Insider Selling: Dolby Laboratories, Inc. (NYSE:DLB) SVP Sells 50,000 Shares of Stock

Dolby Laboratories, Inc. (NYSE:DLB) SVP John D. Couling sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $80.04, for a total transaction of $4,002,000.00. Following the transaction, the senior vice president now owns 106,806 shares in the company, valued at $8,548,752.24. The trade was a 31.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Dolby Laboratories Stock Performance

DLB traded up $0.03 during midday trading on Tuesday, reaching $80.33. 464,810 shares of the company were exchanged, compared to its average volume of 408,805. The stock has a market capitalization of $7.66 billion, a P/E ratio of 29.64 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. The stock’s 50-day simple moving average is $74.50 and its 200 day simple moving average is $75.96.

Dolby Laboratories declared that its Board of Directors has authorized a share repurchase program on Wednesday, August 7th that permits the company to buyback $350.00 million in outstanding shares. This buyback authorization permits the electronics maker to repurchase up to 5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Dolby Laboratories Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Tuesday, December 3rd will be issued a dividend of $0.33 per share. The ex-dividend date is Tuesday, December 3rd. This represents a $1.32 dividend on an annualized basis and a yield of 1.64%. This is a boost from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s payout ratio is currently 48.71%.

Hedge Funds Weigh In On Dolby Laboratories

Institutional investors and hedge funds have recently made changes to their positions in the company. Ninety One UK Ltd lifted its holdings in Dolby Laboratories by 2.6% during the second quarter. Ninety One UK Ltd now owns 2,344,963 shares of the electronics maker’s stock worth $185,791,000 after acquiring an additional 60,114 shares in the last quarter. State Street Corp lifted its holdings in shares of Dolby Laboratories by 1.5% during the 3rd quarter. State Street Corp now owns 1,931,586 shares of the electronics maker’s stock valued at $147,824,000 after purchasing an additional 29,289 shares in the last quarter. Geode Capital Management LLC grew 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 purchasing an additional 63,293 shares during the period. Disciplined Growth Investors Inc. MN increased its stake in Dolby Laboratories by 4.5% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 1,466,212 shares of the electronics maker’s stock worth $112,209,000 after purchasing an additional 63,589 shares in the last quarter. Finally, Boston Trust Walden Corp raised its holdings in Dolby Laboratories by 185.3% during the 3rd quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker’s stock worth $82,276,000 after buying an additional 698,283 shares during the period. Institutional investors and hedge funds own 58.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on DLB. Barrington Research reissued an “outperform” rating and issued a $100.00 target price on shares of Dolby Laboratories in a research note on Wednesday, November 20th. Rosenblatt Securities raised their target price on shares of Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Finally, StockNews.com downgraded shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Tuesday.

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.