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

Principal Financial Group Inc. trimmed its holdings in Dolby Laboratories, Inc. (NYSE:DLB) by 30.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 138,209 shares of the electronics maker’s stock after selling 60,684 shares during the period. Principal Financial Group Inc. owned about 0.14% of Dolby Laboratories worth $10,577,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Signaturefd LLC boosted its position in shares of Dolby Laboratories by 5.1% during the second quarter. Signaturefd LLC now owns 3,167 shares of the electronics maker’s stock valued at $251,000 after buying an additional 153 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Dolby Laboratories by 18.8% in the second quarter. Van ECK Associates Corp now owns 24,914 shares of the electronics maker’s stock valued at $1,974,000 after purchasing an additional 3,945 shares during the last quarter. nVerses Capital LLC bought a new position in shares of Dolby Laboratories during the second quarter valued at about $261,000. Natixis Advisors LLC lifted its position in shares of Dolby Laboratories by 2.7% during the second quarter. Natixis Advisors LLC now owns 23,398 shares of the electronics maker’s stock valued at $1,854,000 after purchasing an additional 611 shares in the last quarter. Finally, Fiera Capital Corp grew its position in Dolby Laboratories by 1.2% in the 2nd quarter. Fiera Capital Corp now owns 568,327 shares of the electronics maker’s stock worth $45,029,000 after purchasing an additional 6,564 shares in the last quarter. 58.56% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Dolby Laboratories Stock Down 0.5 %

Dolby Laboratories stock opened at $78.06 on Tuesday. The company has a market capitalization of $7.45 billion, a P/E ratio of 28.80 and a beta of 0.98. The firm has a 50 day moving average price of $76.63 and a 200-day moving average price of $75.62. Dolby Laboratories, Inc. has a twelve month low of $66.35 and a twelve month high of $86.37.

Dolby Laboratories Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Tuesday, December 3rd were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date was Tuesday, December 3rd. This is a boost from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s dividend payout ratio is currently 48.71%.

Insider Transactions at Dolby Laboratories

In related news, EVP Mark Andrew Sherman sold 12,338 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $78.08, for a total transaction of $963,351.04. Following the sale, the executive vice president now directly owns 62,397 shares in the company, valued at approximately $4,871,957.76. This represents a 16.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Peter C. Gotcher sold 6,079 shares of Dolby Laboratories stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $78.96, for a total transaction of $479,997.84. Following the completion of the transaction, the director now owns 37,593 shares of the company’s stock, valued at $2,968,343.28. This represents a 13.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 164,429 shares of company stock worth $12,991,048. 39.54% of the stock is owned by company insiders.

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.