Dolby Laboratories, Inc. (NYSE:DLB) Shares Purchased by Glenmede Trust Co. NA

Glenmede Trust Co. NA increased its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 3.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,376 shares of the electronics maker’s stock after purchasing an additional 182 shares during the quarter. Glenmede Trust Co. NA’s holdings in Dolby Laboratories were worth $411,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Cetera Advisors LLC acquired a new stake in shares of Dolby Laboratories in the 1st quarter valued at approximately $225,000. GAMMA Investing LLC lifted its holdings in shares of Dolby Laboratories by 64.6% in the 2nd quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker’s stock valued at $39,000 after buying an additional 192 shares during the period. CWM LLC lifted its holdings in shares of Dolby Laboratories by 405.7% in the 2nd quarter. CWM LLC now owns 3,110 shares of the electronics maker’s stock valued at $246,000 after buying an additional 2,495 shares during the period. OLD National Bancorp IN acquired a new stake in shares of Dolby Laboratories during the 2nd quarter valued at approximately $359,000. Finally, Cardinal Capital Management boosted its stake in shares of Dolby Laboratories by 3.4% during the 2nd quarter. Cardinal Capital Management now owns 35,568 shares of the electronics maker’s stock worth $2,818,000 after acquiring an additional 1,165 shares in the last quarter. 58.56% of the stock is owned by institutional investors and hedge funds.

Dolby Laboratories Price Performance

Shares of Dolby Laboratories stock opened at $80.47 on Thursday. Dolby Laboratories, Inc. has a 1 year low of $66.35 and a 1 year high of $90.06. The company has a market capitalization of $7.68 billion, a P/E ratio of 29.69 and a beta of 0.98. The business has a 50 day moving average price of $75.25 and a 200 day moving average price of $75.79.

Dolby Laboratories Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Tuesday, December 3rd will be given a dividend of $0.33 per share. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a dividend yield of 1.64%. The ex-dividend date is Tuesday, December 3rd. Dolby Laboratories’s payout ratio is currently 48.71%.

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

Analysts Set New Price Targets

Several brokerages recently issued reports on DLB. StockNews.com raised Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Barrington Research reaffirmed an “outperform” rating and set a $100.00 price objective on shares of Dolby Laboratories in a report on Wednesday, November 20th. Finally, Rosenblatt Securities lifted their price objective on Dolby Laboratories from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th.

Insider Buying and Selling

In related news, CAO Ryan Nicholson sold 10,500 shares of Dolby Laboratories 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 completion of the transaction, the chief accounting officer now directly owns 24,364 shares in the company, valued at $1,953,505.52. The trade was a 30.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP John D. Couling sold 7,000 shares of Dolby Laboratories stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $80.50, for a total value of $563,500.00. Following the transaction, the senior vice president now owns 106,806 shares of the company’s stock, valued at $8,597,883. This represents a 6.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 152,091 shares of company stock worth $12,027,697 in the last ninety days. Insiders own 39.54% of the company’s stock.

Dolby Laboratories 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.