Thrivent Financial for Lutherans Purchases 85,093 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Thrivent Financial for Lutherans boosted its stake in Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 496.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 102,223 shares of the electronics maker's stock after purchasing an additional 85,093 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.11% of Dolby Laboratories worth $7,823,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Dolby Laboratories by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker's stock worth $544,711,000 after purchasing an additional 107,713 shares in the last quarter. Ninety One UK Ltd boosted its stake in Dolby Laboratories by 2.6% during the second quarter. Ninety One UK Ltd now owns 2,344,963 shares of the electronics maker's stock valued at $185,791,000 after buying an additional 60,114 shares during the period. Disciplined Growth Investors Inc. MN grew its position in Dolby Laboratories by 0.8% during the second quarter. Disciplined Growth Investors Inc. MN now owns 1,402,623 shares of the electronics maker's stock worth $111,130,000 after buying an additional 10,852 shares in the last quarter. Boston Trust Walden Corp increased its stake 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 worth $82,276,000 after acquiring an additional 698,283 shares during the last quarter. Finally, Mackenzie Financial Corp raised its holdings in shares of Dolby Laboratories by 3.5% in the 2nd quarter. Mackenzie Financial Corp now owns 1,010,230 shares of the electronics maker's stock valued at $80,041,000 after acquiring an additional 33,848 shares in the last quarter. 58.56% of the stock is owned by hedge funds and other institutional investors.

Dolby Laboratories Stock Performance

DLB traded up $0.30 during midday trading on Friday, hitting $80.55. The stock had a trading volume of 584,161 shares, compared to its average volume of 394,491. The company has a market cap of $7.68 billion, a P/E ratio of 29.73 and a beta of 0.98. Dolby Laboratories, Inc. has a 1 year low of $66.35 and a 1 year high of $90.06. The business has a fifty day moving average of $74.33 and a 200 day moving average of $76.07.

Dolby Laboratories Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd will be given a $0.33 dividend. The ex-dividend date is Tuesday, December 3rd. This represents a $1.32 annualized dividend and a yield of 1.64%. This is an increase from Dolby Laboratories's previous quarterly dividend of $0.30. Dolby Laboratories's payout ratio is presently 44.28%.

Dolby Laboratories announced that its board has authorized a share buyback program on Wednesday, August 7th that allows the company to repurchase $350.00 million in outstanding shares. This repurchase authorization allows the electronics maker to repurchase up to 5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. StockNews.com raised Dolby Laboratories from a "buy" rating to a "strong-buy" rating in a report on Monday, November 18th. Barrington Research reissued an "outperform" rating and issued a $100.00 price target on shares of Dolby Laboratories in a research note on Wednesday. Finally, Rosenblatt Securities lifted their price objective on shares of Dolby Laboratories from $98.00 to $100.00 and gave the stock a "buy" rating in a report on Wednesday.

Insider Activity

In other Dolby Laboratories news, Director Peter C. Gotcher sold 6,079 shares of the company's stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $78.96, for a total transaction of $479,997.84. Following the transaction, the director now owns 37,593 shares in the company, valued at approximately $2,968,343.28. This represents a 13.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kevin J. Yeaman sold 28,512 shares of Dolby Laboratories stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $74.12, for a total value of $2,113,309.44. Following the sale, the chief executive officer now owns 83,721 shares in the company, valued at $6,205,400.52. This represents a 25.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 39.54% of the company's stock.

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.