officer now directly owns 29,758 shares in the company, valued at approximately $2,501,755.06. This represents a 19.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Mark Andrew Sherman sold 40,000 shares of the company's stock in a transaction dated Thursday, January 30th. The stock was 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 owns 62,397 shares in the company, valued at $5,296,257.36. This represents a 39.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 65,121 shares of company stock valued at $5,501,324. 38.39% of the stock is currently owned by 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.