Insider Selling: Dolby Laboratories, Inc. (NYSE:DLB) Director Sells 6,079 Shares of Stock

Dolby Laboratories, Inc. (NYSE:DLB) Director Peter C. Gotcher sold 6,079 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $78.96, for a total value of $479,997.84. Following the completion of the transaction, the director now owns 37,593 shares in the company, valued at $2,968,343.28. The trade was a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Dolby Laboratories Stock Performance

Shares of Dolby Laboratories stock opened at $80.55 on Friday. The stock has a 50 day moving average price of $74.33 and a 200-day moving average price of $76.02. The stock has a market cap of $7.68 billion, a price-to-earnings ratio of 29.72 and a beta of 0.98. Dolby Laboratories, Inc. has a one year low of $66.35 and a one year high of $90.06.

Dolby Laboratories Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Tuesday, December 3rd will be paid a dividend of $0.33 per share. The ex-dividend date is Tuesday, December 3rd. This is a boost from Dolby Laboratories’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.64%. Dolby Laboratories’s payout ratio is currently 44.28%.

Dolby Laboratories declared that its board has initiated a share buyback plan on Wednesday, August 7th that allows the company to buyback $350.00 million in shares. This buyback authorization allows the electronics maker to buy up to 5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Dolby Laboratories

Several hedge funds have recently bought and sold shares of the business. Boston Trust Walden Corp boosted its holdings in shares of Dolby Laboratories by 185.3% in the third quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker’s stock valued at $82,276,000 after purchasing an additional 698,283 shares during the period. Clifford Capital Partners LLC grew its stake in Dolby Laboratories by 3,114.7% in the third quarter. Clifford Capital Partners LLC now owns 270,579 shares of the electronics maker’s stock valued at $20,707,000 after purchasing an additional 262,162 shares during the last quarter. Acadian Asset Management LLC raised its holdings in Dolby Laboratories by 39.8% in the second quarter. Acadian Asset Management LLC now owns 652,651 shares of the electronics maker’s stock worth $51,698,000 after purchasing an additional 185,884 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Dolby Laboratories by 27.0% during the second quarter. Dimensional Fund Advisors LP now owns 792,828 shares of the electronics maker’s stock valued at $62,817,000 after buying an additional 168,744 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Dolby Laboratories by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock valued at $544,711,000 after buying an additional 107,713 shares in the last quarter. Institutional investors own 58.56% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on DLB. Barrington Research restated an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories in a research note on Wednesday. StockNews.com upgraded shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 18th. Finally, Rosenblatt Securities increased their price objective on shares of Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday.

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.