Synovus Financial Corp Acquires 3,113 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Synovus Financial Corp raised its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 10.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,062 shares of the electronics maker’s stock after acquiring an additional 3,113 shares during the quarter. Synovus Financial Corp’s holdings in Dolby Laboratories were worth $2,454,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Blue Trust Inc. lifted its stake in shares of Dolby Laboratories by 398.8% during the 2nd quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 331 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in Dolby Laboratories in the second quarter worth about $37,000. Whittier Trust Co. of Nevada Inc. lifted its position in shares of Dolby Laboratories by 192.4% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker’s stock valued at $46,000 after buying an additional 379 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of Dolby Laboratories by 22.7% in the 3rd quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock valued at $60,000 after buying an additional 146 shares in the last quarter. Finally, Prospera Private Wealth LLC purchased a new position in shares of Dolby Laboratories in the 3rd quarter worth approximately $93,000. Institutional investors own 58.56% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Rosenblatt Securities increased their target price on shares of Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Barrington Research reiterated an “outperform” rating and set a $100.00 price objective on shares of Dolby Laboratories in a report on Wednesday, November 20th. Finally, StockNews.com upgraded Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 4th.

Dolby Laboratories Stock Down 1.3 %

DLB stock opened at $79.18 on Monday. The stock has a market capitalization of $7.56 billion, a PE ratio of 29.22 and a beta of 0.98. Dolby Laboratories, Inc. has a 52 week low of $66.35 and a 52 week high of $89.28. The firm has a 50 day moving average of $75.86 and a 200 day moving average of $75.76.

Dolby Laboratories Increases Dividend

The business also recently disclosed 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. The ex-dividend date was Tuesday, December 3rd. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.67%. Dolby Laboratories’s payout ratio is 48.71%.

Insider Activity at Dolby Laboratories

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 50,000 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $80.54, for a total transaction of $4,027,000.00. Following the sale, the chief executive officer now owns 83,721 shares in the company, valued at approximately $6,742,889.34. The trade was a 37.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John D. Couling sold 7,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $80.50, for a total value of $563,500.00. Following the completion of the transaction, the senior vice president now owns 106,806 shares of the company’s stock, valued at approximately $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 152,091 shares of company stock valued at $12,027,697 in the last ninety days. Company insiders own 39.54% 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.