Kayne Anderson Rudnick Investment Management LLC Decreases Holdings in Dolby Laboratories, Inc. (NYSE:DLB)

Kayne Anderson Rudnick Investment Management LLC cut its stake in Dolby Laboratories, Inc. (NYSE:DLB - Free Report) by 28.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 149,743 shares of the electronics maker's stock after selling 58,909 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned about 0.16% of Dolby Laboratories worth $11,695,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Savant Capital LLC raised its holdings in Dolby Laboratories by 2.0% in the 4th quarter. Savant Capital LLC now owns 6,274 shares of the electronics maker's stock worth $490,000 after purchasing an additional 125 shares in the last quarter. Orion Portfolio Solutions LLC increased its stake in shares of Dolby Laboratories by 0.7% in the 4th quarter. Orion Portfolio Solutions LLC now owns 19,522 shares of the electronics maker's stock worth $1,525,000 after acquiring an additional 132 shares in the last quarter. Harbor Capital Advisors Inc. increased its stake in shares of Dolby Laboratories by 5.6% in the 4th quarter. Harbor Capital Advisors Inc. now owns 2,571 shares of the electronics maker's stock worth $201,000 after acquiring an additional 136 shares in the last quarter. Mather Group LLC. increased its stake 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 acquiring an additional 142 shares in the last quarter. Finally, Naples Global Advisors LLC increased its stake 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 acquiring an additional 160 shares in the last quarter. 58.56% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Dolby Laboratories news, EVP Mark Andrew Sherman sold 40,000 shares of Dolby Laboratories stock in a transaction dated 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 of the company's stock, valued at approximately $5,296,257.36. The trade was a 39.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 completion of the sale, the chief marketing officer now owns 37,290 shares of the company's stock, valued at $3,123,037.50. This represents a 32.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 65,121 shares of company stock valued at $5,501,324. Insiders own 38.39% of the company's stock.

Dolby Laboratories Price Performance

Dolby Laboratories stock remained flat at $75.79 during trading hours on Friday. 392,756 shares of the company's stock traded hands, compared to its average volume of 453,864. The company has a market cap of $7.23 billion, a PE ratio of 27.86 and a beta of 0.94. Dolby Laboratories, Inc. has a twelve month low of $66.35 and a twelve month high of $89.66. The stock has a 50-day simple moving average of $78.32 and a 200-day simple moving average of $78.30.

Dolby Laboratories Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 19th. Shareholders 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 annualized dividend and a yield of 1.74%. Dolby Laboratories's dividend payout ratio (DPR) is presently 48.53%.

Wall Street Analysts Forecast Growth

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

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.