Dolby Laboratories, Inc. (NYSE:DLB) Stake Lowered by Berkshire Asset Management LLC PA

Berkshire Asset Management LLC PA decreased its stake in Dolby Laboratories, Inc. (NYSE:DLB) by 18.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,517 shares of the electronics maker’s stock after selling 577 shares during the period. Berkshire Asset Management LLC PA’s holdings in Dolby Laboratories were worth $201,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Creative Planning lifted its stake in Dolby Laboratories by 7.5% in the third quarter. Creative Planning now owns 4,094 shares of the electronics maker’s stock valued at $313,000 after buying an additional 286 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Dolby Laboratories by 37.9% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,326 shares of the electronics maker’s stock worth $408,000 after acquiring an additional 1,465 shares during the period. Harbor Capital Advisors Inc. increased its holdings in shares of Dolby Laboratories by 19.1% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 2,435 shares of the electronics maker’s stock worth $186,000 after acquiring an additional 390 shares during the period. Van ECK Associates Corp lifted its position in Dolby Laboratories by 40.0% in the 3rd quarter. Van ECK Associates Corp now owns 34,881 shares of the electronics maker’s stock valued at $2,535,000 after purchasing an additional 9,967 shares during the last quarter. Finally, Equitable Trust Co. acquired a new position in Dolby Laboratories during the 3rd quarter valued at about $460,000. Institutional investors and hedge funds own 58.56% of the company’s stock.

Dolby Laboratories Trading Up 1.1 %

Shares of NYSE:DLB opened at $83.37 on Friday. The company has a 50 day moving average of $81.26 and a 200-day moving average of $77.01. The firm has a market cap of $7.96 billion, a P/E ratio of 30.65 and a beta of 0.98. Dolby Laboratories, Inc. has a twelve month low of $66.35 and a twelve month high of $89.66.

Dolby Laboratories Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 19th. Shareholders of record on Tuesday, February 11th were given 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 1.58%. Dolby Laboratories’s dividend payout ratio (DPR) is 48.53%.

Analyst Ratings Changes

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

Insider Buying and Selling at Dolby Laboratories

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 shares were sold at an average price of $83.75, for a total transaction of $1,517,633.75. Following the completion of the sale, the chief marketing officer now directly owns 37,290 shares in the company, valued at approximately $3,123,037.50. This trade represents a 32.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Mark Andrew Sherman sold 12,338 shares of the company’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $78.08, for a total value of $963,351.04. Following the completion of the transaction, the executive vice president now directly owns 62,397 shares in the company, valued at $4,871,957.76. This represents a 16.51 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 77,459 shares of company stock valued at $6,464,675. 38.39% of the stock is owned by corporate insiders.

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.