Parallel Advisors LLC Sells 1,308 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Parallel Advisors LLC reduced its position in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 19.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 5,256 shares of the electronics maker’s stock after selling 1,308 shares during the quarter. Parallel Advisors LLC’s holdings in Dolby Laboratories were worth $411,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fifth Third Bancorp lifted 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 during the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Dolby Laboratories by 436.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 370 shares of the electronics maker’s stock valued at $29,000 after acquiring an additional 301 shares during the last quarter. Mather Group LLC. lifted its holdings in shares of Dolby Laboratories by 36.8% in the 4th quarter. Mather Group LLC. now owns 528 shares of the electronics maker’s stock valued at $41,000 after acquiring an additional 142 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Dolby Laboratories by 207.5% in the 4th quarter. GAMMA Investing LLC now owns 778 shares of the electronics maker’s stock valued at $61,000 after purchasing an additional 525 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its stake in shares of 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 last quarter. 58.56% of the stock is currently owned by institutional investors.

Insider Activity at Dolby Laboratories

In other news, CAO Ryan Nicholson sold 7,000 shares of Dolby Laboratories stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $84.07, for a total transaction of $588,490.00. Following the completion of the sale, the chief accounting officer now owns 29,758 shares of the company’s stock, valued at approximately $2,501,755.06. The trade was a 19.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Mark Andrew Sherman sold 40,000 shares of Dolby Laboratories stock in a transaction on 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 sale, the executive vice president now directly owns 62,397 shares of the company’s stock, valued at approximately $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 65,121 shares of company stock worth $5,501,324 in the last 90 days. 38.39% of the stock is owned by corporate insiders.

Dolby Laboratories Trading Down 1.1 %

NYSE:DLB opened at $80.94 on Friday. The company has a market cap of $7.72 billion, a price-to-earnings ratio of 29.76 and a beta of 1.01. Dolby Laboratories, Inc. has a twelve month low of $66.35 and a twelve month high of $89.66. The stock has a fifty day simple moving average of $82.16 and a 200-day simple moving average of $77.79.

Dolby Laboratories Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 19th. Investors of record on Tuesday, February 11th were issued a dividend of $0.33 per share. The ex-dividend date of this dividend was Tuesday, February 11th. This represents a $1.32 dividend on an annualized basis and a yield of 1.63%. Dolby Laboratories’s payout ratio is 48.53%.

Analyst Upgrades and Downgrades

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