Dolby Laboratories, Inc. (NYSE:DLB) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama lowered its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 1.7% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 72,492 shares of the electronics maker’s stock after selling 1,254 shares during the quarter. Retirement Systems of Alabama owned about 0.08% of Dolby Laboratories worth $5,548,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Geode Capital Management LLC lifted its holdings in shares of Dolby Laboratories by 4.3% during the third quarter. Geode Capital Management LLC now owns 1,538,583 shares of the electronics maker’s stock worth $117,767,000 after purchasing an additional 63,293 shares during the period. Panagora Asset Management Inc. acquired a new stake in shares of Dolby Laboratories in the second quarter worth $3,348,000. Boston Trust Walden Corp raised its holdings in shares of Dolby Laboratories by 185.3% during the third quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker’s stock worth $82,276,000 after purchasing an additional 698,283 shares during the last quarter. Pacer Advisors Inc. lifted its position in Dolby Laboratories by 47.5% during the second quarter. Pacer Advisors Inc. now owns 23,320 shares of the electronics maker’s stock valued at $1,848,000 after purchasing an additional 7,509 shares during the period. Finally, Algert Global LLC grew its position in Dolby Laboratories by 52.0% during the 3rd quarter. Algert Global LLC now owns 48,822 shares of the electronics maker’s stock worth $3,736,000 after purchasing an additional 16,700 shares during the period. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Dolby Laboratories Price Performance

Dolby Laboratories stock opened at $77.17 on Thursday. The stock has a market capitalization of $7.36 billion, a PE ratio of 28.48 and a beta of 0.98. The business has a 50 day simple moving average of $76.08 and a 200-day simple moving average of $75.74. Dolby Laboratories, Inc. has a 12 month low of $66.35 and a 12 month high of $87.12.

Dolby Laboratories Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Tuesday, December 3rd were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.71%. The ex-dividend date of this dividend was Tuesday, December 3rd. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s payout ratio is presently 48.71%.

Insiders Place Their Bets

In other news, SVP John D. Couling sold 7,000 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $80.50, for a total transaction of $563,500.00. Following the completion of the sale, the senior vice president now owns 106,806 shares of the company’s stock, valued at $8,597,883. The trade was a 6.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Andrew Sherman sold 12,338 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $78.08, for a total transaction of $963,351.04. Following the completion of the transaction, the executive vice president now directly owns 62,397 shares in the company, valued at $4,871,957.76. This represents a 16.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 164,429 shares of company stock worth $12,991,048. Company insiders own 39.54% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on DLB shares. Barrington Research reaffirmed an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a report on Wednesday, November 20th. Rosenblatt Securities boosted their target price on shares of Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Finally, StockNews.com upgraded shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 4th.

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.