Dolby Laboratories, Inc. (NYSE:DLB) Shares Bought by Bank of Montreal Can

Bank of Montreal Can raised its holdings in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 27.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 39,350 shares of the electronics maker’s stock after acquiring an additional 8,562 shares during the period. Bank of Montreal Can’s holdings in Dolby Laboratories were worth $2,975,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Algert Global LLC lifted its stake in shares of Dolby Laboratories by 52.0% in the 3rd quarter. Algert Global LLC now owns 48,822 shares of the electronics maker’s stock valued at $3,736,000 after purchasing an additional 16,700 shares during the period. Icon Wealth Advisors LLC lifted its stake in shares of Dolby Laboratories by 14.0% in the 3rd quarter. Icon Wealth Advisors LLC now owns 1,717 shares of the electronics maker’s stock valued at $131,000 after purchasing an additional 211 shares during the period. Citigroup Inc. increased its holdings in Dolby Laboratories by 3.9% in the 3rd quarter. Citigroup Inc. now owns 72,727 shares of the electronics maker’s stock worth $5,566,000 after acquiring an additional 2,724 shares in the last quarter. First Horizon Advisors Inc. increased its holdings in Dolby Laboratories by 22.7% in 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. Finally, Advisors Asset Management Inc. increased its holdings in Dolby Laboratories by 26.8% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,560 shares of the electronics maker’s stock worth $272,000 after acquiring an additional 753 shares in the last quarter. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Dolby Laboratories

In related news, Director Peter C. Gotcher sold 6,079 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $78.96, for a total transaction of $479,997.84. Following the sale, the director now directly owns 37,593 shares in the company, valued at approximately $2,968,343.28. This represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Ryan Nicholson sold 10,500 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $80.18, for a total transaction of $841,890.00. Following the transaction, the chief accounting officer now owns 24,364 shares in the company, valued at approximately $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 sold 152,091 shares of company stock valued at $12,027,697 over the last 90 days. 39.54% of the stock is currently owned by corporate insiders.

Dolby Laboratories Stock Up 1.1 %

Dolby Laboratories stock opened at $80.47 on Thursday. Dolby Laboratories, Inc. has a 52-week low of $66.35 and a 52-week high of $90.06. The firm has a market capitalization of $7.68 billion, a price-to-earnings ratio of 29.69 and a beta of 0.98. The company has a fifty day simple moving average of $75.25 and a 200-day simple moving average of $75.79.

Dolby Laboratories announced that its board has approved a share repurchase plan on Wednesday, August 7th that allows the company to repurchase $350.00 million in shares. This repurchase authorization allows the electronics maker to buy up to 5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Dolby Laboratories Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Tuesday, December 3rd will be issued a dividend of $0.33 per share. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.64%. Dolby Laboratories’s dividend payout ratio is presently 48.71%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. StockNews.com raised shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Rosenblatt Securities boosted their price target 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. Finally, Barrington Research reissued an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories 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.