Ontario Teachers Pension Plan Board Sells 20,432 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Ontario Teachers Pension Plan Board reduced its holdings in Dolby Laboratories, Inc. (NYSE:DLB) by 64.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,075 shares of the electronics maker’s stock after selling 20,432 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Dolby Laboratories were worth $848,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. First Affirmative Financial Network increased its position in Dolby Laboratories by 4.9% during the 2nd quarter. First Affirmative Financial Network now owns 2,766 shares of the electronics maker’s stock valued at $219,000 after purchasing an additional 129 shares during the period. LRI Investments LLC increased its position in shares of Dolby Laboratories by 6.0% during the second quarter. LRI Investments LLC now owns 2,293 shares of the electronics maker’s stock valued at $182,000 after buying an additional 130 shares during the period. First Horizon Advisors Inc. raised its stake in Dolby Laboratories by 22.7% in the third quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock worth $60,000 after buying an additional 146 shares in the last quarter. Signaturefd LLC boosted its position in Dolby Laboratories by 5.1% during the 2nd quarter. Signaturefd LLC now owns 3,167 shares of the electronics maker’s stock valued at $251,000 after acquiring an additional 153 shares in the last quarter. Finally, Mitchell & Pahl Private Wealth LLC grew its holdings in shares of Dolby Laboratories by 1.3% during the 2nd quarter. Mitchell & Pahl Private Wealth LLC now owns 13,817 shares of the electronics maker’s stock worth $1,095,000 after acquiring an additional 174 shares during the period. Institutional investors own 58.56% of the company’s stock.

Insider Buying and Selling

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 28,512 shares of the firm’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 sale, the chief executive officer now owns 83,721 shares in the company, valued at approximately $6,205,400.52. This trade represents a 25.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 39.54% of the stock is owned by insiders.

Dolby Laboratories Trading Down 2.0 %

NYSE:DLB opened at $80.31 on Friday. The company has a market cap of $7.66 billion, a PE ratio of 29.63 and a beta of 0.98. The company has a 50 day simple moving average of $74.15 and a two-hundred day simple moving average of $76.08. Dolby Laboratories, Inc. has a 12 month low of $66.35 and a 12 month high of $90.06.

Dolby Laboratories announced that its Board of Directors has initiated a share 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 purchase up to 5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Dolby Laboratories Increases Dividend

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

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Barrington Research reaffirmed an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories in a research note on Wednesday. Rosenblatt Securities increased their price target on shares of Dolby Laboratories from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, StockNews.com raised shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research note on Monday.

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.