Connor Clark & Lunn Investment Management Ltd. Invests $645,000 in Dolby Laboratories, Inc. (NYSE:DLB)

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Dolby Laboratories, Inc. (NYSE:DLB) during the fourth quarter, according to its most recent filing with the SEC. The fund bought 8,258 shares of the electronics maker’s stock, valued at approximately $645,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its stake in Dolby Laboratories by 64.2% in the 4th quarter. Bank of New York Mellon Corp now owns 4,826,477 shares of the electronics maker’s stock valued at $376,948,000 after acquiring an additional 1,887,518 shares during the period. State Street Corp raised its stake in Dolby Laboratories by 1.5% in the 3rd 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 during the period. Geode Capital Management LLC raised its stake in Dolby Laboratories by 4.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,538,583 shares of the electronics maker’s stock valued at $117,767,000 after acquiring an additional 63,293 shares during the period. Disciplined Growth Investors Inc. MN raised its stake in Dolby Laboratories by 4.5% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 1,466,212 shares of the electronics maker’s stock valued at $112,209,000 after acquiring an additional 63,589 shares during the period. Finally, Boston Trust Walden Corp raised its stake in Dolby Laboratories by 0.9% in the 4th quarter. Boston Trust Walden Corp now owns 1,084,700 shares of the electronics maker’s stock valued at $84,715,000 after acquiring an additional 9,624 shares during the period. 58.56% of the stock is currently owned by institutional investors.

Dolby Laboratories Trading Down 1.1 %

Shares of Dolby Laboratories stock opened at $80.94 on Friday. Dolby Laboratories, Inc. has a 12-month low of $66.35 and a 12-month high of $89.66. The company has a market cap of $7.72 billion, a price-to-earnings ratio of 29.76 and a beta of 1.01. The company’s 50-day moving average price is $82.16 and its 200-day moving average price is $77.79.

Dolby Laboratories Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 19th. Stockholders of record on Tuesday, February 11th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date was Tuesday, February 11th. Dolby Laboratories’s payout ratio is 48.53%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on DLB. Barrington Research restated an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research note on Thursday, February 13th. 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. Finally, StockNews.com downgraded shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a report on Friday, January 31st.

Insider Transactions at Dolby Laboratories

In related news, CMO Todd Pendleton sold 18,121 shares of the company’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 value of $1,517,633.75. Following the transaction, the chief marketing officer now directly owns 37,290 shares in the company, valued at approximately $3,123,037.50. This represents a 32.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark Andrew Sherman sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $84.88, for a total transaction of $3,395,200.00. Following the completion of the transaction, the executive vice president now owns 62,397 shares in the company, valued at approximately $5,296,257.36. This trade represents a 39.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 65,121 shares of company stock valued at $5,501,324. 38.39% of the stock is currently 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.