Franklin Resources Inc. Sells 7,903 Shares of Dolby Laboratories, Inc. (NYSE:DLB)

Franklin Resources Inc. cut its holdings in Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 16.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 39,344 shares of the electronics maker's stock after selling 7,903 shares during the quarter. Franklin Resources Inc.'s holdings in Dolby Laboratories were worth $3,073,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of DLB. Vanguard Group Inc. increased its stake in Dolby Laboratories by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 7,033,612 shares of the electronics maker's stock worth $549,325,000 after purchasing an additional 68,771 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Dolby Laboratories by 64.2% in the fourth quarter. Bank of New York Mellon Corp now owns 4,826,477 shares of the electronics maker's stock worth $376,948,000 after acquiring an additional 1,887,518 shares in the last quarter. State Street Corp raised its holdings in shares of Dolby Laboratories by 1.5% during the third quarter. State Street Corp now owns 1,931,586 shares of the electronics maker's stock valued at $147,824,000 after acquiring an additional 29,289 shares during the period. Geode Capital Management LLC lifted its position in shares of 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 acquiring an additional 63,293 shares in the last quarter. Finally, Boston Trust Walden Corp lifted its position in shares of Dolby Laboratories by 0.9% in the 4th quarter. Boston Trust Walden Corp now owns 1,084,700 shares of the electronics maker's stock valued at $84,715,000 after acquiring an additional 9,624 shares in the last quarter. 58.56% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Insider Buying and Selling

In other news, CMO Todd Pendleton sold 18,121 shares of Dolby Laboratories stock in a transaction that occurred on 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 sale, the chief marketing officer now owns 37,290 shares of the company's stock, valued at approximately $3,123,037.50. This trade represents a 32.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Andrew Sherman sold 40,000 shares of the company's 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 completion of the transaction, the executive vice president now owns 62,397 shares of the company's stock, valued at $5,296,257.36. The trade was a 39.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 65,121 shares of company stock valued at $5,501,324 over the last three months. 38.39% of the stock is owned by corporate insiders.

Dolby Laboratories Price Performance

DLB stock traded down $0.19 on Friday, reaching $71.94. 302,202 shares of the company were exchanged, compared to its average volume of 448,558. Dolby Laboratories, Inc. has a 12 month low of $66.35 and a 12 month high of $89.66. The stock's fifty day moving average price is $79.56 and its 200 day moving average price is $78.31. The firm has a market capitalization of $6.87 billion, a PE ratio of 26.45 and a beta of 0.94.

Dolby Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 19th. Investors of record on Tuesday, February 11th were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.83%. The ex-dividend date of this dividend was Tuesday, February 11th. Dolby Laboratories's payout ratio is presently 48.53%.

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.