Orion Portfolio Solutions LLC Reduces Stock Holdings in Dolby Laboratories, Inc. (NYSE:DLB)

Orion Portfolio Solutions LLC reduced its position in Dolby Laboratories, Inc. (NYSE:DLB) by 5.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 19,390 shares of the electronics maker’s stock after selling 1,100 shares during the period. Orion Portfolio Solutions LLC’s holdings in Dolby Laboratories were worth $1,484,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Boston Trust Walden Corp increased its holdings in Dolby Laboratories by 3.1% in the 2nd quarter. Boston Trust Walden Corp now owns 376,793 shares of the electronics maker’s stock worth $29,853,000 after acquiring an additional 11,177 shares during the last quarter. Panagora Asset Management Inc. purchased a new stake in Dolby Laboratories during the second quarter valued at about $3,348,000. Pacer Advisors Inc. boosted its position in Dolby Laboratories by 47.5% during the second quarter. Pacer Advisors Inc. now owns 23,320 shares of the electronics maker’s stock worth $1,848,000 after purchasing an additional 7,509 shares during the period. Algert Global LLC increased its stake in shares of Dolby Laboratories by 52.0% in the third quarter. Algert Global LLC now owns 48,822 shares of the electronics maker’s stock worth $3,736,000 after purchasing an additional 16,700 shares in the last quarter. Finally, Edgestream Partners L.P. bought a new stake in shares of Dolby Laboratories in the third quarter valued at approximately $3,031,000. 58.56% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Dolby Laboratories

In other Dolby Laboratories news, Director Peter C. Gotcher sold 6,079 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was 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 $2,968,343.28. This trade represents a 13.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Kevin J. Yeaman sold 28,512 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 83,721 shares of the company’s stock, valued at $6,205,400.52. The trade was a 25.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 152,091 shares of company stock valued at $12,027,697 in the last three months. Company insiders own 39.54% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on DLB shares. Barrington Research reaffirmed an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a report on Wednesday, November 20th. Rosenblatt Securities raised their price target on Dolby Laboratories from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Finally, StockNews.com upgraded Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 4th.

Dolby Laboratories Trading Down 1.4 %

Shares of Dolby Laboratories stock opened at $79.14 on Friday. The company’s 50-day moving average price is $75.86 and its 200-day moving average price is $75.80. The company has a market cap of $7.55 billion, a price-to-earnings ratio of 29.20 and a beta of 0.98. Dolby Laboratories, Inc. has a 12-month low of $66.35 and a 12-month high of $89.28.

Dolby Laboratories Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd were paid a $0.33 dividend. The ex-dividend date of this dividend was Tuesday, December 3rd. This is a boost from Dolby Laboratories’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a yield of 1.67%. Dolby Laboratories’s dividend payout ratio is currently 48.71%.

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.