Patten & Patten Inc. TN cut its holdings in Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 40.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,705 shares of the electronics maker's stock after selling 12,475 shares during the period. Patten & Patten Inc. TN's holdings in Dolby Laboratories were worth $1,431,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also bought and sold shares of the company. Blue Trust Inc. boosted its position in Dolby Laboratories by 398.8% in the 2nd quarter. Blue Trust Inc. now owns 414 shares of the electronics maker's stock valued at $35,000 after buying an additional 331 shares during the period. Point72 Hong Kong Ltd acquired a new position in shares of Dolby Laboratories in the second quarter worth $37,000. GAMMA Investing LLC increased its stake 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 acquiring an additional 192 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake 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 valued at $46,000 after buying an additional 379 shares in the last quarter. Finally, Headlands Technologies LLC boosted its stake in Dolby Laboratories by 693.3% during the 1st quarter. Headlands Technologies LLC now owns 595 shares of the electronics maker's stock valued at $50,000 after purchasing an additional 520 shares in the last quarter. Hedge funds and other institutional investors own 58.56% of the company's stock.
Dolby Laboratories Stock Performance
Shares of NYSE DLB traded down $1.54 during trading on Tuesday, reaching $73.93. The stock had a trading volume of 317,803 shares, compared to its average volume of 396,147. The firm's 50 day moving average price is $73.35 and its two-hundred day moving average price is $76.30. The stock has a market cap of $7.05 billion, a PE ratio of 34.34 and a beta of 0.98. Dolby Laboratories, Inc. has a one year low of $66.35 and a one year high of $90.06.
Dolby Laboratories announced that its Board of Directors has authorized a stock buyback program on Wednesday, August 7th that permits the company to buyback $350.00 million in shares. This buyback authorization permits the electronics maker to repurchase up to 5% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.
Insider Activity
In related news, CEO Kevin J. Yeaman sold 28,512 shares of the business's 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 transaction, the chief executive officer now owns 83,721 shares in the company, valued at $6,205,400.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 39.54% of the company's stock.
Analyst Ratings Changes
Several analysts have commented on DLB shares. StockNews.com upgraded shares of Dolby Laboratories from a "buy" rating to a "strong-buy" rating in a research report on Friday. Barrington Research reaffirmed an "outperform" rating and issued a $100.00 target price on shares of Dolby Laboratories in a research report on Friday, September 20th.
View Our Latest Stock Report on DLB
Dolby Laboratories Profile
(
Free Report)
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.
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