Janney Montgomery Scott LLC Trims Position in Dolby Laboratories, Inc. (NYSE:DLB)

Janney Montgomery Scott LLC lowered its holdings in shares of Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 84.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 13,356 shares of the electronics maker's stock after selling 74,961 shares during the period. Janney Montgomery Scott LLC's holdings in Dolby Laboratories were worth $1,022,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in DLB. Blue Trust Inc. grew its holdings in shares of Dolby Laboratories by 398.8% in the second quarter. Blue Trust Inc. now owns 414 shares of the electronics maker's stock worth $35,000 after purchasing an additional 331 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Dolby Laboratories in the second quarter valued at about $37,000. GAMMA Investing LLC raised 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 during the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in shares of Dolby Laboratories by 192.4% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker's stock valued at $46,000 after acquiring an additional 379 shares during the last quarter. Finally, Headlands Technologies LLC boosted its holdings in shares of Dolby Laboratories by 693.3% during the first quarter. Headlands Technologies LLC now owns 595 shares of the electronics maker's stock worth $50,000 after purchasing an additional 520 shares during the period. Hedge funds and other institutional investors own 58.56% of the company's stock.

Analyst Ratings Changes

DLB has been the topic of a number of research analyst reports. Barrington Research restated an "outperform" rating and set a $100.00 price target on shares of Dolby Laboratories in a report on Friday, September 20th. StockNews.com raised shares of Dolby Laboratories from a "buy" rating to a "strong-buy" rating in a research note on Friday, November 8th.

Insiders Place Their Bets

In related news, CEO Kevin J. Yeaman sold 28,512 shares of the firm's 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 of the company's stock, valued at $6,205,400.52. This trade represents a 25.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 39.54% of the company's stock.

Dolby Laboratories Stock Down 2.0 %

Shares of NYSE:DLB traded down $1.44 during midday trading on Friday, reaching $71.73. The company's stock had a trading volume of 404,152 shares, compared to its average volume of 395,891. The firm has a 50 day moving average of $73.62 and a 200-day moving average of $76.17. The firm has a market capitalization of $6.84 billion, a P/E ratio of 32.75 and a beta of 0.98. Dolby Laboratories, Inc. has a 12-month low of $66.35 and a 12-month high of $90.06.

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

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.