Northwest & Ethical Investments L.P. Cuts Stake in Dolby Laboratories, Inc. (NYSE:DLB)

Northwest & Ethical Investments L.P. cut its holdings in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 23.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 74,499 shares of the electronics maker’s stock after selling 23,280 shares during the quarter. Northwest & Ethical Investments L.P. owned about 0.08% of Dolby Laboratories worth $5,818,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of DLB. Victory Capital Management Inc. boosted its position in Dolby Laboratories by 18.5% during the third quarter. Victory Capital Management Inc. now owns 14,665 shares of the electronics maker’s stock worth $1,122,000 after acquiring an additional 2,288 shares during the last quarter. Empowered Funds LLC boosted its position in Dolby Laboratories by 21.8% during the third quarter. Empowered Funds LLC now owns 7,528 shares of the electronics maker’s stock worth $576,000 after acquiring an additional 1,348 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in Dolby Laboratories by 496.7% during the third quarter. Thrivent Financial for Lutherans now owns 102,223 shares of the electronics maker’s stock worth $7,823,000 after acquiring an additional 85,093 shares during the last quarter. Prospera Private Wealth LLC acquired a new position in Dolby Laboratories during the third quarter worth about $93,000. Finally, Advisors Asset Management Inc. boosted its position in Dolby Laboratories by 26.8% during the third quarter. Advisors Asset Management Inc. now owns 3,560 shares of the electronics maker’s stock worth $272,000 after acquiring an additional 753 shares during the last quarter. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Dolby Laboratories

In related news, EVP Mark Andrew Sherman sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $84.88, for a total transaction of $3,395,200.00. Following the sale, the executive vice president now directly owns 62,397 shares of the company’s stock, valued at $5,296,257.36. This represents a 39.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Ryan Nicholson sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $84.07, for a total transaction of $588,490.00. Following the sale, the chief accounting officer now directly owns 29,758 shares in the company, valued at approximately $2,501,755.06. The trade was a 19.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,121 shares of company stock worth $5,501,324. 38.39% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on DLB shares. Barrington Research reiterated an “outperform” rating and issued a $100.00 target price on shares of Dolby Laboratories in a report on Thursday, February 13th. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 target price on shares of Dolby Laboratories in a report on Thursday, January 30th. Finally, StockNews.com lowered shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a report on Friday, January 31st.

Dolby Laboratories Stock Performance

Shares of DLB stock opened at $81.88 on Friday. The firm’s 50 day moving average price is $82.07 and its 200-day moving average price is $77.72. Dolby Laboratories, Inc. has a one year low of $66.35 and a one year high of $89.66. The firm has a market cap of $7.81 billion, a P/E ratio of 30.10 and a beta of 1.01.

Dolby Laboratories Announces Dividend

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

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.