Ontario Teachers Pension Plan Board Has $848,000 Stake in Dolby Laboratories, Inc. (NYSE:DLB)

Ontario Teachers Pension Plan Board lessened its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 64.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 11,075 shares of the electronics maker’s stock after selling 20,432 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Dolby Laboratories were worth $848,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. Blue Trust Inc. grew its stake in shares of 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 period. Point72 Hong Kong Ltd bought a new position in Dolby Laboratories in the second quarter worth approximately $37,000. GAMMA Investing LLC grew its stake in 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 acquiring an additional 192 shares during the period. Whittier Trust Co. of Nevada Inc. increased its holdings 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 acquiring an additional 379 shares in the last quarter. Finally, First Horizon Advisors Inc. raised its position in shares of Dolby Laboratories by 22.7% during the third quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock worth $60,000 after purchasing an additional 146 shares during the period. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Dolby Laboratories

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

Dolby Laboratories Stock Down 2.0 %

Shares of NYSE:DLB opened at $80.31 on Friday. The company has a 50-day moving average price of $74.15 and a two-hundred day moving average price of $76.08. The firm has a market capitalization of $7.66 billion, a PE ratio of 29.63 and a beta of 0.98. Dolby Laboratories, Inc. has a twelve month low of $66.35 and a twelve month high of $90.06.

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

Dolby Laboratories Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Tuesday, December 3rd will be given a $0.33 dividend. The ex-dividend date of this dividend is Tuesday, December 3rd. This is a boost from Dolby Laboratories’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a dividend yield of 1.64%. Dolby Laboratories’s payout ratio is 44.28%.

Analysts Set New Price Targets

A number of analysts have commented on DLB shares. Barrington Research restated an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a research note on Wednesday. StockNews.com upgraded shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a report on Monday. Finally, Rosenblatt Securities upped their price objective on Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday.

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.