Crossmark Global Holdings Inc. Decreases Stock Holdings in Dolby Laboratories, Inc. (NYSE:DLB)

Crossmark Global Holdings Inc. lowered its stake in Dolby Laboratories, Inc. (NYSE:DLB) by 68.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,156 shares of the electronics maker’s stock after selling 11,057 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Dolby Laboratories were worth $395,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Blue Trust Inc. increased its position in shares of Dolby Laboratories by 398.8% during the 2nd 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 stake in Dolby Laboratories during the second quarter valued at approximately $37,000. GAMMA Investing LLC raised its position in Dolby Laboratories by 64.6% in the second quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker’s stock worth $39,000 after acquiring an additional 192 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Dolby Laboratories by 192.4% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker’s stock worth $46,000 after acquiring an additional 379 shares during the last quarter. Finally, EntryPoint Capital LLC bought a new stake in shares of Dolby Laboratories during the 1st quarter valued at $127,000. Institutional investors own 58.56% of the company’s stock.

Insider Activity

In related news, CEO Kevin J. Yeaman sold 28,512 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $74.12, for a total transaction of $2,113,309.44. Following the transaction, the chief executive officer now directly owns 83,721 shares in the company, valued at approximately $6,205,400.52. This represents a 25.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 39.54% of the company’s stock.

Dolby Laboratories Trading Down 2.0 %

DLB opened at $71.73 on Monday. Dolby Laboratories, Inc. has a 12 month low of $66.35 and a 12 month high of $90.06. The stock has a 50-day moving average of $73.62 and a 200 day moving average of $76.15. The firm has a market cap of $6.84 billion, a P/E ratio of 32.75 and a beta of 0.98.

Dolby Laboratories announced that its Board of Directors has initiated a share buyback program on Wednesday, August 7th that allows the company to buyback $350.00 million in shares. This buyback authorization allows the electronics maker to repurchase up to 5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

DLB has been the subject of a number of recent research reports. StockNews.com upgraded Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 8th. Barrington Research reiterated an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories in a research report on Friday, September 20th.

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.