Edgestream Partners L.P. Purchases New Stake in Dolby Laboratories, Inc. (NYSE:DLB)

Edgestream Partners L.P. purchased a new stake in Dolby Laboratories, Inc. (NYSE:DLB) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 39,600 shares of the electronics maker’s stock, valued at approximately $3,031,000.

Several other hedge funds have also bought and sold shares of the business. Verition Fund Management LLC acquired a new stake in Dolby Laboratories in the 3rd quarter valued at $997,000. Northwest & Ethical Investments L.P. boosted its holdings in Dolby Laboratories by 13.8% during the 3rd quarter. Northwest & Ethical Investments L.P. now owns 97,779 shares of the electronics maker’s stock worth $7,483,000 after acquiring an additional 11,850 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Dolby Laboratories by 14.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,519 shares of the electronics maker’s stock worth $958,000 after acquiring an additional 1,596 shares during the last quarter. FORA Capital LLC boosted its holdings in Dolby Laboratories by 65.8% during the 3rd quarter. FORA Capital LLC now owns 14,104 shares of the electronics maker’s stock worth $1,079,000 after acquiring an additional 5,595 shares during the last quarter. Finally, Clifford Capital Partners LLC boosted its holdings in Dolby Laboratories by 3,114.7% during the 3rd quarter. Clifford Capital Partners LLC now owns 270,579 shares of the electronics maker’s stock worth $20,707,000 after acquiring an additional 262,162 shares during the last quarter. Institutional investors and hedge funds own 58.56% of the company’s stock.

Insider Buying and Selling

In related news, SVP John D. Couling sold 50,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $80.04, for a total value of $4,002,000.00. Following the sale, the senior vice president now directly owns 106,806 shares in the company, valued at approximately $8,548,752.24. The trade was a 31.89 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Kevin J. Yeaman sold 28,512 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now owns 83,721 shares in the company, valued at $6,205,400.52. This represents a 25.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 152,091 shares of company stock valued at $12,027,697. 39.54% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. 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. Rosenblatt Securities lifted their price objective on shares of 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 downgraded shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a report on Tuesday, November 26th.

Dolby Laboratories Stock Performance

Shares of NYSE:DLB opened at $78.32 on Monday. The company’s 50-day moving average is $74.99 and its 200 day moving average is $75.90. The company has a market capitalization of $7.47 billion, a P/E ratio of 28.90 and a beta of 0.98. Dolby Laboratories, Inc. has a fifty-two week low of $66.35 and a fifty-two week high of $90.06.

Dolby Laboratories announced that its Board of Directors has initiated a share buyback plan on Wednesday, August 7th that permits the company to repurchase $350.00 million in outstanding shares. This repurchase authorization permits the electronics maker to repurchase up to 5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board 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. Investors of record on Tuesday, December 3rd will be issued a $0.33 dividend. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date is Tuesday, December 3rd. Dolby Laboratories’s payout ratio is 44.28%.

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.