Quest Partners LLC Has $223,000 Position in Dolby Laboratories, Inc. (NYSE:DLB)

Quest Partners LLC lowered its position in shares of Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 76.3% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 2,913 shares of the electronics maker's stock after selling 9,373 shares during the quarter. Quest Partners LLC's holdings in Dolby Laboratories were worth $223,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Boston Trust Walden Corp boosted its holdings in Dolby Laboratories by 3.1% in the 2nd quarter. Boston Trust Walden Corp now owns 376,793 shares of the electronics maker's stock worth $29,853,000 after acquiring an additional 11,177 shares during the period. Panagora Asset Management Inc. purchased a new position in shares of Dolby Laboratories during the 2nd quarter valued at approximately $3,348,000. Pacer Advisors Inc. boosted its stake in shares of Dolby Laboratories by 47.5% during the 2nd quarter. Pacer Advisors Inc. now owns 23,320 shares of the electronics maker's stock valued at $1,848,000 after buying an additional 7,509 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Dolby Laboratories during the 2nd quarter valued at approximately $1,157,000. Finally, Van ECK Associates Corp boosted its stake in shares of Dolby Laboratories by 40.0% during the 3rd quarter. Van ECK Associates Corp now owns 34,881 shares of the electronics maker's stock valued at $2,535,000 after buying an additional 9,967 shares during the last quarter. Hedge funds and other institutional investors own 58.56% of the company's stock.

Dolby Laboratories Price Performance

Shares of NYSE DLB opened at $80.33 on Wednesday. Dolby Laboratories, Inc. has a 1-year low of $66.35 and a 1-year high of $90.06. The firm has a market capitalization of $7.66 billion, a PE ratio of 29.64 and a beta of 0.98. The business's fifty day moving average price is $74.50 and its two-hundred day moving average price is $75.96.

Dolby Laboratories announced that its board has authorized a share repurchase program on Wednesday, August 7th that permits the company to buyback $350.00 million in shares. This buyback authorization permits the electronics maker to reacquire up to 5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Dolby Laboratories Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Tuesday, December 3rd will be given a $0.33 dividend. This is a positive change from Dolby Laboratories's previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.64%. Dolby Laboratories's dividend payout ratio (DPR) is 44.28%.

Insider Activity at Dolby Laboratories

In other news, CEO Kevin J. Yeaman sold 28,512 shares of Dolby Laboratories stock in a transaction that occurred on 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 sale, the chief executive officer now owns 83,721 shares of the company's stock, valued at approximately $6,205,400.52. This trade represents a 25.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John D. Couling sold 7,000 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $80.50, for a total value of $563,500.00. Following the transaction, the senior vice president now owns 106,806 shares of the company's stock, valued at $8,597,883. This trade represents a 6.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 91,591 shares of company stock worth $7,158,807 in the last quarter. 39.54% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

DLB has been the subject of several research analyst reports. Barrington Research reiterated an "outperform" rating and set a $100.00 target price on shares of Dolby Laboratories in a research note on Wednesday, November 20th. StockNews.com lowered Dolby Laboratories from a "strong-buy" rating to a "buy" rating in a research report on Tuesday. Finally, Rosenblatt Securities upped their price target on Dolby Laboratories from $98.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday, November 20th.

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.