State of New Jersey Common Pension Fund D Boosts Stake in Dolby Laboratories, Inc. (NYSE:DLB)

State of New Jersey Common Pension Fund D raised its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 20.0% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 27,910 shares of the electronics maker’s stock after purchasing an additional 4,656 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Dolby Laboratories were worth $2,136,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Dolby Laboratories by 1.7% in the first quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock valued at $544,711,000 after purchasing an additional 107,713 shares in the last quarter. Ninety One UK Ltd grew its stake 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 worth $185,791,000 after buying an additional 60,114 shares in the last quarter. Disciplined Growth Investors Inc. MN grew its stake 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 worth $111,130,000 after buying an additional 10,852 shares in the last quarter. Boston Trust Walden Corp increased 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 worth $82,276,000 after buying an additional 698,283 shares during the last quarter. Finally, Mackenzie Financial Corp raised its position in shares of Dolby Laboratories by 3.5% during the 2nd quarter. Mackenzie Financial Corp now owns 1,010,230 shares of the electronics maker’s stock valued at $80,041,000 after buying an additional 33,848 shares in the last quarter. Institutional investors own 58.56% of the company’s stock.

Dolby Laboratories Trading Down 0.5 %

Shares of NYSE:DLB opened at $73.17 on Friday. The company has a market capitalization of $6.98 billion, a price-to-earnings ratio of 33.41 and a beta of 0.98. Dolby Laboratories, Inc. has a 12 month low of $66.35 and a 12 month high of $90.06. The firm’s 50-day moving average is $73.55 and its 200 day moving average is $76.22.

Dolby Laboratories announced that its Board of Directors has initiated a share buyback plan on Wednesday, August 7th that authorizes the company to buyback $350.00 million in shares. This buyback authorization authorizes the electronics maker to purchase up to 5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

DLB has been the topic of several analyst reports. StockNews.com raised Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 8th. Barrington Research restated an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a report on Friday, September 20th.

Insider Activity

In related news, CEO Kevin J. Yeaman sold 28,512 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $6,205,400.52. This trade represents a 25.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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.