Raymond James Trust N.A. Cuts Stock Position in Dolby Laboratories, Inc. (NYSE:DLB)

Raymond James Trust N.A. trimmed its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 10.4% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 5,048 shares of the electronics maker’s stock after selling 583 shares during the quarter. Raymond James Trust N.A.’s holdings in Dolby Laboratories were worth $386,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Ninety One UK Ltd raised its position in shares of Dolby Laboratories by 2.6% during the 2nd quarter. Ninety One UK Ltd now owns 2,344,963 shares of the electronics maker’s stock worth $185,791,000 after purchasing an additional 60,114 shares during the last quarter. Disciplined Growth Investors Inc. MN increased its stake in Dolby Laboratories by 0.8% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 1,402,623 shares of the electronics maker’s stock worth $111,130,000 after buying an additional 10,852 shares in the last quarter. Boston Trust Walden Corp raised its holdings in shares of Dolby Laboratories by 185.3% during the third quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker’s stock valued at $82,276,000 after acquiring an additional 698,283 shares during the last quarter. Mackenzie Financial Corp lifted its position in shares of Dolby Laboratories by 3.5% in the second quarter. Mackenzie Financial Corp now owns 1,010,230 shares of the electronics maker’s stock valued at $80,041,000 after acquiring an additional 33,848 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Dolby Laboratories by 27.0% in the second quarter. Dimensional Fund Advisors LP now owns 792,828 shares of the electronics maker’s stock worth $62,817,000 after acquiring an additional 168,744 shares during the last quarter. 58.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

DLB has been the subject of several recent research reports. Barrington Research reissued an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research note on Wednesday, November 20th. StockNews.com lowered shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Finally, Rosenblatt Securities raised their price target on shares of Dolby Laboratories from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th.

Dolby Laboratories Trading Up 0.0 %

Shares of DLB opened at $80.33 on Wednesday. The firm has a 50-day moving average price of $74.50 and a 200 day moving average price of $75.96. Dolby Laboratories, Inc. has a 12-month low of $66.35 and a 12-month high of $90.06. The firm has a market capitalization of $7.66 billion, a P/E ratio of 29.64 and a beta of 0.98.

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 dividend of $0.33 per share. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.64%. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s dividend payout ratio (DPR) is currently 48.71%.

Dolby Laboratories declared that its board has approved a stock buyback program on Wednesday, August 7th that allows the company to repurchase $350.00 million in shares. This repurchase authorization allows the electronics maker to reacquire up to 5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Dolby Laboratories

In related news, SVP John D. Couling sold 7,000 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $80.50, for a total transaction of $563,500.00. Following the completion of the transaction, the senior vice president now owns 106,806 shares of the company’s stock, valued at approximately $8,597,883. This trade represents a 6.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Peter C. Gotcher sold 6,079 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 37,593 shares in the company, valued at approximately $2,968,343.28. The trade was a 13.92 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 91,591 shares of company stock worth $7,158,807. Insiders own 39.54% of the company’s stock.

Dolby Laboratories Company 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.