M&T Bank Corp Sells 724 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

M&T Bank Corp trimmed its holdings in Dolby Laboratories, Inc. (NYSE:DLB) by 17.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,321 shares of the electronics maker’s stock after selling 724 shares during the quarter. M&T Bank Corp’s holdings in Dolby Laboratories were worth $259,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Assetmark Inc. boosted its position in shares of Dolby Laboratories by 5.8% in the fourth quarter. Assetmark Inc. now owns 20,679 shares of the electronics maker’s stock valued at $1,615,000 after acquiring an additional 1,139 shares during the period. Victory Capital Management Inc. boosted its position in shares of Dolby Laboratories by 52.6% in the fourth quarter. Victory Capital Management Inc. now owns 22,375 shares of the electronics maker’s stock valued at $1,747,000 after acquiring an additional 7,710 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Dolby Laboratories by 3.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 742,639 shares of the electronics maker’s stock valued at $58,000,000 after acquiring an additional 25,047 shares during the period. US Bancorp DE lifted its position in Dolby Laboratories by 23.9% in the fourth quarter. US Bancorp DE now owns 1,218 shares of the electronics maker’s stock worth $95,000 after purchasing an additional 235 shares during the period. Finally, Proficio Capital Partners LLC bought a new position in Dolby Laboratories in the fourth quarter worth $1,043,000. 58.56% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. StockNews.com cut Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 31st. Barrington Research reaffirmed an “outperform” rating and issued a $100.00 target price on shares of Dolby Laboratories in a research report on Thursday, February 13th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 target price on shares of Dolby Laboratories in a research report on Thursday, January 30th.

Insiders Place Their Bets

In other news, EVP Mark Andrew Sherman sold 40,000 shares of the firm’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $84.88, for a total value of $3,395,200.00. Following the completion of the sale, the executive vice president now directly owns 62,397 shares in the company, valued at approximately $5,296,257.36. This trade represents a 39.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 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 completion of the transaction, the chief accounting officer now owns 29,758 shares in the company, valued at approximately $2,501,755.06. This represents a 19.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 77,459 shares of company stock worth $6,464,675 over the last three months. 38.39% of the stock is currently owned by corporate insiders.

Dolby Laboratories Price Performance

Dolby Laboratories stock opened at $81.92 on Friday. The stock has a fifty day moving average price of $81.69 and a two-hundred day moving average price of $77.45. Dolby Laboratories, Inc. has a 52-week low of $66.35 and a 52-week high of $89.66. The firm has a market capitalization of $7.82 billion, a P/E ratio of 30.12 and a beta of 1.01.

Dolby Laboratories Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 19th. Shareholders of record on Tuesday, February 11th were paid a dividend of $0.33 per share. The ex-dividend date was Tuesday, February 11th. This represents a $1.32 annualized dividend and a yield of 1.61%. Dolby Laboratories’s dividend payout ratio is currently 48.53%.

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.