Dolby Laboratories, Inc. (NYSE:DLB) Shares Bought by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC raised its position in Dolby Laboratories, Inc. (NYSE:DLB) by 5.8% in the third quarter, Holdings Channel reports. The institutional investor owned 284,466 shares of the electronics maker’s stock after purchasing an additional 15,546 shares during the period. Lord Abbett & CO. LLC’s holdings in Dolby Laboratories were worth $21,771,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of DLB. Blue Trust Inc. grew its position 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 valued at $35,000 after acquiring an additional 331 shares during the period. Point72 Hong Kong Ltd acquired a new position in Dolby Laboratories in the 2nd quarter worth about $37,000. Whittier Trust Co. of Nevada Inc. boosted its position in 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 worth $46,000 after purchasing an additional 379 shares in the last quarter. First Horizon Advisors Inc. grew its holdings 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, Prospera Private Wealth LLC purchased a new stake in shares of Dolby Laboratories in the third quarter valued at approximately $93,000. Institutional investors and hedge funds own 58.56% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Barrington Research reiterated an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a research report on Wednesday, November 20th. Rosenblatt Securities lifted 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. Finally, StockNews.com upgraded shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 4th.

Dolby Laboratories Price Performance

Shares of NYSE:DLB opened at $79.18 on Monday. Dolby Laboratories, Inc. has a 1 year low of $66.35 and a 1 year high of $89.28. The firm has a market capitalization of $7.56 billion, a PE ratio of 29.22 and a beta of 0.98. The business’s 50 day moving average price is $75.86 and its 200-day moving average price is $75.76.

Dolby Laboratories Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.67%. The ex-dividend date was Tuesday, December 3rd. This is a boost from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s payout ratio is 48.71%.

Insider Transactions at Dolby Laboratories

In related news, CAO Ryan Nicholson sold 10,500 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $80.18, for a total transaction of $841,890.00. Following the completion of the sale, the chief accounting officer now owns 24,364 shares of the company’s stock, valued at approximately $1,953,505.52. This represents a 30.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Peter C. Gotcher sold 6,079 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $78.96, for a total transaction of $479,997.84. Following the completion of the sale, the director now owns 37,593 shares of the company’s stock, valued at approximately $2,968,343.28. The trade was a 13.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 152,091 shares of company stock valued at $12,027,697 over the last 90 days. 39.54% of the stock is currently owned by corporate insiders.

Dolby Laboratories 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.