Clearbridge Investments LLC Sells 510,611 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Clearbridge Investments LLC cut its holdings in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 30.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,165,919 shares of the electronics maker’s stock after selling 510,611 shares during the quarter. Clearbridge Investments LLC’s holdings in Dolby Laboratories were worth $91,058,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of DLB. Savant Capital LLC raised its stake in shares of Dolby Laboratories by 2.0% during the 4th quarter. Savant Capital LLC now owns 6,274 shares of the electronics maker’s stock worth $490,000 after purchasing an additional 125 shares in the last quarter. Orion Portfolio Solutions LLC grew its position in shares of Dolby Laboratories by 0.7% in the 4th quarter. Orion Portfolio Solutions LLC now owns 19,522 shares of the electronics maker’s stock valued at $1,525,000 after acquiring an additional 132 shares during the period. Harbor Capital Advisors Inc. raised its holdings in shares of Dolby Laboratories by 5.6% in the 4th quarter. Harbor Capital Advisors Inc. now owns 2,571 shares of the electronics maker’s stock valued at $201,000 after purchasing an additional 136 shares during the period. Mather Group LLC. lifted its stake in Dolby Laboratories by 36.8% in the 4th quarter. Mather Group LLC. now owns 528 shares of the electronics maker’s stock valued at $41,000 after purchasing an additional 142 shares during the last quarter. Finally, Naples Global Advisors LLC grew its holdings in Dolby Laboratories by 0.4% during the fourth quarter. Naples Global Advisors LLC now owns 35,730 shares of the electronics maker’s stock worth $2,791,000 after purchasing an additional 160 shares during the period. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DLB has been the subject of several research reports. StockNews.com downgraded shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 31st. Barrington Research reiterated an “outperform” rating and set a $100.00 price objective on shares of Dolby Laboratories in a research report on Thursday, February 13th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $100.00 target price on shares of Dolby Laboratories in a research report on Thursday, January 30th.

Dolby Laboratories Stock Up 0.5 %

Shares of Dolby Laboratories stock opened at $80.32 on Tuesday. The firm’s 50-day moving average price is $82.24 and its two-hundred day moving average price is $78.39. The company has a market capitalization of $7.66 billion, a price-to-earnings ratio of 29.53 and a beta of 1.01. Dolby Laboratories, Inc. has a 12-month low of $66.35 and a 12-month high of $89.66.

Dolby Laboratories Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 19th. Shareholders 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 1.64%. The ex-dividend date of this dividend was Tuesday, February 11th. Dolby Laboratories’s dividend payout ratio is presently 48.53%.

Insider Transactions at Dolby Laboratories

In related news, CMO Todd Pendleton sold 18,121 shares of the 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 completion of the transaction, the chief marketing officer now owns 37,290 shares of the company’s stock, valued at $3,123,037.50. This represents a 32.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Ryan Nicholson sold 7,000 shares of the business’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $84.07, for a total transaction of $588,490.00. Following the sale, the chief accounting officer now directly owns 29,758 shares in the company, valued at approximately $2,501,755.06. The trade was a 19.04 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 65,121 shares of company stock valued at $5,501,324. Corporate insiders own 38.39% of the company’s stock.

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.