KLP Kapitalforvaltning AS Acquires Shares of 20,000 Dolby Laboratories, Inc. (NYSE:DLB)

KLP Kapitalforvaltning AS bought a new position in shares of Dolby Laboratories, Inc. (NYSE:DLB) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 20,000 shares of the electronics maker’s stock, valued at approximately $1,562,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp increased its stake in Dolby Laboratories by 64.2% in the fourth quarter. Bank of New York Mellon Corp now owns 4,826,477 shares of the electronics maker’s stock valued at $376,948,000 after purchasing an additional 1,887,518 shares during the period. State Street Corp raised its stake in Dolby Laboratories by 1.5% during the 3rd quarter. State Street Corp now owns 1,931,586 shares of the electronics maker’s stock valued at $147,824,000 after acquiring an additional 29,289 shares during the last quarter. Geode Capital Management LLC raised its stake in Dolby Laboratories by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,538,583 shares of the electronics maker’s stock valued at $117,767,000 after acquiring an additional 63,293 shares during the last quarter. Disciplined Growth Investors Inc. MN grew its stake in shares of Dolby Laboratories by 4.5% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 1,466,212 shares of the electronics maker’s stock valued at $112,209,000 after purchasing an additional 63,589 shares during the last quarter. Finally, Boston Trust Walden Corp increased its holdings in shares of Dolby Laboratories by 0.9% in the fourth quarter. Boston Trust Walden Corp now owns 1,084,700 shares of the electronics maker’s stock valued at $84,715,000 after purchasing an additional 9,624 shares during the period. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Insider Buying and Selling

In other news, CMO Todd Pendleton sold 18,121 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $83.75, for a total value of $1,517,633.75. Following the sale, the chief marketing officer now directly owns 37,290 shares in the company, valued at $3,123,037.50. This represents a 32.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark Andrew Sherman sold 40,000 shares of the stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $84.88, for a total value of $3,395,200.00. Following the sale, the executive vice president now owns 62,397 shares in the company, valued at approximately $5,296,257.36. This trade represents a 39.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 65,121 shares of company stock worth $5,501,324 in the last quarter. Company insiders own 38.39% of the company’s stock.

Dolby Laboratories Stock Down 2.1 %

Shares of DLB opened at $79.94 on Friday. The company has a market capitalization of $7.63 billion, a PE ratio of 29.39 and a beta of 1.01. Dolby Laboratories, Inc. has a 52-week low of $66.35 and a 52-week high of $89.66. The company has a 50-day simple moving average of $82.25 and a 200-day simple moving average of $78.19.

Dolby Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 19th. Stockholders of record on Tuesday, February 11th were given a dividend of $0.33 per share. The ex-dividend date was Tuesday, February 11th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.65%. Dolby Laboratories’s payout ratio is 48.53%.

Analyst Ratings Changes

A number of research firms recently weighed in on DLB. StockNews.com lowered shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 31st. Barrington Research restated an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research report on Thursday, February 13th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $100.00 target price on shares of Dolby Laboratories in a research report on Thursday, January 30th.

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.