Quest Partners LLC Has $223,000 Stake in Dolby Laboratories, Inc. (NYSE:DLB)

Quest Partners LLC reduced its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 76.3% in the third quarter, HoldingsChannel.com reports. The firm owned 2,913 shares of the electronics maker’s stock after selling 9,373 shares during the period. Quest Partners LLC’s holdings in Dolby Laboratories were worth $223,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of DLB. Blue Trust Inc. raised its position in Dolby Laboratories by 398.8% in the 2nd quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock valued at $35,000 after buying an additional 331 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Dolby Laboratories in the 2nd quarter worth $37,000. GAMMA Investing LLC raised its holdings in shares of Dolby Laboratories by 64.6% in the second quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker’s stock valued at $39,000 after purchasing an additional 192 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its position in shares of 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 valued at $46,000 after purchasing an additional 379 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in Dolby Laboratories during the second quarter worth about $146,000. 58.56% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, SVP John D. Couling sold 50,000 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $80.04, for a total transaction of $4,002,000.00. Following the completion of the transaction, the senior vice president now owns 106,806 shares in the company, valued at approximately $8,548,752.24. This represents a 31.89 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter C. Gotcher sold 6,079 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $78.96, for a total value of $479,997.84. Following the completion of the sale, the director now owns 37,593 shares in the company, valued at $2,968,343.28. This represents a 13.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 91,591 shares of company stock valued at $7,158,807 over the last ninety days. 39.54% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on DLB. Barrington Research reissued 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 price target on Dolby Laboratories from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Finally, StockNews.com downgraded Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Tuesday.

Dolby Laboratories Stock Up 0.0 %

DLB opened at $80.33 on Wednesday. Dolby Laboratories, Inc. has a twelve month low of $66.35 and a twelve month high of $90.06. The company’s 50-day moving average price is $74.50 and its two-hundred day moving average price is $75.96. The stock has a market cap of $7.66 billion, a price-to-earnings ratio of 29.64 and a beta of 0.98.

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

Dolby Laboratories Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Tuesday, December 3rd will be paid a $0.33 dividend. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.32 annualized dividend and a yield of 1.64%. Dolby Laboratories’s dividend payout ratio is presently 48.71%.

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.