Dolby Laboratories, Inc. (NYSE:DLB) Position Boosted by Icon Wealth Advisors LLC

Icon Wealth Advisors LLC lifted its position in Dolby Laboratories, Inc. (NYSE:DLB) by 14.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,717 shares of the electronics maker’s stock after buying an additional 211 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Dolby Laboratories were worth $131,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in DLB. Boston Trust Walden Corp raised its stake in shares of Dolby Laboratories by 185.3% in the third quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker’s stock valued at $82,276,000 after purchasing an additional 698,283 shares in the last quarter. Acadian Asset Management LLC grew its holdings in shares of Dolby Laboratories by 39.8% during the second quarter. Acadian Asset Management LLC now owns 652,651 shares of the electronics maker’s stock worth $51,698,000 after purchasing an additional 185,884 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Dolby Laboratories by 27.0% during the second quarter. Dimensional Fund Advisors LP now owns 792,828 shares of the electronics maker’s stock worth $62,817,000 after purchasing an additional 168,744 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Dolby Laboratories by 16.2% in the second quarter. AQR Capital Management LLC now owns 627,160 shares of the electronics maker’s stock valued at $49,690,000 after acquiring an additional 87,298 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in Dolby Laboratories by 496.7% in the third quarter. Thrivent Financial for Lutherans now owns 102,223 shares of the electronics maker’s stock valued at $7,823,000 after acquiring an additional 85,093 shares during the last quarter. Institutional investors own 58.56% of the company’s stock.

Dolby Laboratories Stock Performance

Shares of DLB stock opened at $80.55 on Monday. The company has a market cap of $7.68 billion, a P/E ratio of 29.72 and a beta of 0.98. Dolby Laboratories, Inc. has a fifty-two week low of $66.35 and a fifty-two week high of $90.06. The stock has a 50 day simple moving average of $74.33 and a two-hundred day simple moving average of $75.98.

Dolby Laboratories announced that its Board of Directors has initiated a stock buyback program on Wednesday, August 7th that permits the company to repurchase $350.00 million in outstanding shares. This repurchase authorization permits the electronics maker to repurchase up to 5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Dolby Laboratories Increases Dividend

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

Insider Buying and Selling at Dolby Laboratories

In related news, Director Peter C. Gotcher sold 6,079 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was 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 owns 37,593 shares of the company’s stock, valued at $2,968,343.28. This trade represents a 13.92 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Kevin J. Yeaman sold 28,512 shares of the stock in a transaction on Tuesday, October 15th. The shares were 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 in the company, valued at approximately $6,205,400.52. This represents a 25.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 39.54% of the company’s stock.

Analysts Set New Price Targets

DLB has been the topic of a number of research analyst reports. Barrington Research reaffirmed an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a research report on Wednesday, November 20th. Rosenblatt Securities lifted their target price on Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, StockNews.com upgraded Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 18th.

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.