Thrivent Financial for Lutherans Sells 40,834 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Thrivent Financial for Lutherans lowered its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 39.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 61,389 shares of the electronics maker’s stock after selling 40,834 shares during the quarter. Thrivent Financial for Lutherans owned about 0.06% of Dolby Laboratories worth $4,794,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Savant Capital LLC boosted 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 worth $490,000 after buying an additional 125 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in Dolby Laboratories by 5.6% during the fourth quarter. Harbor Capital Advisors Inc. now owns 2,571 shares of the electronics maker’s stock valued at $201,000 after acquiring an additional 136 shares during the period. Mather Group LLC. boosted its holdings in Dolby Laboratories by 36.8% during the fourth quarter. Mather Group LLC. now owns 528 shares of the electronics maker’s stock valued at $41,000 after acquiring an additional 142 shares during the period. First Horizon Advisors Inc. increased its stake in shares of Dolby Laboratories by 22.7% in the third 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 period. Finally, Naples Global Advisors LLC lifted its position 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 worth $2,791,000 after purchasing an additional 160 shares during the last quarter. Institutional investors and hedge funds own 58.56% of the company’s stock.

Dolby Laboratories Stock Performance

NYSE DLB opened at $81.65 on Tuesday. Dolby Laboratories, Inc. has a twelve month low of $66.35 and a twelve month high of $89.66. The stock has a market cap of $7.79 billion, a PE ratio of 30.02 and a beta of 1.01. The firm has a 50-day simple moving average of $82.22 and a 200 day simple moving average of $77.98.

Dolby Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 19th. Stockholders of record on Tuesday, February 11th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend was Tuesday, February 11th. Dolby Laboratories’s payout ratio is presently 48.53%.

Insider Activity

In other news, CMO Todd Pendleton sold 18,121 shares of the company’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 sale, the chief marketing officer now directly owns 37,290 shares in the company, valued at approximately $3,123,037.50. This represents a 32.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Mark Andrew Sherman sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $84.88, for a total value of $3,395,200.00. Following the transaction, the executive vice president now owns 62,397 shares of the company’s stock, valued at $5,296,257.36. This trade represents a 39.06 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 65,121 shares of company stock worth $5,501,324. Company insiders own 38.39% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on DLB shares. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 target price on shares of Dolby Laboratories in a report on Thursday, January 30th. Barrington Research restated an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research note on Thursday, February 13th. Finally, StockNews.com lowered shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 31st.

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.