Hillsdale Investment Management Inc. Purchases New Holdings in Dolby Laboratories, Inc. (NYSE:DLB)

Hillsdale Investment Management Inc. bought a new position in shares of Dolby Laboratories, Inc. (NYSE:DLB - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 9,600 shares of the electronics maker's stock, valued at approximately $750,000.

Several other hedge funds have also recently bought and sold shares of DLB. Victory Capital Management Inc. raised its position in Dolby Laboratories by 18.5% in the 3rd quarter. Victory Capital Management Inc. now owns 14,665 shares of the electronics maker's stock valued at $1,122,000 after buying an additional 2,288 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of Dolby Laboratories by 21.8% in the third quarter. Empowered Funds LLC now owns 7,528 shares of the electronics maker's stock valued at $576,000 after purchasing an additional 1,348 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Dolby Laboratories by 26.8% in the third quarter. Advisors Asset Management Inc. now owns 3,560 shares of the electronics maker's stock valued at $272,000 after purchasing an additional 753 shares during the last quarter. First Horizon Advisors Inc. lifted its position in shares of Dolby Laboratories by 22.7% in the third quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker's stock worth $60,000 after purchasing an additional 146 shares in the last quarter. Finally, Citigroup Inc. boosted its holdings in Dolby Laboratories by 3.9% during the third quarter. Citigroup Inc. now owns 72,727 shares of the electronics maker's stock worth $5,566,000 after purchasing an additional 2,724 shares during the last quarter. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Barrington Research reiterated an "outperform" rating and issued a $100.00 price target on shares of Dolby Laboratories in a research note on Thursday, February 13th. StockNews.com downgraded Dolby Laboratories from a "strong-buy" rating to a "buy" rating in a research report on Friday, January 31st. Finally, Rosenblatt Securities reissued a "buy" rating and set a $100.00 price target on shares of Dolby Laboratories in a research report on Thursday, January 30th.

Dolby Laboratories Stock Performance

DLB traded down $0.16 during trading on Thursday, reaching $81.58. 331,926 shares of the stock were exchanged, compared to its average volume of 420,384. The stock's 50 day moving average price is $82.27 and its two-hundred day moving average price is $78.10. Dolby Laboratories, Inc. has a twelve month low of $66.35 and a twelve month high of $89.66. The stock has a market cap of $7.79 billion, a P/E ratio of 29.99 and a beta of 1.01.

Dolby Laboratories Announces Dividend

The firm also recently announced 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. The ex-dividend date was Tuesday, February 11th. This represents a $1.32 annualized dividend and a dividend yield of 1.62%. Dolby Laboratories's dividend payout ratio is currently 48.53%.

Insider Buying and Selling at Dolby Laboratories

In other Dolby Laboratories news, CAO Ryan Nicholson sold 7,000 shares of the 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 of the company's stock, valued at $2,501,755.06. This represents a 19.04 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mark Andrew Sherman sold 40,000 shares of the firm's stock in a transaction that occurred on 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 sale, the executive vice president now owns 62,397 shares of the company's stock, valued at $5,296,257.36. This trade represents a 39.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 65,121 shares of company stock valued at $5,501,324 in the last quarter. 38.39% of the stock is currently owned by insiders.

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.