M&T Bank Corp Sells 724 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

M&T Bank Corp lowered its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 17.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,321 shares of the electronics maker’s stock after selling 724 shares during the period. M&T Bank Corp’s holdings in Dolby Laboratories were worth $259,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Savant Capital LLC lifted its holdings in shares of Dolby Laboratories by 2.0% during the 4th quarter. Savant Capital LLC now owns 6,274 shares of the electronics maker’s stock valued at $490,000 after purchasing an additional 125 shares in the last quarter. Harbor Capital Advisors Inc. lifted its holdings in shares of Dolby Laboratories by 5.6% during the 4th 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 in the last quarter. Mather Group LLC. lifted its holdings in shares of Dolby Laboratories by 36.8% during the 4th quarter. Mather Group LLC. now owns 528 shares of the electronics maker’s stock valued at $41,000 after purchasing an additional 142 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of Dolby Laboratories by 22.7% during the 3rd quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock valued at $60,000 after purchasing an additional 146 shares in the last quarter. Finally, Naples Global Advisors LLC lifted its holdings in shares of Dolby Laboratories by 0.4% during 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 in the last quarter. Institutional investors own 58.56% of the company’s stock.

Dolby Laboratories Stock Performance

Shares of Dolby Laboratories stock opened at $81.92 on Friday. The business’s 50 day simple moving average is $81.69 and its 200 day simple moving average is $77.45. Dolby Laboratories, Inc. has a 52-week low of $66.35 and a 52-week high of $89.66. The firm has a market cap of $7.82 billion, a PE ratio of 30.12 and a beta of 1.01.

Dolby Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 19th. Investors of record on Tuesday, February 11th were given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend was Tuesday, February 11th. Dolby Laboratories’s dividend payout ratio is presently 48.53%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on DLB. StockNews.com cut Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a report on Friday, January 31st. Barrington Research reiterated an “outperform” rating and set a $100.00 price objective on shares of Dolby Laboratories in a report on Thursday, February 13th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $100.00 target price on shares of Dolby Laboratories in a research report on Thursday, January 30th.

Insider Activity at Dolby Laboratories

In other Dolby Laboratories news, EVP Mark Andrew Sherman sold 12,338 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $78.08, for a total transaction of $963,351.04. Following the transaction, the executive vice president now owns 62,397 shares of the company’s stock, valued at $4,871,957.76. The trade was a 16.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CMO Todd Pendleton sold 18,121 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $83.75, for a total value of $1,517,633.75. Following 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 position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 77,459 shares of company stock valued at $6,464,675. 38.39% 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.