Principal Financial Group Inc. Sells 60,684 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Principal Financial Group Inc. lowered its holdings in Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 30.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 138,209 shares of the electronics maker's stock after selling 60,684 shares during the period. Principal Financial Group Inc. owned approximately 0.14% of Dolby Laboratories worth $10,577,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Signaturefd LLC increased its position in shares of Dolby Laboratories by 5.1% during the 2nd quarter. Signaturefd LLC now owns 3,167 shares of the electronics maker's stock valued at $251,000 after purchasing an additional 153 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Dolby Laboratories by 18.8% during the second quarter. Van ECK Associates Corp now owns 24,914 shares of the electronics maker's stock worth $1,974,000 after acquiring an additional 3,945 shares in the last quarter. nVerses Capital LLC bought a new stake in shares of Dolby Laboratories in the 2nd quarter worth approximately $261,000. Natixis Advisors LLC boosted its stake in shares of Dolby Laboratories by 2.7% in the 2nd quarter. Natixis Advisors LLC now owns 23,398 shares of the electronics maker's stock valued at $1,854,000 after purchasing an additional 611 shares in the last quarter. Finally, Fiera Capital Corp grew its holdings in shares of Dolby Laboratories by 1.2% during the 2nd quarter. Fiera Capital Corp now owns 568,327 shares of the electronics maker's stock valued at $45,029,000 after purchasing an additional 6,564 shares during the last quarter. Hedge funds and other institutional investors own 58.56% of the company's stock.

Dolby Laboratories Price Performance

DLB traded up $0.04 during trading on Tuesday, hitting $78.10. 238,431 shares of the stock traded hands, compared to its average volume of 416,061. The firm has a market capitalization of $7.45 billion, a P/E ratio of 28.82 and a beta of 0.98. Dolby Laboratories, Inc. has a 12-month low of $66.35 and a 12-month high of $86.37. The firm has a 50-day moving average of $76.71 and a 200 day moving average of $75.63.

Dolby Laboratories Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd were given a dividend of $0.33 per share. This is a positive change from Dolby Laboratories's previous quarterly dividend of $0.30. The ex-dividend date was Tuesday, December 3rd. This represents a $1.32 dividend on an annualized basis and a yield of 1.69%. Dolby Laboratories's dividend payout ratio is presently 48.71%.

Analyst Ratings Changes

DLB has been the subject of several recent research reports. Barrington Research reissued an "outperform" rating and issued a $100.00 price target on shares of Dolby Laboratories in a research note on Wednesday, November 20th. Rosenblatt Securities boosted their target price on Dolby Laboratories from $98.00 to $100.00 and gave the company a "buy" rating in a research note on Wednesday, November 20th. Finally, StockNews.com upgraded Dolby Laboratories from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, December 4th.

Insiders Place Their Bets

In related news, SVP John D. Couling sold 50,000 shares of the business's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $80.04, for a total transaction of $4,002,000.00. Following the transaction, the senior vice president now owns 106,806 shares in the company, valued at $8,548,752.24. The trade was a 31.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Ryan Nicholson sold 10,500 shares of Dolby Laboratories stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $80.18, for a total value of $841,890.00. Following the sale, the chief accounting officer now directly owns 24,364 shares in the company, valued at approximately $1,953,505.52. The trade was a 30.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 164,429 shares of company stock worth $12,991,048. 39.54% of the stock is currently owned by company 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.