Cornercap Investment Counsel Inc. Takes $431,000 Position in Dolby Laboratories, Inc. (NYSE:DLB)

Cornercap Investment Counsel Inc. purchased a new position in Dolby Laboratories, Inc. (NYSE:DLB) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 5,515 shares of the electronics maker’s stock, valued at approximately $431,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC lifted its stake in Dolby Laboratories by 4.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,538,583 shares of the electronics maker’s stock valued at $117,767,000 after buying an additional 63,293 shares in the last quarter. Lord Abbett & CO. LLC boosted its position in Dolby Laboratories by 5.8% during the third quarter. Lord Abbett & CO. LLC now owns 284,466 shares of the electronics maker’s stock worth $21,771,000 after acquiring an additional 15,546 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Dolby Laboratories by 10,441,900.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 104,420 shares of the electronics maker’s stock valued at $8,123,000 after acquiring an additional 104,419 shares during the last quarter. Barclays PLC boosted its holdings in shares of Dolby Laboratories by 80.5% during the 3rd quarter. Barclays PLC now owns 33,230 shares of the electronics maker’s stock worth $2,544,000 after purchasing an additional 14,825 shares during the last quarter. Finally, Edgestream Partners L.P. purchased a new stake in shares of Dolby Laboratories in the third quarter valued at approximately $3,031,000. 58.56% of the stock is owned by hedge funds and other institutional investors.

Dolby Laboratories Stock Down 2.1 %

Shares of Dolby Laboratories stock opened at $79.94 on Friday. The business’s fifty day simple moving average is $82.25 and its 200-day simple moving average is $78.26. The firm has a market cap of $7.63 billion, a PE ratio of 29.39 and a beta of 1.01. Dolby Laboratories, Inc. has a 52 week low of $66.35 and a 52 week high of $89.66.

Dolby Laboratories Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 19th. Shareholders of record on Tuesday, February 11th were paid a dividend of $0.33 per share. 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 presently 48.53%.

Insider Buying and Selling at Dolby Laboratories

In related news, 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 transaction of $1,517,633.75. Following the completion of the transaction, the chief marketing officer now directly owns 37,290 shares in the company, valued at $3,123,037.50. This trade represents a 32.70 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Mark Andrew Sherman sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $84.88, for a total transaction of $3,395,200.00. Following the completion of the transaction, the executive vice president now directly owns 62,397 shares of the company’s stock, valued at approximately $5,296,257.36. The trade was a 39.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,121 shares of company stock worth $5,501,324 over the last three months. Insiders own 38.39% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on DLB. Barrington Research reissued an “outperform” rating and set a $100.00 price objective 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 report on Friday, January 31st. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 target price on shares of Dolby Laboratories in a report on Thursday, January 30th.

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.