Dolby Laboratories, Inc. (NYSE:DLB) Shares Sold by Sandy Spring Bank

Sandy Spring Bank lessened its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 18.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 680 shares of the electronics maker’s stock after selling 158 shares during the period. Sandy Spring Bank’s holdings in Dolby Laboratories were worth $53,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Fifth Third Bancorp raised its position in shares of Dolby Laboratories by 82.7% in the 4th quarter. Fifth Third Bancorp now owns 360 shares of the electronics maker’s stock worth $28,000 after buying an additional 163 shares during the period. Nisa Investment Advisors LLC raised its position in shares of Dolby Laboratories by 436.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 370 shares of the electronics maker’s stock worth $29,000 after buying an additional 301 shares during the period. Mather Group LLC. raised its position in Dolby Laboratories by 36.8% in the fourth quarter. Mather Group LLC. now owns 528 shares of the electronics maker’s stock valued at $41,000 after purchasing an additional 142 shares during the period. First Horizon Advisors Inc. raised its position in Dolby Laboratories by 22.7% in the third quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock valued at $60,000 after purchasing an additional 146 shares during the period. Finally, GAMMA Investing LLC raised its position in Dolby Laboratories by 207.5% in the fourth quarter. GAMMA Investing LLC now owns 778 shares of the electronics maker’s stock valued at $61,000 after purchasing an additional 525 shares during the period. Institutional investors and hedge funds own 58.56% of the company’s stock.

Dolby Laboratories Stock Performance

NYSE:DLB opened at $80.94 on Friday. The company has a market capitalization of $7.72 billion, a price-to-earnings ratio of 29.76 and a beta of 1.01. Dolby Laboratories, Inc. has a one year low of $66.35 and a one year high of $89.66. The stock has a 50-day simple moving average of $82.16 and a 200 day simple moving average of $77.84.

Dolby Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 19th. Investors of record on Tuesday, February 11th were paid a $0.33 dividend. The ex-dividend date of this dividend was Tuesday, February 11th. This represents a $1.32 dividend on an annualized basis and a yield of 1.63%. Dolby Laboratories’s dividend payout ratio (DPR) is 48.53%.

Insider Buying and Selling

In related news, CMO Todd Pendleton sold 18,121 shares of Dolby Laboratories stock in a transaction dated Wednesday, February 19th. The stock was 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 approximately $3,123,037.50. This trade represents a 32.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark Andrew Sherman sold 40,000 shares of Dolby Laboratories stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $84.88, for a total value of $3,395,200.00. Following the completion of the transaction, the executive vice president now owns 62,397 shares of the company’s stock, valued at $5,296,257.36. This trade represents a 39.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 65,121 shares of company stock worth $5,501,324. Corporate insiders own 38.39% of the company’s stock.

Analysts Set New Price Targets

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

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.