Citigroup Inc. Acquires 2,724 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Citigroup Inc. grew its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 3.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 72,727 shares of the electronics maker’s stock after buying an additional 2,724 shares during the quarter. Citigroup Inc. owned 0.08% of Dolby Laboratories worth $5,566,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of DLB. Boston Trust Walden Corp raised its stake in shares of Dolby Laboratories by 3.1% during the second quarter. Boston Trust Walden Corp now owns 376,793 shares of the electronics maker’s stock valued at $29,853,000 after acquiring an additional 11,177 shares during the last quarter. Panagora Asset Management Inc. bought a new position in Dolby Laboratories during the 2nd quarter valued at approximately $3,348,000. Pacer Advisors Inc. grew its position in shares of Dolby Laboratories by 47.5% in the 2nd quarter. Pacer Advisors Inc. now owns 23,320 shares of the electronics maker’s stock worth $1,848,000 after buying an additional 7,509 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Dolby Laboratories during the second quarter valued at approximately $1,157,000. Finally, Van ECK Associates Corp raised its holdings in shares of Dolby Laboratories by 40.0% during the third quarter. Van ECK Associates Corp now owns 34,881 shares of the electronics maker’s stock valued at $2,535,000 after acquiring an additional 9,967 shares in the last quarter. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Analyst Upgrades and Downgrades

DLB has been the topic of a number of research analyst reports. Barrington Research reissued an “outperform” rating and set a $100.00 price objective on shares of Dolby Laboratories in a research report on Wednesday, November 20th. StockNews.com downgraded shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, November 26th. Finally, Rosenblatt Securities lifted their price target on Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th.

Insider Transactions at Dolby Laboratories

In related news, Director Peter C. Gotcher sold 6,079 shares of the business’s stock in a transaction 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 directly owns 37,593 shares in the company, valued at $2,968,343.28. The trade was a 13.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP John D. Couling sold 7,000 shares of Dolby Laboratories stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $80.50, for a total transaction of $563,500.00. Following the sale, the senior vice president now owns 106,806 shares of the company’s stock, valued at approximately $8,597,883. The trade was a 6.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 152,091 shares of company stock valued at $12,027,697 in the last ninety days. Corporate insiders own 39.54% of the company’s stock.

Dolby Laboratories Trading Up 0.2 %

DLB opened at $78.32 on Monday. Dolby Laboratories, Inc. has a 1-year low of $66.35 and a 1-year high of $90.06. The firm’s 50 day simple moving average is $74.99 and its two-hundred day simple moving average is $75.90. The company has a market capitalization of $7.47 billion, a PE ratio of 28.90 and a beta of 0.98.

Dolby Laboratories Increases Dividend

The company 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 represents a $1.32 annualized dividend and a dividend yield of 1.69%. This is a boost from Dolby Laboratories’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, December 3rd. Dolby Laboratories’s payout ratio is 44.28%.

Dolby Laboratories declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 7th that authorizes the company to repurchase $350.00 million in shares. This repurchase authorization authorizes the electronics maker to buy up to 5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Dolby Laboratories 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.