Empowered Funds LLC Has $576,000 Stock Position in Dolby Laboratories, Inc. (NYSE:DLB)

Empowered Funds LLC increased its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 21.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,528 shares of the electronics maker’s stock after purchasing an additional 1,348 shares during the period. Empowered Funds LLC’s holdings in Dolby Laboratories were worth $576,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in DLB. Boston Trust Walden Corp grew its position in shares of Dolby Laboratories by 185.3% during the 3rd quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker’s stock worth $82,276,000 after buying an additional 698,283 shares during the period. Acadian Asset Management LLC grew its holdings in Dolby Laboratories by 39.8% during the second quarter. Acadian Asset Management LLC now owns 652,651 shares of the electronics maker’s stock valued at $51,698,000 after purchasing an additional 185,884 shares during the period. Dimensional Fund Advisors LP increased its stake in Dolby Laboratories by 27.0% in the second quarter. Dimensional Fund Advisors LP now owns 792,828 shares of the electronics maker’s stock valued at $62,817,000 after purchasing an additional 168,744 shares in the last quarter. AQR Capital Management LLC raised its holdings in Dolby Laboratories by 16.2% in the second quarter. AQR Capital Management LLC now owns 627,160 shares of the electronics maker’s stock worth $49,690,000 after purchasing an additional 87,298 shares during the period. Finally, Marshall Wace LLP bought a new position in shares of Dolby Laboratories during the second quarter worth $6,131,000. Institutional investors own 58.56% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the stock. StockNews.com upgraded shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 18th. Rosenblatt Securities raised their price target on Dolby Laboratories from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Finally, Barrington Research reiterated an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research report on Wednesday, November 20th.

Dolby Laboratories Trading Up 0.4 %

DLB opened at $80.55 on Monday. The stock has a market capitalization of $7.68 billion, a P/E ratio of 29.72 and a beta of 0.98. Dolby Laboratories, Inc. has a 12 month low of $66.35 and a 12 month high of $90.06. The firm’s fifty day simple moving average is $74.33 and its 200 day simple moving average is $75.98.

Dolby Laboratories Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Tuesday, December 3rd will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.64%. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, December 3rd. Dolby Laboratories’s payout ratio is 44.28%.

Dolby Laboratories announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 7th that authorizes the company to buyback $350.00 million in outstanding shares. This buyback authorization authorizes the electronics maker to reacquire up to 5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Dolby Laboratories

In other news, Director Peter C. Gotcher sold 6,079 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $78.96, for a total value of $479,997.84. Following the sale, the director now owns 37,593 shares of the company’s stock, valued at $2,968,343.28. The trade was a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Kevin J. Yeaman sold 28,512 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $74.12, for a total transaction of $2,113,309.44. Following the completion of the transaction, the chief executive officer now directly owns 83,721 shares of the company’s stock, valued at approximately $6,205,400.52. This trade represents a 25.40 % decrease in their position. The disclosure for this sale can be found here. 39.54% of the stock is owned by insiders.

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.