Patten & Patten Inc. TN Decreases Stock Position in Dolby Laboratories, Inc. (NYSE:DLB)

Patten & Patten Inc. TN cut its holdings in Dolby Laboratories, Inc. (NYSE:DLB) by 7.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 17,355 shares of the electronics maker’s stock after selling 1,350 shares during the quarter. Patten & Patten Inc. TN’s holdings in Dolby Laboratories were worth $1,355,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp raised its stake in Dolby Laboratories by 64.2% in 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 last quarter. State Street Corp raised its stake in Dolby Laboratories by 1.5% in the third quarter. State Street Corp now owns 1,931,586 shares of the electronics maker’s stock valued at $147,824,000 after buying an additional 29,289 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Dolby Laboratories by 4.3% in the third quarter. Geode Capital Management LLC now owns 1,538,583 shares of the electronics maker’s stock worth $117,767,000 after purchasing an additional 63,293 shares during the last quarter. Disciplined Growth Investors Inc. MN raised its stake in shares of Dolby Laboratories by 4.5% in 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 last quarter. Finally, Boston Trust Walden Corp raised its stake in shares of Dolby Laboratories by 0.9% in the fourth quarter. Boston Trust Walden Corp now owns 1,084,700 shares of the electronics maker’s stock worth $84,715,000 after purchasing an additional 9,624 shares during the last quarter. 58.56% of the stock is currently owned by hedge funds and other institutional investors.

Dolby Laboratories Trading Up 2.4 %

Shares of DLB stock opened at $81.92 on Monday. The stock has a 50 day moving average of $81.69 and a 200 day moving average of $77.51. The stock has a market cap of $7.82 billion, a P/E ratio of 30.12 and a beta of 1.01. Dolby Laboratories, Inc. has a twelve month low of $66.35 and a twelve month high of $89.66.

Dolby Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 19th. Investors of record on Tuesday, February 11th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend was Tuesday, February 11th. Dolby Laboratories’s dividend payout ratio is currently 48.53%.

Analyst Ratings Changes

Several brokerages have recently issued reports on DLB. Barrington Research restated an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research note on Thursday, February 13th. StockNews.com cut Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 31st. Finally, Rosenblatt Securities restated a “buy” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research note on Thursday, January 30th.

Insider Activity at Dolby Laboratories

In other news, EVP Mark Andrew Sherman sold 12,338 shares of Dolby Laboratories stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $78.08, for a total value of $963,351.04. Following the sale, the executive vice president now directly owns 62,397 shares of the company’s stock, valued at $4,871,957.76. The trade was a 16.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Ryan Nicholson sold 7,000 shares of Dolby Laboratories stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $84.07, for a total value of $588,490.00. Following the completion of the sale, the chief accounting officer now directly owns 29,758 shares in the company, valued at $2,501,755.06. This represents a 19.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 77,459 shares of company stock worth $6,464,675. 38.39% of the stock is owned by corporate insiders.

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.