Bank of New York Mellon Corp Buys 1,887,518 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Bank of New York Mellon Corp increased its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 64.2% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 4,826,477 shares of the electronics maker’s stock after purchasing an additional 1,887,518 shares during the period. Bank of New York Mellon Corp owned 5.06% of Dolby Laboratories worth $376,948,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in DLB. Savant Capital LLC lifted its holdings in shares of Dolby Laboratories by 2.0% in the fourth quarter. Savant Capital LLC now owns 6,274 shares of the electronics maker’s stock worth $490,000 after buying an additional 125 shares in the last quarter. Harbor Capital Advisors Inc. increased its holdings in Dolby Laboratories by 5.6% during the 4th quarter. Harbor Capital Advisors Inc. now owns 2,571 shares of the electronics maker’s stock worth $201,000 after acquiring an additional 136 shares during the period. Mather Group LLC. lifted its stake in Dolby Laboratories by 36.8% in the 4th quarter. Mather Group LLC. now owns 528 shares of the electronics maker’s stock worth $41,000 after purchasing an additional 142 shares in the last quarter. First Horizon Advisors Inc. boosted its holdings in Dolby Laboratories by 22.7% in the 3rd quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock valued at $60,000 after purchasing an additional 146 shares during the period. Finally, Naples Global Advisors LLC grew its position in shares of Dolby Laboratories by 0.4% during the 4th quarter. Naples Global Advisors LLC now owns 35,730 shares of the electronics maker’s stock valued at $2,791,000 after purchasing an additional 160 shares in the last quarter. Institutional investors own 58.56% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on DLB shares. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research report on Thursday, January 30th. Barrington Research reaffirmed an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories in a report on Thursday, February 13th. Finally, StockNews.com lowered Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a report on Friday, January 31st.

Insiders Place Their Bets

In other Dolby Laboratories news, CAO Ryan Nicholson sold 7,000 shares of the business’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $84.07, for a total value of $588,490.00. Following the completion of the sale, the chief accounting officer now directly owns 29,758 shares of the company’s stock, valued at $2,501,755.06. The trade was a 19.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Mark Andrew Sherman sold 40,000 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $84.88, for a total value of $3,395,200.00. Following the transaction, the executive vice president now directly owns 62,397 shares in the company, valued at $5,296,257.36. This trade represents a 39.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 77,459 shares of company stock valued at $6,464,675 over the last 90 days. Insiders own 38.39% of the company’s stock.

Dolby Laboratories Stock Performance

Dolby Laboratories stock opened at $81.57 on Thursday. Dolby Laboratories, Inc. has a fifty-two week low of $66.35 and a fifty-two week high of $89.66. The stock has a market cap of $7.78 billion, a P/E ratio of 29.99 and a beta of 0.98. The firm’s fifty day moving average price is $80.83 and its 200-day moving average price is $76.58.

Dolby Laboratories Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 19th. Shareholders of record on Tuesday, February 11th were given a dividend of $0.33 per share. The ex-dividend date was Tuesday, February 11th. This represents a $1.32 dividend on an annualized basis and a yield of 1.62%. Dolby Laboratories’s payout ratio is 48.53%.

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.