Dolby Laboratories, Inc. (NYSE:DLB) Stock Holdings Lifted by First Horizon Advisors Inc.

First Horizon Advisors Inc. raised its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 22.7% in the third quarter, Holdings Channel reports. The firm owned 790 shares of the electronics maker’s stock after buying an additional 146 shares during the period. First Horizon Advisors Inc.’s holdings in Dolby Laboratories were worth $60,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Blue Trust Inc. raised its position in Dolby Laboratories by 398.8% during the second quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock valued at $35,000 after acquiring an additional 331 shares in the last quarter. Point72 Hong Kong Ltd bought a new position in shares of Dolby Laboratories during the 2nd quarter valued at $37,000. GAMMA Investing LLC raised its holdings in shares of Dolby Laboratories by 64.6% during the 2nd quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker’s stock valued at $39,000 after purchasing an additional 192 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its holdings 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 purchasing an additional 379 shares in the last quarter. Finally, Prospera Private Wealth LLC acquired a new position in Dolby Laboratories during the third quarter worth $93,000. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Rosenblatt Securities boosted their price target on Dolby Laboratories from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Barrington Research restated an “outperform” rating and issued a $100.00 target price 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 report on Monday, November 18th.

Dolby Laboratories Price Performance

DLB stock opened at $80.55 on Monday. The company has a 50-day moving average of $74.33 and a two-hundred day moving average of $75.98. The stock has a market capitalization of $7.68 billion, a price-to-earnings ratio of 29.72 and a beta of 0.98. Dolby Laboratories, Inc. has a 52-week low of $66.35 and a 52-week high of $90.06.

Dolby Laboratories Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd will be given a $0.33 dividend. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend is Tuesday, December 3rd. Dolby Laboratories’s payout ratio is currently 44.28%.

Dolby Laboratories declared that its Board of Directors has approved a stock repurchase program on Wednesday, August 7th that permits the company to repurchase $350.00 million in shares. This repurchase authorization permits the electronics maker to purchase up to 5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Dolby Laboratories

In related news, Director Peter C. Gotcher sold 6,079 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $78.96, for a total transaction of $479,997.84. Following the transaction, the director now directly owns 37,593 shares in the company, valued at $2,968,343.28. The trade was a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Kevin J. Yeaman sold 28,512 shares of Dolby Laboratories stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $74.12, for a total value of $2,113,309.44. Following the sale, the chief executive officer now directly owns 83,721 shares in the company, valued at $6,205,400.52. The trade was a 25.40 % decrease in their position. The disclosure for this sale can be found here. Corporate 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.