Algert Global LLC Boosts Stock Holdings in Dolby Laboratories, Inc. (NYSE:DLB)

Algert Global LLC lifted its holdings in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 52.0% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 48,822 shares of the electronics maker’s stock after acquiring an additional 16,700 shares during the quarter. Algert Global LLC’s holdings in Dolby Laboratories were worth $3,736,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Icon Wealth Advisors LLC lifted its holdings in Dolby Laboratories by 14.0% during the 3rd quarter. Icon Wealth Advisors LLC now owns 1,717 shares of the electronics maker’s stock worth $131,000 after purchasing an additional 211 shares in the last quarter. Citigroup Inc. increased its position in shares of Dolby Laboratories by 3.9% during the third quarter. Citigroup Inc. now owns 72,727 shares of the electronics maker’s stock valued at $5,566,000 after buying an additional 2,724 shares during the period. First Horizon Advisors Inc. lifted its holdings 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 buying an additional 146 shares in the last quarter. Advisors Asset Management Inc. boosted its position in shares of Dolby Laboratories by 26.8% in the third quarter. Advisors Asset Management Inc. now owns 3,560 shares of the electronics maker’s stock valued at $272,000 after acquiring an additional 753 shares during the period. Finally, Prospera Private Wealth LLC purchased a new position in Dolby Laboratories during the third quarter valued at approximately $93,000. 58.56% of the stock is owned by institutional investors.

Insider Transactions at Dolby Laboratories

In other Dolby Laboratories news, Director Peter C. Gotcher sold 6,079 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $78.96, for a total value of $479,997.84. Following the completion of the sale, the director now owns 37,593 shares of the company’s stock, valued at $2,968,343.28. This represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kevin J. Yeaman sold 28,512 shares of Dolby Laboratories stock in a transaction that occurred on Tuesday, October 15th. The stock was 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 $6,205,400.52. This trade represents a 25.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 39.54% of the company’s stock.

Dolby Laboratories Stock Performance

Dolby Laboratories stock opened at $80.33 on Tuesday. Dolby Laboratories, Inc. has a fifty-two week low of $66.35 and a fifty-two week high of $90.06. The stock has a market cap of $7.66 billion, a P/E ratio of 29.64 and a beta of 0.98. The firm’s fifty day moving average price is $74.50 and its 200-day moving average price is $75.96.

Dolby Laboratories declared that its board has approved a stock buyback program on Wednesday, August 7th that authorizes the company to repurchase $350.00 million in outstanding shares. This repurchase authorization authorizes the electronics maker to buy up to 5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Dolby Laboratories Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd will be paid a dividend of $0.33 per share. The ex-dividend date is Tuesday, December 3rd. This represents a $1.32 annualized dividend and a yield of 1.64%. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s payout ratio is 48.71%.

Wall Street Analyst Weigh In

Several brokerages have commented on DLB. StockNews.com downgraded shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Barrington Research restated an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a research report on Wednesday, November 20th. Finally, Rosenblatt Securities raised their price target on Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 20th.

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.