Public Employees Retirement System of Ohio Decreases Holdings in Dolby Laboratories, Inc. (NYSE:DLB)

Public Employees Retirement System of Ohio lowered its holdings in Dolby Laboratories, Inc. (NYSE:DLB) by 8.1% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 23,669 shares of the electronics maker’s stock after selling 2,084 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Dolby Laboratories were worth $1,811,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Blue Trust Inc. increased its stake in Dolby Laboratories by 398.8% in the second quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 331 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in Dolby Laboratories during the 2nd quarter worth approximately $37,000. Whittier Trust Co. of Nevada Inc. increased its position in Dolby Laboratories by 192.4% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker’s stock worth $46,000 after buying an additional 379 shares during the period. First Horizon Advisors Inc. lifted its stake in Dolby Laboratories by 22.7% in the third quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock valued at $60,000 after buying an additional 146 shares during the last quarter. Finally, Prospera Private Wealth LLC acquired a new stake in shares of Dolby Laboratories in the third quarter valued at approximately $93,000. Institutional investors and hedge funds own 58.56% of the company’s stock.

Analysts Set New Price Targets

DLB has been the topic of a number of recent research reports. Barrington Research restated an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research note on Wednesday, November 20th. Rosenblatt Securities lifted their price objective on shares of Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, StockNews.com upgraded shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 4th.

Insider Buying and Selling

In other news, SVP John D. Couling sold 50,000 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $80.04, for a total value of $4,002,000.00. Following the sale, the senior vice president now directly owns 106,806 shares in the company, valued at $8,548,752.24. This represents a 31.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kevin J. Yeaman sold 28,512 shares of Dolby Laboratories stock in a transaction dated 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 sale, the chief executive officer now 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 164,429 shares of company stock worth $12,991,048 in the last three months. Corporate insiders own 39.54% of the company’s stock.

Dolby Laboratories Trading Down 1.7 %

Shares of DLB opened at $77.17 on Thursday. The firm has a market capitalization of $7.36 billion, a PE ratio of 28.48 and a beta of 0.98. Dolby Laboratories, Inc. has a twelve month low of $66.35 and a twelve month high of $87.12. The stock’s 50 day moving average is $76.08 and its two-hundred day moving average is $75.74.

Dolby Laboratories Increases Dividend

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

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.