Stifel Financial Corp Cuts Stake in Dolby Laboratories, Inc. (NYSE:DLB)

Stifel Financial Corp reduced its position in Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 76.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 52,386 shares of the electronics maker's stock after selling 171,221 shares during the period. Stifel Financial Corp owned approximately 0.05% of Dolby Laboratories worth $4,009,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of DLB. Boston Trust Walden Corp raised its position in Dolby Laboratories by 185.3% in the 3rd quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker's stock valued at $82,276,000 after buying an additional 698,283 shares during the last quarter. Clifford Capital Partners LLC lifted its position in shares of Dolby Laboratories by 3,114.7% during the third quarter. Clifford Capital Partners LLC now owns 270,579 shares of the electronics maker's stock valued at $20,707,000 after purchasing an additional 262,162 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in Dolby Laboratories by 39.8% during the second quarter. Acadian Asset Management LLC now owns 652,651 shares of the electronics maker's stock worth $51,698,000 after purchasing an additional 185,884 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Dolby Laboratories by 27.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 792,828 shares of the electronics maker's stock worth $62,817,000 after purchasing an additional 168,744 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in Dolby Laboratories by 16.2% in the 2nd quarter. AQR Capital Management LLC now owns 627,160 shares of the electronics maker's stock valued at $49,690,000 after buying an additional 87,298 shares during the last quarter. Institutional investors and hedge funds own 58.56% of the company's stock.

Insider Activity

In related news, CAO Ryan Nicholson sold 10,500 shares of the firm's 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 of the company's stock, valued at $1,953,505.52. This trade represents a 30.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP John D. Couling sold 7,000 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $80.50, for a total transaction of $563,500.00. Following the completion of the transaction, the senior vice president now directly owns 106,806 shares in the company, valued at $8,597,883. The trade was a 6.15 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 152,091 shares of company stock worth $12,027,697. 39.54% of the stock is owned by company insiders.

Dolby Laboratories Trading Down 1.6 %

Shares of NYSE:DLB traded down $1.24 during mid-day trading on Monday, reaching $77.94. The company had a trading volume of 539,752 shares, compared to its average volume of 413,989. The company's 50-day moving average price is $75.92 and its 200-day moving average price is $75.75. Dolby Laboratories, Inc. has a one year low of $66.35 and a one year high of $87.12. The firm has a market cap of $7.44 billion, a price-to-earnings ratio of 28.76 and a beta of 0.98.

Dolby Laboratories Increases Dividend

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

Analyst Ratings Changes

A number of brokerages have recently weighed in on DLB. StockNews.com upgraded Dolby Laboratories from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, December 4th. Barrington Research restated an "outperform" rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research note on Wednesday, November 20th. Finally, Rosenblatt Securities lifted their target price on Dolby Laboratories from $98.00 to $100.00 and gave the stock a "buy" rating in a research note 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.