Quest Partners LLC Has $223,000 Position in Dolby Laboratories, Inc. (NYSE:DLB)

Quest Partners LLC decreased its stake in Dolby Laboratories, Inc. (NYSE:DLB) by 76.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,913 shares of the electronics maker’s stock after selling 9,373 shares during the period. Quest Partners LLC’s holdings in Dolby Laboratories were worth $223,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its holdings in Dolby Laboratories by 1.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 54,160 shares of the electronics maker’s stock valued at $4,538,000 after buying an additional 855 shares during the last quarter. B. Riley Wealth Advisors Inc. grew its stake in shares of Dolby Laboratories by 41.4% in the first quarter. B. Riley Wealth Advisors Inc. now owns 5,363 shares of the electronics maker’s stock worth $425,000 after purchasing an additional 1,569 shares during the last quarter. Tidal Investments LLC increased its holdings in Dolby Laboratories by 53.9% in the first quarter. Tidal Investments LLC now owns 10,493 shares of the electronics maker’s stock valued at $879,000 after purchasing an additional 3,673 shares during the period. LRI Investments LLC bought a new position in Dolby Laboratories during the 1st quarter worth $178,000. Finally, Cetera Advisors LLC acquired a new position in Dolby Laboratories during the 1st quarter worth about $225,000. Institutional investors and hedge funds own 58.56% of the company’s stock.

Dolby Laboratories Stock Performance

Dolby Laboratories stock opened at $80.33 on Wednesday. The stock has a market capitalization of $7.66 billion, a price-to-earnings ratio of 29.64 and a beta of 0.98. Dolby Laboratories, Inc. has a 52-week low of $66.35 and a 52-week high of $90.06. The stock’s 50 day moving average price is $74.50 and its two-hundred day moving average price is $75.96.

Dolby Laboratories declared that its board has authorized a stock buyback 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 reacquire up to 5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Dolby Laboratories Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.64%. This is a boost from Dolby Laboratories’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, December 3rd. Dolby Laboratories’s dividend payout ratio (DPR) is presently 48.71%.

Insider Buying and Selling at Dolby Laboratories

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 28,512 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $74.12, for a total value of $2,113,309.44. Following the completion of the sale, the chief executive officer now owns 83,721 shares of the company’s stock, valued at approximately $6,205,400.52. This trade represents a 25.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Peter C. Gotcher sold 6,079 shares of the business’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 value of $479,997.84. Following the sale, the director now owns 37,593 shares of the company’s stock, valued at approximately $2,968,343.28. This represents a 13.92 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 91,591 shares of company stock valued at $7,158,807. Corporate insiders own 39.54% of the company’s stock.

Analyst Upgrades and Downgrades

DLB has been the subject of several analyst reports. StockNews.com lowered shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Rosenblatt Securities boosted their target price on shares of Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Finally, Barrington Research reiterated an “outperform” rating and set 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.