Fred Alger Management Inc. trimmed its holdings in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 5.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 76,983 shares of the electronics maker’s stock after selling 4,314 shares during the quarter. Fred Alger Management Inc. owned approximately 0.07% of Dolby Laboratories worth $4,773,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in DLB. The Manufacturers Life Insurance Company raised its stake in shares of Dolby Laboratories by 25.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,564 shares of the electronics maker’s stock worth $174,000 after buying an additional 725 shares during the period. Sei Investments Co. raised its stake in shares of Dolby Laboratories by 1,160.9% during the 3rd quarter. Sei Investments Co. now owns 9,091 shares of the electronics maker’s stock worth $523,000 after buying an additional 8,370 shares during the period. CIBC Asset Management Inc acquired a new position in shares of Dolby Laboratories during the 3rd quarter worth approximately $204,000. New York State Common Retirement Fund raised its stake in shares of Dolby Laboratories by 26.1% during the 3rd quarter. New York State Common Retirement Fund now owns 375,424 shares of the electronics maker’s stock worth $21,594,000 after buying an additional 77,766 shares during the period. Finally, CI Investments Inc. acquired a new position in shares of Dolby Laboratories during the 3rd quarter worth approximately $1,356,000. 53.28% of the stock is owned by institutional investors and hedge funds.
Shares of Dolby Laboratories, Inc. (NYSE DLB) opened at $66.09 on Monday. Dolby Laboratories, Inc. has a 12-month low of $48.00 and a 12-month high of $74.29. The company has a market capitalization of $6,841.90, a P/E ratio of 28.00, a P/E/G ratio of 5.56 and a beta of 0.75.
The company also recently declared a quarterly dividend, which was paid on Wednesday, February 14th. Investors of record on Monday, February 5th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 0.97%. The ex-dividend date of this dividend was Friday, February 2nd. Dolby Laboratories’s payout ratio is 101.59%.
Several research analysts have recently weighed in on the company. JPMorgan Chase & Co. upped their target price on Dolby Laboratories from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, January 25th. Zacks Investment Research cut Dolby Laboratories from a “hold” rating to a “sell” rating in a research report on Monday, January 29th. B. Riley cut Dolby Laboratories from a “buy” rating to a “neutral” rating and set a $63.00 price target for the company. in a research report on Tuesday, January 16th. Finally, ValuEngine upgraded Dolby Laboratories from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $62.00.
In other Dolby Laboratories news, EVP Mark Andrew Sherman sold 4,594 shares of the company’s stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $62.45, for a total value of $286,895.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Giles Baker sold 35,866 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $64.08, for a total value of $2,298,293.28. The disclosure for this sale can be found here. Insiders have sold 532,134 shares of company stock valued at $33,369,380 over the last quarter. 43.74% of the stock is owned by company insiders.
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About Dolby Laboratories
Dolby Laboratories, Inc designs and manufactures audio and imaging products for the cinema, television, broadcast and entertainment industries. Its products for cinema include Digital Cinema Servers and Cinema Audio Products, and broadcast and other include Dolby Conference Phone and Other Products. It offers services to support theatrical and television production for cinema exhibition, broadcast and home entertainment, including equipment training and maintenance, mixing room alignment and equalization, as well as audio, color and light image calibration.
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