Wealth Effects LLC Sells 2,800 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Wealth Effects LLC trimmed its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 44.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,500 shares of the electronics maker’s stock after selling 2,800 shares during the period. Wealth Effects LLC’s holdings in Dolby Laboratories were worth $273,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Geode Capital Management LLC boosted its position in shares of Dolby Laboratories by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,538,583 shares of the electronics maker’s stock worth $117,767,000 after acquiring an additional 63,293 shares in 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 purchasing an additional 15,546 shares during the last quarter. Barclays PLC raised its holdings in shares of Dolby Laboratories by 80.5% during the 3rd quarter. Barclays PLC now owns 33,230 shares of the electronics maker’s stock worth $2,544,000 after buying an additional 14,825 shares in the last quarter. Boston Trust Walden Corp lifted its position in shares of Dolby Laboratories by 185.3% during the 3rd quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker’s stock worth $82,276,000 after buying an additional 698,283 shares during the last quarter. Finally, Edgestream Partners L.P. acquired a new stake in Dolby Laboratories in the third quarter valued at about $3,031,000. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on DLB shares. StockNews.com raised shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 4th. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 target price on shares of Dolby Laboratories in a research note on Thursday, January 23rd. Finally, Barrington Research reiterated an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories in a research note on Monday.

Dolby Laboratories Price Performance

Shares of NYSE DLB opened at $81.15 on Tuesday. The company has a 50 day simple moving average of $78.98 and a 200 day simple moving average of $75.61. Dolby Laboratories, Inc. has a 1 year low of $66.35 and a 1 year high of $85.30. The firm has a market cap of $7.75 billion, a PE ratio of 29.95 and a beta of 0.98.

Dolby Laboratories Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Tuesday, December 3rd were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date was Tuesday, December 3rd. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s payout ratio is 48.71%.

Insider Buying and Selling

In related news, Director Peter C. Gotcher sold 6,079 shares of Dolby Laboratories 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 transaction, the director now directly owns 37,593 shares of the company’s stock, valued at $2,968,343.28. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John D. Couling sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $80.50, for a total value of $563,500.00. Following the completion of the sale, the senior vice president now owns 106,806 shares in the company, valued at $8,597,883. The trade was a 6.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 135,917 shares of company stock valued at $10,877,739 over the last 90 days. 38.39% of the stock is owned by insiders.

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.