Northwest & Ethical Investments L.P. Has $7.48 Million Position in Dolby Laboratories, Inc. (NYSE:DLB)

Northwest & Ethical Investments L.P. lifted its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 13.8% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 97,779 shares of the electronics maker’s stock after buying an additional 11,850 shares during the quarter. Northwest & Ethical Investments L.P. owned about 0.10% of Dolby Laboratories worth $7,483,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Boston Trust Walden Corp lifted its position in Dolby Laboratories by 3.1% during the second quarter. Boston Trust Walden Corp now owns 376,793 shares of the electronics maker’s stock worth $29,853,000 after acquiring an additional 11,177 shares during the last quarter. Panagora Asset Management Inc. acquired a new stake in Dolby Laboratories during the 2nd quarter worth approximately $3,348,000. Pacer Advisors Inc. boosted its stake in Dolby Laboratories by 47.5% in the 2nd quarter. Pacer Advisors Inc. now owns 23,320 shares of the electronics maker’s stock valued at $1,848,000 after purchasing an additional 7,509 shares during the period. SG Americas Securities LLC acquired a new position in Dolby Laboratories in the 2nd quarter valued at $1,157,000. Finally, Algert Global LLC increased its position in Dolby Laboratories by 52.0% during the 3rd quarter. Algert Global LLC now owns 48,822 shares of the electronics maker’s stock worth $3,736,000 after buying an additional 16,700 shares during the period. Institutional investors own 58.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on DLB shares. Rosenblatt Securities boosted their target price on shares of Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Barrington Research reissued an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a report on Wednesday, November 20th. Finally, StockNews.com cut shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a report on Tuesday.

Dolby Laboratories Stock Down 2.7 %

Shares of Dolby Laboratories stock opened at $78.20 on Friday. Dolby Laboratories, Inc. has a 12-month low of $66.35 and a 12-month high of $90.06. The company has a market capitalization of $7.46 billion, a price-to-earnings ratio of 28.86 and a beta of 0.98. The firm’s 50-day moving average price is $74.78 and its two-hundred day moving average price is $75.96.

Dolby Laboratories Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Tuesday, December 3rd will be given a dividend of $0.33 per share. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.32 annualized dividend and a dividend yield of 1.69%. Dolby Laboratories’s dividend payout ratio (DPR) is currently 44.28%.

Dolby Laboratories declared that its board has initiated a share 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 often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Dolby Laboratories

In related news, CEO Kevin J. Yeaman sold 28,512 shares of the company’s stock in a transaction on 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 completion of 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Ryan Nicholson sold 10,500 shares of Dolby Laboratories stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $80.18, for a total value of $841,890.00. Following the completion of the transaction, the chief accounting officer now owns 24,364 shares in the company, valued at approximately $1,953,505.52. This represents a 30.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 152,091 shares of company stock worth $12,027,697 over the last three months. Corporate insiders own 39.54% of the company’s stock.

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.