Berkshire Asset Management LLC PA Has $201,000 Stock Position in Dolby Laboratories, Inc. (NYSE:DLB)

Berkshire Asset Management LLC PA lowered its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 18.6% during the fourth quarter, Holdings Channel reports. The fund owned 2,517 shares of the electronics maker’s stock after selling 577 shares during the quarter. Berkshire Asset Management LLC PA’s holdings in Dolby Laboratories were worth $201,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in DLB. Bank of New York Mellon Corp raised its position in Dolby Laboratories by 64.2% during the fourth quarter. Bank of New York Mellon Corp now owns 4,826,477 shares of the electronics maker’s stock valued at $376,948,000 after buying an additional 1,887,518 shares during the period. Clifford Capital Partners LLC grew its stake in Dolby Laboratories by 3,114.7% during the 3rd quarter. Clifford Capital Partners LLC now owns 270,579 shares of the electronics maker’s stock valued at $20,707,000 after acquiring an additional 262,162 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Dolby Laboratories by 10,441,900.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 104,420 shares of the electronics maker’s stock valued at $8,123,000 after purchasing an additional 104,419 shares during the period. Thrivent Financial for Lutherans lifted its position in shares of Dolby Laboratories by 496.7% in the third quarter. Thrivent Financial for Lutherans now owns 102,223 shares of the electronics maker’s stock worth $7,823,000 after purchasing an additional 85,093 shares in the last quarter. Finally, Disciplined Growth Investors Inc. MN boosted its holdings in shares of Dolby Laboratories by 4.5% during the third quarter. Disciplined Growth Investors Inc. MN now owns 1,466,212 shares of the electronics maker’s stock worth $112,209,000 after purchasing an additional 63,589 shares during the period. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Dolby Laboratories Stock Performance

Shares of DLB opened at $83.37 on Friday. The firm has a market cap of $7.96 billion, a PE ratio of 30.65 and a beta of 0.98. The firm’s 50 day moving average price is $81.26 and its 200 day moving average price is $77.01. Dolby Laboratories, Inc. has a twelve month low of $66.35 and a twelve month high of $89.66.

Dolby Laboratories Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 19th. Investors of record on Tuesday, February 11th were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.58%. The ex-dividend date was Tuesday, February 11th. Dolby Laboratories’s payout ratio is presently 48.53%.

Analyst Upgrades and Downgrades

DLB has been the topic of several research reports. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research note on Thursday, January 30th. Barrington Research reiterated an “outperform” rating and set a $100.00 price objective on shares of Dolby Laboratories in a report on Thursday, February 13th. Finally, StockNews.com downgraded Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 31st.

Insider Buying and Selling

In other news, CAO Ryan Nicholson sold 7,000 shares of the company’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $84.07, for a total transaction of $588,490.00. Following the completion of the sale, the chief accounting officer now owns 29,758 shares in the company, valued at approximately $2,501,755.06. This represents a 19.04 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CMO Todd Pendleton sold 18,121 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $83.75, for a total value of $1,517,633.75. Following the completion of the transaction, the chief marketing officer now directly owns 37,290 shares in the company, valued at $3,123,037.50. The trade was a 32.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 77,459 shares of company stock worth $6,464,675. Corporate insiders own 38.39% of the company’s stock.

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.