First Hawaiian Bank cut its stake in Dolby Laboratories, Inc. (NYSE:DLB – Free Report) by 13.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,564 shares of the electronics maker’s stock after selling 1,278 shares during the quarter. First Hawaiian Bank’s holdings in Dolby Laboratories were worth $669,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Diversified Trust Co bought a new stake in shares of Dolby Laboratories in the 4th quarter valued at about $360,000. GAMMA Investing LLC increased its stake in shares of Dolby Laboratories by 207.5% in the 4th quarter. GAMMA Investing LLC now owns 778 shares of the electronics maker’s stock valued at $61,000 after acquiring an additional 525 shares during the last quarter. Lord Abbett & CO. LLC increased its stake in shares of Dolby Laboratories by 5.8% in the 3rd quarter. Lord Abbett & CO. LLC now owns 284,466 shares of the electronics maker’s stock valued at $21,771,000 after acquiring an additional 15,546 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Dolby Laboratories by 22.0% in the 3rd quarter. Franklin Resources Inc. now owns 47,247 shares of the electronics maker’s stock valued at $3,513,000 after acquiring an additional 8,509 shares during the last quarter. Finally, Synovus Financial Corp increased its stake in shares of Dolby Laboratories by 10.8% in the 3rd quarter. Synovus Financial Corp now owns 32,062 shares of the electronics maker’s stock valued at $2,454,000 after acquiring an additional 3,113 shares during the last quarter. 58.56% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other Dolby Laboratories news, EVP Mark Andrew Sherman sold 12,338 shares of the company’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 completion of the transaction, the executive vice president now owns 62,397 shares of the company’s stock, valued at $4,871,957.76. This represents a 16.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP John D. Couling sold 7,000 shares of the firm’s stock in a transaction 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 directly owns 106,806 shares of the company’s stock, valued at $8,597,883. This represents a 6.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 164,429 shares of company stock valued at $12,991,048 in the last quarter. 38.39% of the stock is currently owned by insiders.
Dolby Laboratories Stock Down 0.9 %
Dolby Laboratories Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd were given a dividend of $0.33 per share. The ex-dividend date was Tuesday, December 3rd. This represents a $1.32 dividend on an annualized basis and a yield of 1.73%. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s dividend payout ratio is 48.71%.
Wall Street Analyst Weigh In
A number of research firms recently issued reports on DLB. Rosenblatt Securities increased their target price on Dolby Laboratories from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. StockNews.com raised Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 4th. Finally, Barrington Research reissued an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a research note on Wednesday, November 20th.
Check Out Our Latest Analysis on Dolby Laboratories
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.
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