Corebridge Financial Inc. Has $5.27 Million Stake in Dolby Laboratories, Inc. (NYSE:DLB)

Corebridge Financial Inc. reduced its position in Dolby Laboratories, Inc. (NYSE:DLB) by 4.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 67,517 shares of the electronics maker’s stock after selling 3,044 shares during the quarter. Corebridge Financial Inc. owned about 0.07% of Dolby Laboratories worth $5,273,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Fifth Third Bancorp raised its position in Dolby Laboratories by 82.7% during the fourth quarter. Fifth Third Bancorp now owns 360 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 163 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Dolby Laboratories by 436.2% during the 4th quarter. Nisa Investment Advisors LLC now owns 370 shares of the electronics maker’s stock worth $29,000 after buying an additional 301 shares during the last quarter. Mather Group LLC. boosted its stake in Dolby Laboratories by 36.8% in the fourth quarter. Mather Group LLC. now owns 528 shares of the electronics maker’s stock valued at $41,000 after buying an additional 142 shares in the last quarter. GAMMA Investing LLC grew its position in Dolby Laboratories by 207.5% in the fourth quarter. GAMMA Investing LLC now owns 778 shares of the electronics maker’s stock valued at $61,000 after acquiring an additional 525 shares during the last quarter. Finally, Wealthfront Advisers LLC bought a new position in Dolby Laboratories in the fourth quarter valued at about $94,000. Institutional investors own 58.56% of the company’s stock.

Wall Street Analyst Weigh In

DLB has been the topic of a number of research analyst reports. Barrington Research restated an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories in a research note on Thursday, February 13th. StockNews.com cut shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 31st. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price target on shares of Dolby Laboratories in a research note on Thursday, January 30th.

Dolby Laboratories Price Performance

Dolby Laboratories stock opened at $79.94 on Friday. The business has a 50 day moving average of $82.25 and a 200-day moving average of $78.26. The company has a market capitalization of $7.63 billion, a P/E ratio of 29.39 and a beta of 1.01. Dolby Laboratories, Inc. has a 1 year low of $66.35 and a 1 year high of $89.66.

Dolby Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 19th. Shareholders of record on Tuesday, February 11th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.65%. The ex-dividend date was Tuesday, February 11th. Dolby Laboratories’s dividend payout ratio (DPR) is currently 48.53%.

Insider Activity

In other Dolby Laboratories news, EVP Mark Andrew Sherman sold 40,000 shares of the company’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $84.88, for a total value of $3,395,200.00. Following the sale, the executive vice president now owns 62,397 shares in the company, valued at approximately $5,296,257.36. The trade was a 39.06 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CMO Todd Pendleton sold 18,121 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $83.75, for a total value of $1,517,633.75. Following the transaction, the chief marketing officer now owns 37,290 shares of the company’s stock, valued at $3,123,037.50. This trade represents a 32.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 65,121 shares of company stock valued at $5,501,324. Insiders own 38.39% of the company’s stock.

About Dolby Laboratories

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.