Dolby Laboratories, Inc. (NYSE:DLB) Shares Sold by Atria Investments Inc

Atria Investments Inc cut its holdings in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 85.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,620 shares of the electronics maker’s stock after selling 27,312 shares during the quarter. Atria Investments Inc’s holdings in Dolby Laboratories were worth $354,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DLB. Boston Trust Walden Corp lifted its position in shares of 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 worth $82,276,000 after buying an additional 698,283 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of 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 lifted its holdings in shares of Dolby Laboratories by 27.0% during the second 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 during the period. Vanguard Group Inc. grew its position 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 valued at $544,711,000 after buying an additional 107,713 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of Dolby Laboratories by 16.2% in the 2nd quarter. AQR Capital Management LLC now owns 627,160 shares of the electronics maker’s stock worth $49,690,000 after acquiring an additional 87,298 shares during the period. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Insider Transactions at Dolby Laboratories

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 28,512 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $74.12, for a total transaction of $2,113,309.44. Following the transaction, the chief executive officer now owns 83,721 shares of the company’s stock, valued at approximately $6,205,400.52. This represents a 25.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 39.54% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on DLB shares. StockNews.com raised shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a report on Monday. Rosenblatt Securities upped their price objective on shares of Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Barrington Research reaffirmed an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a research report on Wednesday.

Dolby Laboratories Price Performance

DLB opened at $80.31 on Friday. The stock has a market capitalization of $7.66 billion, a PE ratio of 29.63 and a beta of 0.98. Dolby Laboratories, Inc. has a 12-month low of $66.35 and a 12-month high of $90.06. The firm’s fifty day moving average price is $74.15 and its 200 day moving average price is $76.08.

Dolby Laboratories announced that its board has authorized a share buyback program on Wednesday, August 7th that allows the company to buyback $350.00 million in shares. This buyback authorization allows the electronics maker to purchase up to 5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Dolby Laboratories Increases Dividend

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

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.