HighTower Advisors LLC Sells 353 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

HighTower Advisors LLC reduced its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 6.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,308 shares of the electronics maker’s stock after selling 353 shares during the quarter. HighTower Advisors LLC’s holdings in Dolby Laboratories were worth $415,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of DLB. Wealthfront Advisers LLC purchased a new position in shares of Dolby Laboratories in the fourth quarter worth $94,000. Moran Wealth Management LLC raised its stake in shares of Dolby Laboratories by 4.4% during the fourth quarter. Moran Wealth Management LLC now owns 9,184 shares of the electronics maker’s stock valued at $717,000 after acquiring an additional 390 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Dolby Laboratories by 16.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,516 shares of the electronics maker’s stock worth $1,134,000 after purchasing an additional 1,997 shares during the period. AlphaQuest LLC grew its stake in shares of Dolby Laboratories by 111.1% in the fourth quarter. AlphaQuest LLC now owns 6,148 shares of the electronics maker’s stock worth $480,000 after purchasing an additional 3,235 shares during the last quarter. Finally, Amundi increased its holdings in Dolby Laboratories by 44.6% during the 4th quarter. Amundi now owns 4,594 shares of the electronics maker’s stock valued at $354,000 after purchasing an additional 1,417 shares during the period. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Insider Buying and Selling

In other news, CAO Ryan Nicholson sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $84.07, for a total value of $588,490.00. Following the sale, the chief accounting officer now directly owns 29,758 shares of the company’s stock, valued at $2,501,755.06. The trade was a 19.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Mark Andrew Sherman sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $84.88, for a total value of $3,395,200.00. Following the transaction, the executive vice president now directly owns 62,397 shares of the company’s stock, valued at approximately $5,296,257.36. This trade represents a 39.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 65,121 shares of company stock valued at $5,501,324 over the last ninety days. Company insiders own 38.39% of the company’s stock.

Analysts Set New Price Targets

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

Dolby Laboratories Stock Performance

Dolby Laboratories stock opened at $80.32 on Tuesday. Dolby Laboratories, Inc. has a fifty-two week low of $66.35 and a fifty-two week high of $89.66. The stock’s 50 day simple moving average is $82.24 and its two-hundred day simple moving average is $78.39. The stock has a market cap of $7.66 billion, a price-to-earnings ratio of 29.53 and a beta of 1.01.

Dolby Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 19th. Investors of record on Tuesday, February 11th were given a dividend of $0.33 per share. The ex-dividend date was Tuesday, February 11th. This represents a $1.32 annualized dividend and a dividend yield of 1.64%. Dolby Laboratories’s dividend payout ratio is presently 48.53%.

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.