Handelsbanken Fonder AB Reduces Position in Dolby Laboratories, Inc. (NYSE:DLB)

Handelsbanken Fonder AB reduced its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 23.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,616 shares of the electronics maker's stock after selling 5,000 shares during the period. Handelsbanken Fonder AB's holdings in Dolby Laboratories were worth $1,298,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Cardinal Capital Management grew its position in Dolby Laboratories by 3.2% during the fourth quarter. Cardinal Capital Management now owns 41,453 shares of the electronics maker's stock worth $3,237,000 after buying an additional 1,273 shares in the last quarter. Venturi Wealth Management LLC grew its holdings in shares of Dolby Laboratories by 8,415.6% during the fourth quarter. Venturi Wealth Management LLC now owns 3,832 shares of the electronics maker's stock worth $299,000 after purchasing an additional 3,787 shares during the last quarter. State of New Jersey Common Pension Fund D raised its stake in shares of Dolby Laboratories by 6.1% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 29,603 shares of the electronics maker's stock worth $2,312,000 after acquiring an additional 1,693 shares during the last quarter. Rhumbline Advisers lifted its holdings in Dolby Laboratories by 0.5% during the 4th quarter. Rhumbline Advisers now owns 250,121 shares of the electronics maker's stock worth $19,534,000 after buying an additional 1,194 shares in the last quarter. Finally, Vontobel Holding Ltd. acquired a new position in shares of Dolby Laboratories during the fourth quarter valued at $1,237,000. 58.56% of the stock is owned by institutional investors.

Remove Ads

Dolby Laboratories Price Performance

DLB traded up $0.65 during trading on Friday, hitting $81.72. 560,060 shares of the stock traded hands, compared to its average volume of 485,345. The business has a 50 day moving average price of $80.99 and a 200 day moving average price of $76.76. Dolby Laboratories, Inc. has a twelve month low of $66.35 and a twelve month high of $89.66. The company has a market cap of $7.80 billion, a price-to-earnings ratio of 30.05 and a beta of 0.98.

Dolby Laboratories Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 19th. Stockholders of record on Tuesday, February 11th were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date was Tuesday, February 11th. Dolby Laboratories's payout ratio is 48.53%.

Insider Buying and Selling

In related news, EVP Mark Andrew Sherman sold 12,338 shares of the company's stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $78.08, for a total value of $963,351.04. Following the sale, the executive vice president now owns 62,397 shares in the company, valued at $4,871,957.76. This represents a 16.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CMO Todd Pendleton sold 18,121 shares of the company's stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $83.75, for a total transaction of $1,517,633.75. Following the completion of the sale, the chief marketing officer now directly owns 37,290 shares of the company's stock, valued at $3,123,037.50. The trade was a 32.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 77,459 shares of company stock worth $6,464,675 in the last ninety days. Company insiders own 38.39% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on DLB. StockNews.com cut 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 issued a $100.00 price target on shares of Dolby Laboratories in a research note 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 research report on Thursday, January 30th.

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.