Sandy Spring Bank Cuts Stock Position in Dolby Laboratories, Inc. (NYSE:DLB)

Sandy Spring Bank trimmed its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 18.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 680 shares of the electronics maker’s stock after selling 158 shares during the quarter. Sandy Spring Bank’s holdings in Dolby Laboratories were worth $53,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Fifth Third Bancorp grew its stake in Dolby Laboratories by 82.7% during the 4th quarter. Fifth Third Bancorp now owns 360 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 163 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Dolby Laboratories by 436.2% during the 4th quarter. Nisa Investment Advisors LLC now owns 370 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 301 shares in the last quarter. Mather Group LLC. boosted its position in shares of Dolby Laboratories by 36.8% during the 4th quarter. Mather Group LLC. now owns 528 shares of the electronics maker’s stock worth $41,000 after acquiring an additional 142 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Dolby Laboratories by 207.5% during the 4th quarter. GAMMA Investing LLC now owns 778 shares of the electronics maker’s stock worth $61,000 after acquiring an additional 525 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its position in shares of Dolby Laboratories by 22.7% during the 3rd quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock worth $60,000 after acquiring an additional 146 shares in the last quarter. 58.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. StockNews.com cut Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 31st. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 target price on shares of Dolby Laboratories in a report on Thursday, January 30th. Finally, Barrington Research reissued an “outperform” rating and issued a $100.00 target price on shares of Dolby Laboratories in a report on Thursday, February 13th.

Dolby Laboratories Stock Down 1.1 %

DLB opened at $80.94 on Friday. The business has a 50 day moving average price of $82.16 and a two-hundred day moving average price of $77.84. The company has a market cap of $7.72 billion, a PE ratio of 29.76 and a beta of 1.01. Dolby Laboratories, Inc. has a 52 week low of $66.35 and a 52 week high of $89.66.

Dolby Laboratories Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 19th. Shareholders of record on Tuesday, February 11th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.63%. The ex-dividend date was Tuesday, February 11th. Dolby Laboratories’s dividend payout ratio is presently 48.53%.

Insider Transactions at Dolby Laboratories

In related news, CAO Ryan Nicholson sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $84.07, for a total value of $588,490.00. Following the sale, the chief accounting officer now owns 29,758 shares in the company, valued at $2,501,755.06. This represents a 19.04 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CMO Todd Pendleton sold 18,121 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $83.75, for a total value of $1,517,633.75. Following the completion of the sale, the chief marketing officer now owns 37,290 shares in the company, valued at approximately $3,123,037.50. This represents a 32.70 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 65,121 shares of company stock valued at $5,501,324. Corporate insiders own 38.39% of the company’s stock.

About Dolby Laboratories

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.