MQS Management LLC Sells 6,677 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

MQS Management LLC decreased its stake in Dolby Laboratories, Inc. (NYSE:DLB) by 70.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,766 shares of the electronics maker’s stock after selling 6,677 shares during the period. MQS Management LLC’s holdings in Dolby Laboratories were worth $212,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Dolby Laboratories by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock valued at $544,711,000 after acquiring an additional 107,713 shares in the last quarter. Ninety One UK Ltd grew its holdings in shares of Dolby Laboratories by 2.6% in the 2nd quarter. Ninety One UK Ltd now owns 2,344,963 shares of the electronics maker’s stock valued at $185,791,000 after acquiring an additional 60,114 shares in the last quarter. Disciplined Growth Investors Inc. MN grew its holdings in shares of Dolby Laboratories by 0.8% in the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 1,402,623 shares of the electronics maker’s stock valued at $111,130,000 after acquiring an additional 10,852 shares in the last quarter. Boston Trust Walden Corp grew its holdings in shares of Dolby Laboratories by 185.3% in the 3rd quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker’s stock valued at $82,276,000 after acquiring an additional 698,283 shares in the last quarter. Finally, Mackenzie Financial Corp grew its holdings in shares of Dolby Laboratories by 3.5% in the 2nd quarter. Mackenzie Financial Corp now owns 1,010,230 shares of the electronics maker’s stock valued at $80,041,000 after acquiring an additional 33,848 shares in the last quarter. Institutional investors own 58.56% of the company’s stock.

Dolby Laboratories Stock Performance

Shares of NYSE:DLB opened at $71.73 on Friday. Dolby Laboratories, Inc. has a 52-week low of $66.35 and a 52-week high of $90.06. The company has a market capitalization of $6.84 billion, a P/E ratio of 32.75 and a beta of 0.98. The company has a 50-day simple moving average of $73.62 and a 200 day simple moving average of $76.17.

Dolby Laboratories announced that its Board of Directors has initiated a stock buyback program on Wednesday, August 7th that authorizes the company to buyback $350.00 million in shares. This buyback authorization authorizes the electronics maker to repurchase up to 5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several equities analysts have recently weighed in on DLB shares. Barrington Research restated an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a report on Friday, September 20th. StockNews.com upgraded shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 8th.

Insider Activity at Dolby Laboratories

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 28,512 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $74.12, for a total transaction of $2,113,309.44. Following the completion of the sale, the chief executive officer now directly owns 83,721 shares in the company, valued at $6,205,400.52. This trade represents a 25.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 39.54% of the stock is currently owned by company insiders.

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.