Citigroup Inc. Boosts Stake in Dolby Laboratories, Inc. (NYSE:DLB)

Citigroup Inc. raised its holdings in Dolby Laboratories, Inc. (NYSE:DLB) by 3.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 72,727 shares of the electronics maker’s stock after purchasing an additional 2,724 shares during the period. Citigroup Inc.’s holdings in Dolby Laboratories were worth $5,566,000 at the end of the most recent reporting period.

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

Insider Activity at Dolby Laboratories

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 25.40 % 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. Also, CAO Ryan Nicholson sold 10,500 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $80.18, for a total value of $841,890.00. Following the transaction, the chief accounting officer now directly owns 24,364 shares of the company’s stock, valued at $1,953,505.52. This trade represents a 30.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 152,091 shares of company stock worth $12,027,697 over the last 90 days. Insiders own 39.54% of the company’s stock.

Dolby Laboratories Trading Up 0.2 %

NYSE DLB opened at $78.32 on Monday. Dolby Laboratories, Inc. has a 1-year low of $66.35 and a 1-year high of $90.06. The firm has a market cap of $7.47 billion, a price-to-earnings ratio of 28.90 and a beta of 0.98. The company has a 50 day moving average of $74.99 and a 200-day moving average of $75.90.

Dolby Laboratories declared that its board has authorized a share repurchase program on Wednesday, August 7th that allows the company to buyback $350.00 million in outstanding shares. This buyback authorization allows the electronics maker to repurchase up to 5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Dolby Laboratories Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.69%. The ex-dividend date is Tuesday, December 3rd. This is a boost from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s dividend payout ratio (DPR) is presently 44.28%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on DLB shares. StockNews.com lowered shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, November 26th. Barrington Research restated an “outperform” rating and issued a $100.00 target price on shares of Dolby Laboratories in a report on Wednesday, November 20th. Finally, Rosenblatt Securities boosted their price objective on shares of Dolby Laboratories from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th.

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.