Dolby Laboratories, Inc. (NYSE:DLB - Get Free Report) SVP John D. Couling sold 7,000 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $80.50, for a total value of $563,500.00. Following the sale, the senior vice president now directly owns 106,806 shares in the company, valued at $8,597,883. This trade represents a 6.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
Dolby Laboratories Stock Performance
DLB stock opened at $80.33 on Wednesday. The company has a market cap of $7.66 billion, a price-to-earnings ratio of 29.64 and a beta of 0.98. The business's 50-day moving average is $74.50 and its two-hundred day moving average is $75.96. Dolby Laboratories, Inc. has a fifty-two week low of $66.35 and a fifty-two week high of $90.06.
Dolby Laboratories announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 7th that allows the company to buyback $350.00 million in shares. This buyback authorization allows the electronics maker to purchase up to 5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its stock is undervalued.
Dolby Laboratories Increases Dividend
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The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Tuesday, December 3rd will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.64%. The ex-dividend date is Tuesday, December 3rd. This is a boost from Dolby Laboratories's previous quarterly dividend of $0.30. Dolby Laboratories's dividend payout ratio is 48.71%.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on DLB shares. Rosenblatt Securities upped 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. Barrington Research restated an "outperform" rating and issued a $100.00 target price on shares of Dolby Laboratories in a report on Wednesday, November 20th. Finally, StockNews.com downgraded shares of Dolby Laboratories from a "strong-buy" rating to a "buy" rating in a research report on Tuesday.
Get Our Latest Stock Report on Dolby Laboratories
Institutional Trading of Dolby Laboratories
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. grew its position in shares of Dolby Laboratories by 398.8% during the 2nd quarter. Blue Trust Inc. now owns 414 shares of the electronics maker's stock valued at $35,000 after acquiring an additional 331 shares during the period. Point72 Hong Kong Ltd bought a new stake in Dolby Laboratories during the second quarter valued at about $37,000. GAMMA Investing LLC raised its stake in shares of Dolby Laboratories by 64.6% in the second quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker's stock worth $39,000 after buying an additional 192 shares during the period. Whittier Trust Co. of Nevada Inc. lifted its position in shares of Dolby Laboratories by 192.4% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker's stock valued at $46,000 after buying an additional 379 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its stake in shares of Dolby Laboratories by 22.7% during the 3rd quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker's stock valued at $60,000 after acquiring an additional 146 shares during the period. 58.56% of the stock is owned by hedge funds and other institutional investors.
Dolby Laboratories Company Profile
(
Get Free Report)
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.
Further Reading
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