Public Employees Retirement System of Ohio Cuts Stake in Dolby Laboratories, Inc. (NYSE:DLB)

Public Employees Retirement System of Ohio cut its stake in Dolby Laboratories, Inc. (NYSE:DLB) by 8.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,669 shares of the electronics maker’s stock after selling 2,084 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Dolby Laboratories were worth $1,811,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. State Street Corp lifted its position in shares of Dolby Laboratories by 1.5% in the third quarter. State Street Corp now owns 1,931,586 shares of the electronics maker’s stock valued at $147,824,000 after acquiring an additional 29,289 shares in the last quarter. Disciplined Growth Investors Inc. MN lifted its stake in 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 purchasing an additional 10,852 shares in the last quarter. Boston Trust Walden Corp boosted its holdings in shares of Dolby Laboratories by 185.3% during the 3rd quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker’s stock worth $82,276,000 after purchasing an additional 698,283 shares during the last quarter. Mackenzie Financial Corp grew its position in shares of Dolby Laboratories by 3.5% in the second quarter. Mackenzie Financial Corp now owns 1,010,230 shares of the electronics maker’s stock valued at $80,041,000 after purchasing an additional 33,848 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Dolby Laboratories by 27.0% in the second quarter. Dimensional Fund Advisors LP now owns 792,828 shares of the electronics maker’s stock valued at $62,817,000 after purchasing an additional 168,744 shares during the last quarter. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Dolby Laboratories Price Performance

NYSE DLB opened at $77.17 on Thursday. The firm’s 50-day moving average is $76.08 and its two-hundred day moving average is $75.74. Dolby Laboratories, Inc. has a 12 month low of $66.35 and a 12 month high of $87.12. The stock has a market capitalization of $7.36 billion, a P/E ratio of 28.48 and a beta of 0.98.

Dolby Laboratories Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.71%. This is a boost from Dolby Laboratories’s previous quarterly dividend of $0.30. The ex-dividend date was Tuesday, December 3rd. Dolby Laboratories’s dividend payout ratio is 48.71%.

Insider Transactions at Dolby Laboratories

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 28,512 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $74.12, for a total value of $2,113,309.44. Following the sale, the chief executive officer now owns 83,721 shares of the company’s stock, valued at $6,205,400.52. This trade represents a 25.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Andrew Sherman sold 12,338 shares of the business’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $78.08, for a total value of $963,351.04. Following the transaction, the executive vice president now directly owns 62,397 shares of the company’s stock, valued at approximately $4,871,957.76. This represents a 16.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 164,429 shares of company stock worth $12,991,048 over the last ninety days. Company insiders own 39.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on DLB shares. Barrington Research reissued an “outperform” rating and set a $100.00 price objective on shares of Dolby Laboratories in a research note on Wednesday, November 20th. Rosenblatt Securities upped their price objective on Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Finally, StockNews.com raised Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 4th.

Dolby Laboratories 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.