Edgestream Partners L.P. Invests $3.03 Million in Dolby Laboratories, Inc. (NYSE:DLB)

Edgestream Partners L.P. acquired a new position in shares of Dolby Laboratories, Inc. (NYSE:DLB) in the 3rd quarter, Holdings Channel reports. The fund acquired 39,600 shares of the electronics maker’s stock, valued at approximately $3,031,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Blue Trust Inc. grew its holdings in shares of Dolby Laboratories by 398.8% during the second quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 331 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Dolby Laboratories during the second quarter worth about $37,000. GAMMA Investing LLC grew its holdings in shares of Dolby Laboratories by 64.6% during the second quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker’s stock worth $39,000 after purchasing an additional 192 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in Dolby Laboratories by 192.4% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker’s stock worth $46,000 after buying an additional 379 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its stake in Dolby Laboratories by 22.7% in the third quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock worth $60,000 after buying an additional 146 shares in the last quarter. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Dolby Laboratories Stock Performance

NYSE:DLB opened at $78.32 on Monday. The firm has a market cap of $7.47 billion, a PE ratio of 28.90 and a beta of 0.98. Dolby Laboratories, Inc. has a fifty-two week low of $66.35 and a fifty-two week high of $90.06. The business has a 50 day moving average price of $74.99 and a 200-day moving average price of $75.90.

Dolby Laboratories Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Tuesday, December 3rd will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date is Tuesday, December 3rd. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s dividend payout ratio is 44.28%.

Dolby Laboratories declared that its Board of Directors has approved a share repurchase plan on Wednesday, August 7th that allows the company to buyback $350.00 million in shares. This buyback authorization allows the electronics maker to buy up to 5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts have issued reports on DLB shares. Rosenblatt Securities upped their target price on Dolby Laboratories from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Barrington Research reaffirmed an “outperform” rating and issued a $100.00 target price on shares of Dolby Laboratories in a research note on Wednesday, November 20th. Finally, StockNews.com lowered Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, November 26th.

Insider Activity

In other news, SVP John D. Couling sold 50,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $80.04, for a total transaction of $4,002,000.00. Following the completion of the sale, the senior vice president now owns 106,806 shares of the company’s stock, valued at approximately $8,548,752.24. This represents a 31.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Kevin J. Yeaman sold 28,512 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $74.12, for a total value of $2,113,309.44. Following the transaction, the chief executive officer now owns 83,721 shares of the company’s stock, valued at approximately $6,205,400.52. This represents a 25.40 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 152,091 shares of company stock valued at $12,027,697. 39.54% of the stock is currently owned by company 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.