Dolby Laboratories, Inc. (NYSE:DLB) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC trimmed its stake in Dolby Laboratories, Inc. (NYSE:DLB) by 5.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 32,253 shares of the electronics maker’s stock after selling 1,958 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Dolby Laboratories were worth $2,468,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in DLB. Blue Trust Inc. increased its position in Dolby Laboratories by 398.8% during the 2nd quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 331 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Dolby Laboratories during the 2nd quarter worth about $37,000. GAMMA Investing LLC grew its holdings in shares of Dolby Laboratories by 64.6% during the second quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker’s stock worth $39,000 after buying an additional 192 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its position in shares of Dolby Laboratories by 192.4% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker’s stock valued at $46,000 after buying an additional 379 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Dolby Laboratories during the second quarter valued at approximately $146,000. 58.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on DLB shares. Rosenblatt Securities boosted their price target on Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday. Barrington Research reiterated an “outperform” rating and issued a $100.00 target price on shares of Dolby Laboratories in a research note on Wednesday. Finally, StockNews.com raised Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 18th.

Insider Buying and Selling at Dolby Laboratories

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 28,512 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at $6,205,400.52. The trade was a 25.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Peter C. Gotcher sold 6,079 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $78.96, for a total transaction of $479,997.84. Following the completion of the transaction, the director now directly owns 37,593 shares in the company, valued at approximately $2,968,343.28. This represents a 13.92 % decrease in their position. The disclosure for this sale can be found here. 39.54% of the stock is owned by company insiders.

Dolby Laboratories Stock Performance

Shares of DLB stock opened at $80.55 on Friday. The firm has a market capitalization of $7.68 billion, a price-to-earnings ratio of 29.72 and a beta of 0.98. Dolby Laboratories, Inc. has a one year low of $66.35 and a one year high of $90.06. The company has a 50 day moving average price of $74.33 and a 200 day moving average price of $76.02.

Dolby Laboratories Increases Dividend

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

Dolby Laboratories declared that its board has approved a stock repurchase plan on Wednesday, August 7th that authorizes the company to repurchase $350.00 million in outstanding shares. This repurchase authorization authorizes the electronics maker to repurchase up to 5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

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.