Principal Financial Group Inc. Sells 60,684 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Principal Financial Group Inc. lessened its holdings in Dolby Laboratories, Inc. (NYSE:DLB) by 30.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 138,209 shares of the electronics maker’s stock after selling 60,684 shares during the quarter. Principal Financial Group Inc. owned approximately 0.14% of Dolby Laboratories worth $10,577,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Van ECK Associates Corp raised its holdings in Dolby Laboratories by 40.0% in 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. Harbor Capital Advisors Inc. raised its holdings in Dolby Laboratories by 19.1% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 2,435 shares of the electronics maker’s stock valued at $186,000 after buying an additional 390 shares during the last quarter. Cambiar Investors LLC raised its holdings in Dolby Laboratories by 0.7% in the 3rd quarter. Cambiar Investors LLC now owns 137,000 shares of the electronics maker’s stock valued at $10,485,000 after buying an additional 905 shares during the last quarter. State of Alaska Department of Revenue increased its position in Dolby Laboratories by 143.6% during the 3rd quarter. State of Alaska Department of Revenue now owns 27,937 shares of the electronics maker’s stock valued at $2,137,000 after purchasing an additional 16,470 shares during the period. Finally, Boston Trust Walden Corp increased its position in Dolby Laboratories by 185.3% during 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 purchasing an additional 698,283 shares during the period. Institutional investors own 58.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. StockNews.com raised shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 8th. Barrington Research reissued an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a research report on Friday, September 20th.

Insider Transactions at Dolby Laboratories

In other news, CEO Kevin J. Yeaman sold 28,512 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $74.12, for a total transaction of $2,113,309.44. Following the completion of the sale, the chief executive officer now owns 83,721 shares of the company’s stock, valued at $6,205,400.52. This trade represents a 25.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 39.54% of the company’s stock.

Dolby Laboratories Stock Performance

NYSE:DLB opened at $71.73 on Monday. The company has a market capitalization of $6.84 billion, a PE ratio of 32.75 and a beta of 0.98. The company has a 50 day simple moving average of $73.62 and a two-hundred day simple moving average of $76.15. Dolby Laboratories, Inc. has a fifty-two week low of $66.35 and a fifty-two week high of $90.06.

Dolby Laboratories announced that its Board of Directors has approved a stock repurchase program on Wednesday, August 7th that authorizes the company to buyback $350.00 million in shares. This buyback authorization authorizes the electronics maker to buy up to 5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

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.