Icon Wealth Advisors LLC Acquires 211 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Icon Wealth Advisors LLC lifted its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 14.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,717 shares of the electronics maker’s stock after acquiring an additional 211 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Dolby Laboratories were worth $131,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in DLB. First Affirmative Financial Network lifted its holdings in shares of Dolby Laboratories by 4.9% in the second quarter. First Affirmative Financial Network now owns 2,766 shares of the electronics maker’s stock valued at $219,000 after purchasing an additional 129 shares in the last quarter. LRI Investments LLC grew its position in shares of Dolby Laboratories by 6.0% in the second quarter. LRI Investments LLC now owns 2,293 shares of the electronics maker’s stock valued at $182,000 after purchasing an additional 130 shares during the last quarter. First Horizon Advisors Inc. grew its position in 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 buying an additional 146 shares in the last quarter. Signaturefd LLC grew its position in Dolby Laboratories by 5.1% during the second quarter. Signaturefd LLC now owns 3,167 shares of the electronics maker’s stock worth $251,000 after buying an additional 153 shares in the last quarter. Finally, Mitchell & Pahl Private Wealth LLC boosted its holdings in shares of Dolby Laboratories by 1.3% in the 2nd quarter. Mitchell & Pahl Private Wealth LLC now owns 13,817 shares of the electronics maker’s stock valued at $1,095,000 after purchasing an additional 174 shares in the last quarter. 58.56% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, 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 sale, the director now directly owns 37,593 shares in the company, valued at $2,968,343.28. The trade was a 13.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Kevin J. Yeaman sold 28,512 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $6,205,400.52. This trade represents a 25.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 39.54% of the stock is currently owned by insiders.

Dolby Laboratories Trading Up 0.4 %

Shares of NYSE:DLB opened at $80.55 on Monday. The stock’s 50-day moving average price is $74.33 and its 200-day moving average price is $75.98. Dolby Laboratories, Inc. has a 12-month low of $66.35 and a 12-month high of $90.06. The stock has a market capitalization of $7.68 billion, a P/E ratio of 29.72 and a beta of 0.98.

Dolby Laboratories declared that its Board of Directors has authorized a share repurchase plan on Wednesday, August 7th that allows the company to repurchase $350.00 million in shares. This repurchase authorization allows the electronics maker to buy up to 5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Dolby Laboratories Increases Dividend

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

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Barrington Research reiterated an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories in a research note on Wednesday, November 20th. Rosenblatt Securities boosted 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, November 20th. Finally, StockNews.com raised Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 18th.

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.