Bridgewater Associates LP raised its holdings in shares of Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 70.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,491 shares of the electronics maker's stock after acquiring an additional 20,004 shares during the quarter. Bridgewater Associates LP owned approximately 0.05% of Dolby Laboratories worth $3,711,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds also recently modified their holdings of the business. First Affirmative Financial Network raised its position in shares of Dolby Laboratories by 4.9% during the 2nd quarter. First Affirmative Financial Network now owns 2,766 shares of the electronics maker's stock worth $219,000 after purchasing an additional 129 shares during the last quarter. LRI Investments LLC lifted its stake in shares of Dolby Laboratories by 6.0% during the second quarter. LRI Investments LLC now owns 2,293 shares of the electronics maker's stock valued at $182,000 after buying an additional 130 shares during the period. First Horizon Advisors Inc. boosted its position in Dolby Laboratories by 22.7% during the third quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker's stock worth $60,000 after acquiring an additional 146 shares during the last quarter. Signaturefd LLC grew its stake in Dolby Laboratories by 5.1% in the 2nd quarter. Signaturefd LLC now owns 3,167 shares of the electronics maker's stock worth $251,000 after acquiring an additional 153 shares during the period. Finally, Mitchell & Pahl Private Wealth LLC lifted its stake in shares of Dolby Laboratories by 1.3% during the 2nd quarter. Mitchell & Pahl Private Wealth LLC now owns 13,817 shares of the electronics maker's stock worth $1,095,000 after purchasing an additional 174 shares during the period. Hedge funds and other institutional investors own 58.56% of the company's stock.
DLB has been the topic of a number of research analyst reports. StockNews.com cut Dolby Laboratories from a "strong-buy" rating to a "buy" rating in a report on Tuesday, November 26th. Rosenblatt Securities increased their target price on shares of Dolby Laboratories from $98.00 to $100.00 and gave the stock a "buy" rating in a research report on Wednesday, November 20th. Finally, Barrington Research reaffirmed an "outperform" rating and set a $100.00 price target on shares of Dolby Laboratories in a research report on Wednesday, November 20th.
Read Our Latest Analysis on Dolby Laboratories
Shares of NYSE DLB opened at $78.32 on Friday. The stock has a fifty day moving average price of $74.99 and a 200 day moving average price of $75.95. Dolby Laboratories, Inc. has a 12-month low of $66.35 and a 12-month high of $90.06. The company has a market cap of $7.47 billion, a P/E ratio of 28.90 and a beta of 0.98.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Tuesday, December 3rd will be paid a $0.33 dividend. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.69%. This is a positive change from Dolby Laboratories's previous quarterly dividend of $0.30. Dolby Laboratories's dividend payout ratio (DPR) is 48.71%.
Dolby Laboratories declared that its Board of Directors has initiated a share buyback plan on Wednesday, August 7th that allows the company to repurchase $350.00 million in outstanding shares. This repurchase authorization allows the electronics maker to repurchase up to 5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.
In other news, CEO Kevin J. Yeaman sold 28,512 shares of Dolby Laboratories stock in a transaction that occurred on 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 sale, the chief executive officer now owns 83,721 shares in the company, valued at $6,205,400.52. This trade represents a 25.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Peter C. Gotcher sold 6,079 shares of the business's stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $78.96, for a total transaction of $479,997.84. Following the transaction, the director now directly owns 37,593 shares in the company, valued at approximately $2,968,343.28. The trade was a 13.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 152,091 shares of company stock worth $12,027,697. 39.54% of the stock is currently owned by company insiders.
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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