Bank of New York Mellon Corp Sells 87,446 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Bank of New York Mellon Corp lessened its holdings in Dolby Laboratories, Inc. (NYSE:DLB) by 3.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,236,798 shares of the electronics maker’s stock after selling 87,446 shares during the period. Bank of New York Mellon Corp owned approximately 2.33% of Dolby Laboratories worth $177,221,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Norges Bank bought a new position in Dolby Laboratories during the fourth quarter valued at $42,067,000. Vanguard Group Inc. raised its position in Dolby Laboratories by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock worth $544,711,000 after purchasing an additional 107,713 shares during the period. International Assets Investment Management LLC bought a new stake in Dolby Laboratories in the fourth quarter worth about $7,256,000. Ninety One UK Ltd boosted its position in shares of Dolby Laboratories by 2.6% during the second quarter. Ninety One UK Ltd now owns 2,344,963 shares of the electronics maker’s stock valued at $185,791,000 after buying an additional 60,114 shares during the period. Finally, Lord Abbett & CO. LLC grew its stake in shares of Dolby Laboratories by 9.8% during the first quarter. Lord Abbett & CO. LLC now owns 266,672 shares of the electronics maker’s stock valued at $22,339,000 after buying an additional 23,804 shares during the last quarter. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Barrington Research reaffirmed an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research report on Friday, August 9th. Rosenblatt Securities reissued a “buy” rating and issued a $98.00 price objective on shares of Dolby Laboratories in a research report on Friday, June 7th. Finally, StockNews.com raised shares of Dolby Laboratories from a “hold” rating to a “buy” rating in a research report on Saturday, May 11th.

Dolby Laboratories Stock Performance

DLB stock traded down $0.50 during trading on Monday, reaching $71.07. 1,184,929 shares of the company traded hands, compared to its average volume of 412,920. The company has a market capitalization of $6.81 billion, a price-to-earnings ratio of 36.52 and a beta of 0.99. The business has a 50 day simple moving average of $76.77 and a 200 day simple moving average of $79.56. Dolby Laboratories, Inc. has a 12 month low of $66.35 and a 12 month high of $90.06.

Dolby Laboratories Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 27th. Investors of record on Monday, August 19th will be paid a dividend of $0.30 per share. The ex-dividend date is Monday, August 19th. This represents a $1.20 annualized dividend and a dividend yield of 1.69%. Dolby Laboratories’s dividend payout ratio (DPR) is presently 61.22%.

Insider Activity at Dolby Laboratories

In related news, EVP Mark Andrew Sherman sold 2,283 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $79.62, for a total transaction of $181,772.46. Following the transaction, the executive vice president now directly owns 58,325 shares in the company, valued at approximately $4,643,836.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 39.54% of the stock is currently owned by corporate insiders.

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.