Dolby Laboratories, Inc. (NYSE:DLB) Plans Quarterly Dividend of $0.33

Dolby Laboratories, Inc. (NYSE:DLB) announced a quarterly dividend on Tuesday, November 19th,Wall Street Journal reports. Stockholders of record on Tuesday, December 3rd will be given a dividend of 0.33 per share by the electronics maker on Tuesday, December 10th. This represents a $1.32 annualized dividend and a dividend yield of 1.61%. The ex-dividend date is Tuesday, December 3rd. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.30.

Dolby Laboratories has increased its dividend by an average of 8.1% per year over the last three years. Dolby Laboratories has a payout ratio of 43.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Dolby Laboratories to earn $2.67 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 44.9%.

Dolby Laboratories Stock Up 15.7 %

Shares of DLB traded up $11.11 during mid-day trading on Wednesday, reaching $82.02. The company’s stock had a trading volume of 1,548,321 shares, compared to its average volume of 401,186. Dolby Laboratories has a 1 year low of $66.35 and a 1 year high of $90.06. The company has a market cap of $7.82 billion, a price-to-earnings ratio of 36.80 and a beta of 0.98. The business has a fifty day moving average of $73.69 and a 200 day moving average of $76.01.

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

Insider Buying and Selling at Dolby Laboratories

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 28,512 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 83,721 shares of the company’s stock, valued at approximately $6,205,400.52. The trade was a 25.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 39.54% of the company’s stock.

Analysts Set New Price Targets

DLB has been the topic of several research reports. Barrington Research reaffirmed an “outperform” rating and issued a $100.00 target price on shares of Dolby Laboratories in a research report on Wednesday. Rosenblatt Securities lifted their price target on shares of Dolby Laboratories from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, StockNews.com upgraded Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Monday.

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.