Prudential Financial Inc. Sells 6,628 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Prudential Financial Inc. lessened its stake in Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 59.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,545 shares of the electronics maker's stock after selling 6,628 shares during the quarter. Prudential Financial Inc.'s holdings in Dolby Laboratories were worth $326,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in DLB. Geode Capital Management LLC raised its holdings in shares of Dolby Laboratories by 4.3% in the third quarter. Geode Capital Management LLC now owns 1,538,583 shares of the electronics maker's stock valued at $117,767,000 after purchasing an additional 63,293 shares during the last quarter. Lord Abbett & CO. LLC raised its stake in shares of Dolby Laboratories by 5.8% during the 3rd quarter. Lord Abbett & CO. LLC now owns 284,466 shares of the electronics maker's stock worth $21,771,000 after purchasing an additional 15,546 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Dolby Laboratories by 10,441,900.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 104,420 shares of the electronics maker's stock valued at $8,123,000 after acquiring an additional 104,419 shares during the period. Barclays PLC lifted its stake in Dolby Laboratories by 80.5% in the 3rd quarter. Barclays PLC now owns 33,230 shares of the electronics maker's stock valued at $2,544,000 after purchasing an additional 14,825 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of Dolby Laboratories by 22.0% during the 3rd quarter. Franklin Resources Inc. now owns 47,247 shares of the electronics maker's stock worth $3,513,000 after acquiring an additional 8,509 shares during the period. 58.56% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

DLB has been the subject of a number of research reports. StockNews.com cut shares of Dolby Laboratories from a "strong-buy" rating to a "buy" rating in a research note on Friday, January 31st. Barrington Research reissued an "outperform" rating and set a $100.00 price target on shares of Dolby Laboratories in a report on Thursday, February 13th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $100.00 price objective on shares of Dolby Laboratories in a research report on Thursday, January 30th.

Insider Buying and Selling at Dolby Laboratories

In related news, CMO Todd Pendleton sold 18,121 shares of the business'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 owns 37,290 shares in the company, valued at $3,123,037.50. The trade was a 32.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark Andrew Sherman sold 40,000 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $84.88, for a total transaction of $3,395,200.00. Following the transaction, the executive vice president now directly owns 62,397 shares in the company, valued at approximately $5,296,257.36. This represents a 39.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 65,121 shares of company stock worth $5,501,324 over the last 90 days. Insiders own 38.39% of the company's stock.

Dolby Laboratories Stock Down 0.9 %

Shares of NYSE:DLB traded down $0.63 during trading on Wednesday, reaching $73.31. 24,740 shares of the company traded hands, compared to its average volume of 446,579. The firm has a market capitalization of $7.00 billion, a PE ratio of 26.96 and a beta of 0.94. The company's 50 day moving average is $80.05 and its two-hundred day moving average is $78.39. Dolby Laboratories, Inc. has a 52 week low of $66.35 and a 52 week high of $89.66.

Dolby Laboratories Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 19th. Stockholders 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 dividend yield of 1.80%. Dolby Laboratories's payout ratio is 48.53%.

Dolby Laboratories Company 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.