Northwest & Ethical Investments L.P. Sells 23,280 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Northwest & Ethical Investments L.P. cut its holdings in shares of Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 23.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 74,499 shares of the electronics maker's stock after selling 23,280 shares during the period. Northwest & Ethical Investments L.P. owned approximately 0.08% of Dolby Laboratories worth $5,818,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in DLB. Fifth Third Bancorp lifted its position in shares of Dolby Laboratories by 82.7% during the 4th quarter. Fifth Third Bancorp now owns 360 shares of the electronics maker's stock valued at $28,000 after acquiring an additional 163 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Dolby Laboratories by 436.2% during the fourth quarter. Nisa Investment Advisors LLC now owns 370 shares of the electronics maker's stock worth $29,000 after purchasing an additional 301 shares during the period. Mather Group LLC. raised its position in shares of Dolby Laboratories by 36.8% during the fourth quarter. Mather Group LLC. now owns 528 shares of the electronics maker's stock worth $41,000 after purchasing an additional 142 shares during the period. First Horizon Advisors Inc. lifted its holdings in shares of Dolby Laboratories by 22.7% during the third quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker's stock valued at $60,000 after purchasing an additional 146 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Dolby Laboratories by 207.5% in the 4th quarter. GAMMA Investing LLC now owns 778 shares of the electronics maker's stock valued at $61,000 after purchasing an additional 525 shares during the period. 58.56% of the stock is currently owned by institutional investors.

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Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, CMO Todd Pendleton sold 18,121 shares of the company's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $83.75, for a total value of $1,517,633.75. Following the transaction, the chief marketing officer now directly owns 37,290 shares of the company's stock, valued at approximately $3,123,037.50. This represents a 32.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Ryan Nicholson sold 7,000 shares of the stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $84.07, for a total value of $588,490.00. Following the sale, the chief accounting officer now owns 29,758 shares of the company's stock, valued at approximately $2,501,755.06. This represents a 19.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 65,121 shares of company stock worth $5,501,324 in the last quarter. 38.39% of the stock is currently owned by corporate insiders.

Dolby Laboratories Stock Performance

NYSE:DLB traded down $0.06 during trading hours on Tuesday, hitting $81.56. 261,445 shares of the company's stock traded hands, compared to its average volume of 420,752. The stock's fifty day moving average price is $82.22 and its two-hundred day moving average price is $77.98. The firm has a market cap of $7.78 billion, a P/E ratio of 29.99 and a beta of 1.01. Dolby Laboratories, Inc. has a twelve month low of $66.35 and a twelve month high of $89.66.

Dolby Laboratories Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 19th. Shareholders of record on Tuesday, February 11th were paid a $0.33 dividend. The ex-dividend date was Tuesday, February 11th. This represents a $1.32 annualized dividend and a yield of 1.62%. Dolby Laboratories's dividend payout ratio is presently 48.53%.

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.