Dolby Laboratories, Inc. (NYSE:DLB) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 57.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 263,620 shares of the electronics maker’s stock after selling 353,110 shares during the quarter. JPMorgan Chase & Co. owned 0.28% of Dolby Laboratories worth $20,175,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. State Street Corp raised its holdings in shares of Dolby Laboratories by 1.5% in the 3rd quarter. State Street Corp now owns 1,931,586 shares of the electronics maker’s stock valued at $147,824,000 after purchasing an additional 29,289 shares in the last quarter. Geode Capital Management LLC increased its holdings in Dolby Laboratories by 4.3% in the third quarter. Geode Capital Management LLC now owns 1,538,583 shares of the electronics maker’s stock valued at $117,767,000 after buying an additional 63,293 shares during the last quarter. 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 valued at $112,209,000 after buying an additional 63,589 shares in the last quarter. Boston Trust Walden Corp lifted its holdings in 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 last quarter. Finally, Mackenzie Financial Corp boosted its position in shares of Dolby Laboratories by 3.5% during the 2nd quarter. Mackenzie Financial Corp now owns 1,010,230 shares of the electronics maker’s stock worth $80,041,000 after acquiring an additional 33,848 shares in the last quarter. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on DLB shares. Barrington Research restated an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a research note on Wednesday, November 20th. StockNews.com raised shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 4th. Finally, Rosenblatt Securities upped their target price on shares of Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 20th.

Dolby Laboratories Stock Down 0.8 %

Shares of NYSE DLB opened at $77.11 on Friday. The business has a 50-day moving average price of $77.47 and a 200 day moving average price of $75.60. The stock has a market cap of $7.36 billion, a PE ratio of 28.45 and a beta of 0.98. Dolby Laboratories, Inc. has a 52-week low of $66.35 and a 52-week high of $86.37.

Dolby Laboratories Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Tuesday, December 3rd were issued a $0.33 dividend. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend was Tuesday, December 3rd. Dolby Laboratories’s dividend payout ratio is presently 48.71%.

Insider Activity

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 28,512 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $74.12, for a total transaction of $2,113,309.44. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Andrew Sherman sold 12,338 shares of Dolby Laboratories stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $78.08, for a total value of $963,351.04. Following the completion of the transaction, the executive vice president now owns 62,397 shares in the company, valued at $4,871,957.76. This trade represents a 16.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 164,429 shares of company stock valued at $12,991,048 in the last ninety days. 38.39% of the stock is currently owned by company insiders.

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.