US Bancorp DE Trims Holdings in Dolby Laboratories, Inc. (NYSE:DLB)

US Bancorp DE trimmed its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 66.9% during the third quarter, HoldingsChannel.com reports. The firm owned 983 shares of the electronics maker’s stock after selling 1,990 shares during the quarter. US Bancorp DE’s holdings in Dolby Laboratories were worth $75,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in DLB. Vanguard Group Inc. lifted its holdings in shares of Dolby Laboratories by 1.7% in the first quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock worth $544,711,000 after buying an additional 107,713 shares in the last quarter. Ninety One UK Ltd increased its holdings in Dolby Laboratories by 2.6% during the 2nd quarter. Ninety One UK Ltd now owns 2,344,963 shares of the electronics maker’s stock worth $185,791,000 after acquiring an additional 60,114 shares during the period. Disciplined Growth Investors Inc. MN increased its holdings in Dolby Laboratories by 0.8% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 1,402,623 shares of the electronics maker’s stock worth $111,130,000 after acquiring an additional 10,852 shares during the period. Boston Trust Walden Corp lifted its stake in Dolby Laboratories by 185.3% in the 3rd quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker’s stock worth $82,276,000 after purchasing an additional 698,283 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in shares of Dolby Laboratories by 3.5% during the 2nd quarter. Mackenzie Financial Corp now owns 1,010,230 shares of the electronics maker’s stock valued at $80,041,000 after purchasing an additional 33,848 shares in the last quarter. Institutional investors own 58.56% of the company’s stock.

Wall Street Analyst Weigh In

DLB has been the topic of several research analyst reports. StockNews.com raised shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a report on Friday, November 8th. Barrington Research restated an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a research report on Friday, September 20th.

Insider Transactions at Dolby Laboratories

In other news, CEO Kevin J. Yeaman sold 28,512 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $74.12, for a total transaction of $2,113,309.44. Following the transaction, the chief executive officer now directly owns 83,721 shares in the company, valued at approximately $6,205,400.52. This represents a 25.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 39.54% of the stock is currently owned by insiders.

Dolby Laboratories Price Performance

Shares of Dolby Laboratories stock opened at $71.73 on Friday. The company has a 50 day simple moving average of $73.62 and a two-hundred day simple moving average of $76.16. The firm has a market cap of $6.84 billion, a PE ratio of 32.75 and a beta of 0.98. Dolby Laboratories, Inc. has a 1 year low of $66.35 and a 1 year high of $90.06.

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 outstanding shares. This buyback authorization allows the electronics maker to purchase up to 5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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.