Legal & General Group Plc Sells 7,082 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Legal & General Group Plc reduced its holdings in Dolby Laboratories, Inc. (NYSE:DLB) by 5.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,597 shares of the electronics maker’s stock after selling 7,082 shares during the quarter. Legal & General Group Plc owned approximately 0.13% of Dolby Laboratories worth $9,809,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Dolby Laboratories by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 7,033,612 shares of the electronics maker’s stock worth $549,325,000 after purchasing an additional 68,771 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Dolby Laboratories by 64.2% in the fourth quarter. Bank of New York Mellon Corp now owns 4,826,477 shares of the electronics maker’s stock valued at $376,948,000 after buying an additional 1,887,518 shares during the last quarter. Boston Trust Walden Corp raised its holdings in shares of Dolby Laboratories by 0.9% in the fourth quarter. Boston Trust Walden Corp now owns 1,084,700 shares of the electronics maker’s stock valued at $84,715,000 after buying an additional 9,624 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Dolby Laboratories by 3.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 742,639 shares of the electronics maker’s stock worth $58,000,000 after buying an additional 25,047 shares in the last quarter. Finally, Norges Bank bought a new stake in Dolby Laboratories during the 4th quarter worth about $55,356,000. 58.56% of the stock is currently owned by institutional investors.

Dolby Laboratories Trading Down 0.3 %

Shares of NYSE:DLB opened at $71.94 on Friday. Dolby Laboratories, Inc. has a 1-year low of $66.35 and a 1-year high of $89.66. The stock has a market capitalization of $6.87 billion, a P/E ratio of 26.45 and a beta of 0.94. The business has a 50-day moving average price of $79.56 and a two-hundred day moving average price of $78.31.

Dolby Laboratories Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 19th. Investors of record on Tuesday, February 11th were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date was Tuesday, February 11th. Dolby Laboratories’s dividend payout ratio (DPR) is 48.53%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on DLB shares. StockNews.com downgraded shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 31st. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price target on shares of Dolby Laboratories in a report on Thursday, January 30th. Finally, Barrington Research reaffirmed an “outperform” rating and set a $100.00 price objective on shares of Dolby Laboratories in a report on Thursday, February 13th.

Insider Activity at Dolby Laboratories

In other news, CAO Ryan Nicholson sold 7,000 shares of the stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $84.07, for a total value of $588,490.00. Following the transaction, the chief accounting officer now owns 29,758 shares of the company’s stock, valued at $2,501,755.06. This represents a 19.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CMO Todd Pendleton sold 18,121 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $83.75, for a total value of $1,517,633.75. Following the completion of the transaction, the chief marketing officer now owns 37,290 shares in the company, valued at $3,123,037.50. This represents a 32.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,121 shares of company stock worth $5,501,324 over the last ninety days. Company insiders own 38.39% 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.