Proficio Capital Partners LLC Takes $1.04 Million Position in Dolby Laboratories, Inc. (NYSE:DLB)

Proficio Capital Partners LLC purchased a new stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 13,355 shares of the electronics maker’s stock, valued at approximately $1,043,000.

Several other institutional investors and hedge funds have also recently modified their holdings of DLB. Bank of New York Mellon Corp raised its stake in shares of Dolby Laboratories by 64.2% during the fourth quarter. Bank of New York Mellon Corp now owns 4,826,477 shares of the electronics maker’s stock valued at $376,948,000 after acquiring an additional 1,887,518 shares in the last quarter. Clifford Capital Partners LLC raised its stake in Dolby Laboratories by 3,114.7% in the third quarter. Clifford Capital Partners LLC now owns 270,579 shares of the electronics maker’s stock worth $20,707,000 after buying an additional 262,162 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Dolby Laboratories by 10,441,900.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 104,420 shares of the electronics maker’s stock worth $8,123,000 after buying an additional 104,419 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in Dolby Laboratories by 496.7% in the third quarter. Thrivent Financial for Lutherans now owns 102,223 shares of the electronics maker’s stock worth $7,823,000 after buying an additional 85,093 shares in the last quarter. Finally, Disciplined Growth Investors Inc. MN raised its stake in Dolby Laboratories by 4.5% in the third quarter. Disciplined Growth Investors Inc. MN now owns 1,466,212 shares of the electronics maker’s stock worth $112,209,000 after buying an additional 63,589 shares in the last quarter. Institutional investors own 58.56% of the company’s stock.

Analysts Set New Price Targets

DLB has been the subject of a number of recent research reports. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research note on Thursday, January 30th. Barrington Research reissued an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research note on Thursday, February 13th. Finally, StockNews.com downgraded shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 31st.

Dolby Laboratories Trading Up 1.1 %

Shares of DLB stock opened at $83.37 on Friday. The business’s fifty day simple moving average is $81.26 and its 200-day simple moving average is $77.01. The company has a market cap of $7.96 billion, a PE ratio of 30.65 and a beta of 0.98. Dolby Laboratories, Inc. has a 12-month low of $66.35 and a 12-month high of $89.66.

Dolby Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 19th. Stockholders of record on Tuesday, February 11th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend was Tuesday, February 11th. Dolby Laboratories’s payout ratio is presently 48.53%.

Insider Transactions at Dolby Laboratories

In other news, EVP Mark Andrew Sherman sold 12,338 shares of the company’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $78.08, for a total transaction of $963,351.04. Following the transaction, the executive vice president now directly owns 62,397 shares of the company’s stock, valued at approximately $4,871,957.76. This represents a 16.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CMO Todd Pendleton sold 18,121 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $83.75, for a total transaction of $1,517,633.75. Following the sale, the chief marketing officer now directly owns 37,290 shares in the company, valued at $3,123,037.50. This trade represents a 32.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 77,459 shares of company stock valued at $6,464,675. Corporate insiders own 38.39% of the company’s stock.

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.