Patten & Patten Inc. TN Sells 12,475 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Patten & Patten Inc. TN decreased its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 40.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,705 shares of the electronics maker’s stock after selling 12,475 shares during the quarter. Patten & Patten Inc. TN’s holdings in Dolby Laboratories were worth $1,431,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of DLB. Blue Trust Inc. grew its holdings in shares of Dolby Laboratories by 398.8% in the 2nd quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock valued at $35,000 after buying an additional 331 shares during the period. Point72 Hong Kong Ltd acquired a new position in Dolby Laboratories in the second quarter valued at about $37,000. GAMMA Investing LLC increased its holdings in shares of Dolby Laboratories by 64.6% in the second quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker’s stock worth $39,000 after acquiring an additional 192 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its position in shares of Dolby Laboratories by 192.4% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker’s stock worth $46,000 after purchasing an additional 379 shares during the period. Finally, Headlands Technologies LLC lifted its holdings in shares of Dolby Laboratories by 693.3% during the 1st quarter. Headlands Technologies LLC now owns 595 shares of the electronics maker’s stock valued at $50,000 after purchasing an additional 520 shares in the last quarter. Institutional investors and hedge funds own 58.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on DLB. Barrington Research reissued an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a research note on Friday, September 20th. StockNews.com raised shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Friday.

Insiders Place Their Bets

In other news, CEO Kevin J. Yeaman sold 28,512 shares of Dolby Laboratories stock in a transaction that occurred 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 directly owns 83,721 shares in the company, valued at $6,205,400.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 39.54% of the company’s stock.

Dolby Laboratories Price Performance

DLB stock opened at $75.45 on Tuesday. The stock has a market capitalization of $7.19 billion, a P/E ratio of 34.45 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 business has a 50-day moving average of $73.35 and a 200-day moving average of $76.30.

Dolby Laboratories declared that its board has authorized a share buyback plan on Wednesday, August 7th that authorizes the company to repurchase $350.00 million in shares. This repurchase authorization authorizes the electronics maker to purchase up to 5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.