Principal Financial Group Inc. Has $10.68 Million Position in Dolby Laboratories, Inc. (NYSE:DLB)

Principal Financial Group Inc. cut its stake in Dolby Laboratories, Inc. (NYSE:DLB) by 1.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 136,685 shares of the electronics maker’s stock after selling 1,524 shares during the quarter. Principal Financial Group Inc. owned approximately 0.14% of Dolby Laboratories worth $10,675,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Savant Capital LLC raised its holdings in Dolby Laboratories by 2.0% in the 4th quarter. Savant Capital LLC now owns 6,274 shares of the electronics maker’s stock valued at $490,000 after acquiring an additional 125 shares during the period. Harbor Capital Advisors Inc. grew its position in shares of Dolby Laboratories by 5.6% in the fourth quarter. Harbor Capital Advisors Inc. now owns 2,571 shares of the electronics maker’s stock valued at $201,000 after purchasing an additional 136 shares during the last quarter. Mather Group LLC. increased its stake in shares of Dolby Laboratories by 36.8% during the fourth quarter. Mather Group LLC. now owns 528 shares of the electronics maker’s stock worth $41,000 after purchasing an additional 142 shares during the period. First Horizon Advisors Inc. lifted its holdings in Dolby Laboratories by 22.7% during the 3rd quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock worth $60,000 after purchasing an additional 146 shares during the last quarter. Finally, Naples Global Advisors LLC boosted its stake in Dolby Laboratories by 0.4% in the 4th quarter. Naples Global Advisors LLC now owns 35,730 shares of the electronics maker’s stock valued at $2,791,000 after purchasing an additional 160 shares during the period. Institutional investors and hedge funds own 58.56% of the company’s stock.

Dolby Laboratories Stock Performance

NYSE:DLB opened at $81.72 on Friday. The company has a market cap of $7.80 billion, a price-to-earnings ratio of 30.05 and a beta of 0.98. Dolby Laboratories, Inc. has a fifty-two week low of $66.35 and a fifty-two week high of $89.66. The stock has a fifty day moving average price of $80.99 and a 200-day moving average price of $76.71.

Dolby Laboratories Dividend Announcement

The company also recently disclosed 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 yield of 1.62%. Dolby Laboratories’s dividend payout ratio is 48.53%.

Insiders Place Their Bets

In related news, CAO Ryan Nicholson sold 7,000 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $84.07, for a total transaction of $588,490.00. Following the sale, the chief accounting officer now owns 29,758 shares in the company, valued at approximately $2,501,755.06. This trade represents a 19.04 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CMO Todd Pendleton sold 18,121 shares of Dolby Laboratories stock in a transaction that occurred 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 completion of the transaction, 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. Insiders have sold 77,459 shares of company stock worth $6,464,675 over the last ninety days. Corporate insiders own 38.39% of the company’s stock.

Wall Street Analyst Weigh In

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

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.