Allspring Global Investments Holdings LLC Reduces Holdings in Dolby Laboratories, Inc. (NYSE:DLB)

Allspring Global Investments Holdings LLC decreased its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 90.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,519 shares of the electronics maker’s stock after selling 140,514 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Dolby Laboratories were worth $1,251,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Teachers Retirement System of The State of Kentucky purchased a new stake in Dolby Laboratories during the 3rd quarter worth $1,610,000. AEGON ASSET MANAGEMENT UK Plc purchased a new stake in Dolby Laboratories during the 4th quarter worth $2,229,000. Envestnet Asset Management Inc. increased its stake in Dolby Laboratories by 64.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 466,282 shares of the electronics maker’s stock worth $36,958,000 after buying an additional 181,904 shares during the period. Pacer Advisors Inc. increased its stake in Dolby Laboratories by 115.5% during the 4th quarter. Pacer Advisors Inc. now owns 16,418 shares of the electronics maker’s stock worth $1,415,000 after buying an additional 8,798 shares during the period. Finally, Amalgamated Bank increased its stake in Dolby Laboratories by 331.3% during the 3rd quarter. Amalgamated Bank now owns 41,227 shares of the electronics maker’s stock worth $3,268,000 after buying an additional 31,668 shares during the period. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Insider Activity

In other news, SVP John D. Couling sold 33,560 shares of Dolby Laboratories stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $80.81, for a total value of $2,711,983.60. Following the completion of the transaction, the senior vice president now directly owns 108,519 shares of the company’s stock, valued at approximately $8,769,420.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 39.54% of the company’s stock.

Dolby Laboratories Price Performance

Shares of DLB stock opened at $79.22 on Wednesday. The firm has a market cap of $7.57 billion, a P/E ratio of 41.05 and a beta of 0.97. Dolby Laboratories, Inc. has a 1-year low of $75.87 and a 1-year high of $91.01. The firm has a fifty day moving average of $81.57 and a two-hundred day moving average of $83.36.

Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings data on Thursday, February 1st. The electronics maker reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.14. Dolby Laboratories had a net margin of 14.70% and a return on equity of 10.21%. The company had revenue of $315.57 million during the quarter, compared to analyst estimates of $310.98 million. On average, sell-side analysts expect that Dolby Laboratories, Inc. will post 2.63 EPS for the current year.

Dolby Laboratories Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 22nd. Stockholders of record on Tuesday, February 13th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.51%. The ex-dividend date was Monday, February 12th. Dolby Laboratories’s dividend payout ratio (DPR) is presently 62.18%.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Rosenblatt Securities reissued a “buy” rating and set a $98.00 price objective on shares of Dolby Laboratories in a report on Wednesday, January 31st. StockNews.com raised shares of Dolby Laboratories from a “hold” rating to a “buy” rating in a report on Friday, February 2nd.

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.