Ontario Teachers Pension Plan Board Trims Stake in Dolby Laboratories, Inc. (NYSE:DLB)

Ontario Teachers Pension Plan Board lowered its position in shares of Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 64.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,075 shares of the electronics maker's stock after selling 20,432 shares during the quarter. Ontario Teachers Pension Plan Board's holdings in Dolby Laboratories were worth $848,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Blue Trust Inc. raised its holdings in shares of Dolby Laboratories by 398.8% during the second quarter. Blue Trust Inc. now owns 414 shares of the electronics maker's stock valued at $35,000 after acquiring an additional 331 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in Dolby Laboratories during the second quarter worth approximately $37,000. GAMMA Investing LLC lifted its position in Dolby Laboratories by 64.6% during the second quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker's stock worth $39,000 after buying an additional 192 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its position in 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 worth $46,000 after buying an additional 379 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its position in Dolby Laboratories by 22.7% during the third quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker's stock worth $60,000 after buying an additional 146 shares in the last quarter. Institutional investors and hedge funds own 58.56% of the company's stock.

Insiders Place Their Bets

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 28,512 shares of Dolby Laboratories stock in a transaction dated Tuesday, October 15th. The stock was 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 directly owns 83,721 shares of the company's stock, valued at $6,205,400.52. The trade was a 25.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 39.54% of the stock is owned by company insiders.

Dolby Laboratories Trading Up 0.4 %

DLB traded up $0.30 on Friday, hitting $80.55. 584,160 shares of the company were exchanged, compared to its average volume of 406,484. Dolby Laboratories, Inc. has a twelve month low of $66.35 and a twelve month high of $90.06. The company has a market cap of $7.68 billion, a price-to-earnings ratio of 29.87 and a beta of 0.98. The firm has a 50-day moving average price of $74.15 and a two-hundred day moving average price of $76.08.

Dolby Laboratories announced that its board has authorized a stock buyback plan on Wednesday, August 7th that permits the company to repurchase $350.00 million in shares. This repurchase authorization permits the electronics maker to repurchase up to 5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board believes its shares are undervalued.

Dolby Laboratories Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Tuesday, December 3rd will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.64%. This is a boost from Dolby Laboratories's previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, December 3rd. Dolby Laboratories's payout ratio is presently 44.28%.

Analyst Upgrades and Downgrades

A number of research firms have commented on DLB. Rosenblatt Securities lifted their target price on Dolby Laboratories from $98.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday. Barrington Research restated an "outperform" rating and issued a $100.00 target price on shares of Dolby Laboratories in a research report on Wednesday. Finally, StockNews.com upgraded Dolby Laboratories from a "buy" rating to a "strong-buy" rating in a research report on Monday.

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.