Thrivent Financial for Lutherans Lowers Stock Position in Dolby Laboratories, Inc. (NYSE:DLB)

Thrivent Financial for Lutherans reduced its holdings in Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 39.9% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 61,389 shares of the electronics maker's stock after selling 40,834 shares during the quarter. Thrivent Financial for Lutherans owned 0.06% of Dolby Laboratories worth $4,794,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of DLB. Victory Capital Management Inc. increased its holdings in shares of Dolby Laboratories by 18.5% in the 3rd quarter. Victory Capital Management Inc. now owns 14,665 shares of the electronics maker's stock worth $1,122,000 after buying an additional 2,288 shares during the last quarter. Empowered Funds LLC increased its stake in Dolby Laboratories by 21.8% in the third quarter. Empowered Funds LLC now owns 7,528 shares of the electronics maker's stock valued at $576,000 after acquiring an additional 1,348 shares during the last quarter. Advisors Asset Management Inc. raised its position in Dolby Laboratories by 26.8% during the third quarter. Advisors Asset Management Inc. now owns 3,560 shares of the electronics maker's stock valued at $272,000 after purchasing an additional 753 shares in the last quarter. First Horizon Advisors Inc. lifted its stake in Dolby Laboratories by 22.7% during the third quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker's stock worth $60,000 after purchasing an additional 146 shares during the last quarter. Finally, Citigroup Inc. boosted its holdings in shares of Dolby Laboratories by 3.9% in the 3rd quarter. Citigroup Inc. now owns 72,727 shares of the electronics maker's stock worth $5,566,000 after purchasing an additional 2,724 shares in the last quarter. Hedge funds and other institutional investors own 58.56% of the company's stock.

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Dolby Laboratories Stock Performance

DLB traded down $1.70 on Friday, hitting $79.94. 263,254 shares of the company were exchanged, compared to its average volume of 441,108. Dolby Laboratories, Inc. has a 12 month low of $66.35 and a 12 month high of $89.66. The firm has a fifty day simple moving average of $82.28 and a two-hundred day simple moving average of $78.12. The stock has a market capitalization of $7.63 billion, a PE ratio of 29.39 and a beta of 1.01.

Dolby Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 19th. Investors of record on Tuesday, February 11th were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.65%. The ex-dividend date of this dividend was Tuesday, February 11th. Dolby Laboratories's payout ratio is 48.53%.

Insider Activity at Dolby Laboratories

In other Dolby Laboratories news, EVP Mark Andrew Sherman sold 40,000 shares of the company's stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $84.88, for a total value of $3,395,200.00. Following the completion of 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Todd Pendleton sold 18,121 shares of Dolby Laboratories stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $83.75, for a total transaction of $1,517,633.75. Following the sale, the chief marketing officer now directly owns 37,290 shares in the company, valued at $3,123,037.50. The trade was a 32.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 65,121 shares of company stock worth $5,501,324 in the last three months. 38.39% of the stock is owned by insiders.

Analysts Set New Price Targets

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

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.