Dolby Laboratories, Inc. (NYSE:DLB) Shares Bought by FORA Capital LLC

FORA Capital LLC grew its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 65.8% in the third quarter, according to its most recent filing with the SEC. The fund owned 14,104 shares of the electronics maker’s stock after acquiring an additional 5,595 shares during the period. FORA Capital LLC’s holdings in Dolby Laboratories were worth $1,079,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Blue Trust Inc. lifted its position in shares of Dolby Laboratories by 398.8% during the 2nd quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock valued at $35,000 after acquiring an additional 331 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Dolby Laboratories during the 2nd quarter valued at $37,000. GAMMA Investing LLC lifted its position 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 acquiring 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 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker’s stock valued at $46,000 after acquiring an additional 379 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its position in shares of Dolby Laboratories by 22.7% during the 3rd quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock valued at $60,000 after acquiring an additional 146 shares during the last quarter. Institutional investors and hedge funds own 58.56% of the company’s stock.

Dolby Laboratories Stock Down 2.7 %

DLB opened at $78.20 on Thursday. The stock has a fifty day moving average of $74.67 and a 200-day moving average of $75.94. The firm has a market capitalization of $7.46 billion, a P/E ratio of 28.86 and a beta of 0.98. Dolby Laboratories, Inc. has a 12-month low of $66.35 and a 12-month high of $90.06.

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 issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.69%. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, December 3rd. Dolby Laboratories’s dividend payout ratio (DPR) is currently 44.28%.

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on DLB shares. Rosenblatt Securities increased their target price on Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. StockNews.com lowered Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Finally, 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.

Insider Buying and Selling

In related news, SVP John D. Couling sold 7,000 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $80.50, for a total transaction of $563,500.00. Following the completion of the sale, the senior vice president now directly owns 106,806 shares in the company, valued at approximately $8,597,883. This trade represents a 6.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Peter C. Gotcher sold 6,079 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $78.96, for a total value of $479,997.84. Following the sale, the director now owns 37,593 shares of the company’s stock, valued at approximately $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. Over the last ninety days, insiders sold 152,091 shares of company stock worth $12,027,697. Corporate insiders own 39.54% of the company’s stock.

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.