Bank of New York Mellon Corp Purchases 1,887,518 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Bank of New York Mellon Corp boosted its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 64.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,826,477 shares of the electronics maker’s stock after buying an additional 1,887,518 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.05% of Dolby Laboratories worth $376,948,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Fifth Third Bancorp increased its position in shares of Dolby Laboratories by 82.7% in the fourth quarter. Fifth Third Bancorp now owns 360 shares of the electronics maker’s stock valued at $28,000 after acquiring an additional 163 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of Dolby Laboratories by 436.2% in the fourth quarter. Nisa Investment Advisors LLC now owns 370 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 301 shares during the last quarter. Mather Group LLC. increased its holdings in Dolby Laboratories by 36.8% during the 4th quarter. Mather Group LLC. now owns 528 shares of the electronics maker’s stock valued at $41,000 after purchasing an additional 142 shares during the period. First Horizon Advisors Inc. raised its position in Dolby Laboratories by 22.7% during the 3rd quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock valued at $60,000 after purchasing an additional 146 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Dolby Laboratories by 207.5% in the 4th quarter. GAMMA Investing LLC now owns 778 shares of the electronics maker’s stock worth $61,000 after buying an additional 525 shares during the period. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Insiders Place Their Bets

In related news, CMO Todd Pendleton sold 18,121 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $83.75, for a total transaction of $1,517,633.75. Following the completion of the transaction, the chief marketing officer now owns 37,290 shares of the company’s stock, valued at $3,123,037.50. This trade represents a 32.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark Andrew Sherman sold 40,000 shares of Dolby Laboratories stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $84.88, for a total value of $3,395,200.00. Following the transaction, the executive vice president now owns 62,397 shares of the company’s stock, valued at $5,296,257.36. The trade was a 39.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 77,459 shares of company stock worth $6,464,675. 38.39% of the stock is owned by corporate insiders.

Dolby Laboratories Stock Performance

DLB stock opened at $81.57 on Thursday. The company has a market capitalization of $7.78 billion, a price-to-earnings ratio of 29.99 and a beta of 0.98. The business’s 50 day moving average price is $80.83 and its two-hundred day moving average price is $76.58. Dolby Laboratories, Inc. has a fifty-two week low of $66.35 and a fifty-two week high of $89.66.

Dolby Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 19th. Shareholders of record on Tuesday, February 11th were issued a $0.33 dividend. The ex-dividend date was Tuesday, February 11th. This represents a $1.32 dividend on an annualized basis and a yield of 1.62%. Dolby Laboratories’s dividend payout ratio (DPR) is 48.53%.

Wall Street Analysts Forecast Growth

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

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.