Patten & Patten Inc. TN Has $1.43 Million Holdings in Dolby Laboratories, Inc. (NYSE:DLB)

Patten & Patten Inc. TN trimmed its holdings in Dolby Laboratories, Inc. (NYSE:DLB) by 40.0% in the third quarter, Holdings Channel reports. The institutional investor owned 18,705 shares of the electronics maker’s stock after selling 12,475 shares during the period. Patten & Patten Inc. TN’s holdings in Dolby Laboratories were worth $1,431,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in Dolby Laboratories by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock worth $544,711,000 after acquiring an additional 107,713 shares during the period. Ninety One UK Ltd grew its holdings in shares of Dolby Laboratories by 2.6% during the 2nd quarter. Ninety One UK Ltd now owns 2,344,963 shares of the electronics maker’s stock worth $185,791,000 after purchasing an additional 60,114 shares in the last quarter. Disciplined Growth Investors Inc. MN increased its position in shares of Dolby Laboratories by 0.8% in the second quarter. Disciplined Growth Investors Inc. MN now owns 1,402,623 shares of the electronics maker’s stock worth $111,130,000 after purchasing an additional 10,852 shares during the period. Boston Trust Walden Corp raised its stake in Dolby Laboratories by 185.3% in the third quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker’s stock valued at $82,276,000 after purchasing an additional 698,283 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its position in Dolby Laboratories by 3.5% during the second quarter. Mackenzie Financial Corp now owns 1,010,230 shares of the electronics maker’s stock worth $80,041,000 after purchasing an additional 33,848 shares during the period. 58.56% of the stock is currently owned by institutional investors.

Dolby Laboratories Stock Up 0.4 %

Dolby Laboratories stock opened at $75.45 on Tuesday. The stock has a market cap of $7.19 billion, a PE ratio of 34.45 and a beta of 0.98. Dolby Laboratories, Inc. has a 12-month low of $66.35 and a 12-month high of $90.06. The business’s 50-day moving average price is $73.35 and its two-hundred day moving average price is $76.30.

Dolby Laboratories declared that its Board of Directors has approved a share buyback plan on Wednesday, August 7th that permits the company to repurchase $350.00 million in shares. This repurchase authorization permits the electronics maker to purchase up to 5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insider Activity at Dolby Laboratories

In related news, CEO Kevin J. Yeaman sold 28,512 shares of the 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 completion of the transaction, the chief executive officer now owns 83,721 shares of the company’s stock, valued at $6,205,400.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 39.54% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have commented on DLB. Barrington Research reissued an “outperform” rating and issued a $100.00 target price on shares of Dolby Laboratories in a report on Friday, September 20th. StockNews.com raised shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research note on Friday.

About Dolby Laboratories

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.