Truist Financial Corp Sells 1,046 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Truist Financial Corp reduced its stake in Dolby Laboratories, Inc. (NYSE:DLB) by 14.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,181 shares of the electronics maker’s stock after selling 1,046 shares during the period. Truist Financial Corp’s holdings in Dolby Laboratories were worth $483,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in DLB. Creative Planning boosted its holdings in shares of Dolby Laboratories by 7.5% in the third quarter. Creative Planning now owns 4,094 shares of the electronics maker’s stock worth $313,000 after acquiring an additional 286 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Dolby Laboratories by 37.9% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 5,326 shares of the electronics maker’s stock worth $408,000 after acquiring an additional 1,465 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in shares of Dolby Laboratories by 19.1% in the third quarter. Harbor Capital Advisors Inc. now owns 2,435 shares of the electronics maker’s stock worth $186,000 after acquiring an additional 390 shares during the period. Van ECK Associates Corp boosted its holdings in shares of Dolby Laboratories by 40.0% in the third quarter. Van ECK Associates Corp now owns 34,881 shares of the electronics maker’s stock worth $2,535,000 after acquiring an additional 9,967 shares during the period. Finally, Equitable Trust Co. bought a new position in shares of Dolby Laboratories in the third quarter worth $460,000. 58.56% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on DLB. StockNews.com lowered Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a report on Friday, January 31st. Barrington Research reissued an “outperform” rating and set a $100.00 price objective on shares of Dolby Laboratories in a research note on Thursday, February 13th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $100.00 price objective on shares of Dolby Laboratories in a research note on Thursday, January 30th.

Dolby Laboratories Stock Performance

NYSE:DLB opened at $80.74 on Tuesday. The firm has a market capitalization of $7.71 billion, a price-to-earnings ratio of 29.68 and a beta of 0.98. Dolby Laboratories, Inc. has a 52-week low of $66.35 and a 52-week high of $89.66. The stock has a fifty day moving average of $81.05 and a 200 day moving average of $76.87.

Dolby Laboratories Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 19th. Investors of record on Tuesday, February 11th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend was Tuesday, February 11th. Dolby Laboratories’s dividend payout ratio is 48.53%.

Insider Activity at Dolby Laboratories

In other Dolby Laboratories news, EVP Mark Andrew Sherman sold 40,000 shares of the firm’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $84.88, for a total transaction of $3,395,200.00. Following the sale, the executive vice president now owns 62,397 shares in the company, valued at $5,296,257.36. This trade represents a 39.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Ryan Nicholson sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $84.07, for a total value of $588,490.00. Following the sale, the chief accounting officer now owns 29,758 shares in the company, valued at $2,501,755.06. The trade was a 19.04 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 77,459 shares of company stock valued at $6,464,675. Company insiders own 38.39% of the company’s stock.

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.