Dolby Laboratories, Inc. (NYSE:DLB) Sees Large Drop in Short Interest

Dolby Laboratories, Inc. (NYSE:DLB) was the target of a significant decrease in short interest in the month of November. As of November 30th, there was short interest totalling 803,400 shares, a decrease of 7.8% from the November 15th total of 871,100 shares. Approximately 1.4% of the company’s shares are short sold. Based on an average trading volume of 394,700 shares, the days-to-cover ratio is currently 2.0 days.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on DLB shares. Rosenblatt Securities lifted their price objective on Dolby Laboratories from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Barrington Research restated an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a research report on Wednesday, November 20th. Finally, StockNews.com raised Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 4th.

Insider Activity

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 28,512 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $74.12, for a total transaction of $2,113,309.44. Following the completion of the sale, the chief executive officer now owns 83,721 shares in the company, valued at $6,205,400.52. This represents a 25.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter C. Gotcher sold 6,079 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $78.96, for a total value of $479,997.84. Following the completion of the sale, the director now directly owns 37,593 shares of the company’s stock, valued at $2,968,343.28. The trade was a 13.92 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 152,091 shares of company stock valued at $12,027,697. 39.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Blue Trust Inc. lifted its holdings in Dolby Laboratories by 398.8% during the 2nd quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock worth $35,000 after buying an additional 331 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Dolby Laboratories during the second quarter worth $37,000. Whittier Trust Co. of Nevada Inc. raised its stake in shares of Dolby Laboratories by 192.4% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker’s stock valued at $46,000 after acquiring an additional 379 shares in the last quarter. First Horizon Advisors Inc. boosted its holdings in Dolby Laboratories by 22.7% in the third quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock valued at $60,000 after purchasing an additional 146 shares during the period. Finally, Prospera Private Wealth LLC purchased a new stake in shares of Dolby Laboratories during the third quarter worth approximately $93,000. Institutional investors and hedge funds own 58.56% of the company’s stock.

Dolby Laboratories Stock Performance

Shares of NYSE DLB traded up $0.57 during mid-day trading on Tuesday, reaching $78.48. 540,434 shares of the company’s stock were exchanged, compared to its average volume of 414,510. The company’s 50-day moving average is $76.01 and its 200-day moving average is $75.73. The firm has a market capitalization of $7.49 billion, a price-to-earnings ratio of 28.96 and a beta of 0.98. Dolby Laboratories has a 52-week low of $66.35 and a 52-week high of $87.12.

Dolby Laboratories Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Tuesday, December 3rd were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend was Tuesday, December 3rd. This is a boost from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s dividend payout ratio is currently 48.71%.

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.