Truist Financial Corp Decreases Stock Position in Dolby Laboratories, Inc. (NYSE:DLB)

Truist Financial Corp cut its holdings in Dolby Laboratories, Inc. (NYSE:DLB) by 14.5% during the 4th quarter, Holdings Channel reports. The firm owned 6,181 shares of the electronics maker’s stock after selling 1,046 shares during the period. Truist Financial Corp’s holdings in Dolby Laboratories were worth $483,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Savant Capital LLC boosted its position in Dolby Laboratories by 2.0% during the 4th quarter. Savant Capital LLC now owns 6,274 shares of the electronics maker’s stock valued at $490,000 after acquiring an additional 125 shares in the last quarter. Harbor Capital Advisors Inc. boosted its position 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 valued at $201,000 after acquiring an additional 136 shares in the last quarter. Mather Group LLC. boosted its position 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 worth $41,000 after purchasing an additional 142 shares in the last quarter. First Horizon Advisors Inc. boosted its position 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 worth $60,000 after purchasing an additional 146 shares in the last quarter. Finally, Naples Global Advisors LLC boosted its position in shares of Dolby Laboratories by 0.4% in the 4th quarter. Naples Global Advisors LLC now owns 35,730 shares of the electronics maker’s stock worth $2,791,000 after purchasing an additional 160 shares in the last quarter. 58.56% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on DLB. Barrington Research reissued an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories in a research report on Thursday, February 13th. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price target on shares of Dolby Laboratories in a research report on Thursday, January 30th. Finally, StockNews.com cut Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 31st.

Dolby Laboratories Stock Down 1.1 %

Shares of NYSE DLB opened at $80.74 on Tuesday. Dolby Laboratories, Inc. has a twelve month low of $66.35 and a twelve month high of $89.66. The firm has a market cap of $7.71 billion, a P/E ratio of 29.68 and a beta of 0.98. The company has a 50 day moving average of $81.05 and a 200 day moving average of $76.87.

Dolby Laboratories Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 19th. Investors of record on Tuesday, February 11th were issued a $0.33 dividend. 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 currently 48.53%.

Insider Buying and Selling

In related news, EVP Mark Andrew Sherman sold 40,000 shares of the business’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 value of $3,395,200.00. Following the completion of the transaction, the executive vice president now directly owns 62,397 shares in the company, valued at $5,296,257.36. The trade was a 39.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $588,490.00. Following the sale, the chief accounting officer now owns 29,758 shares of the company’s stock, valued at approximately $2,501,755.06. This represents a 19.04 % 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 worth $6,464,675 in the last three months. Insiders own 38.39% of the company’s stock.

Dolby Laboratories 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.