Dolby Laboratories, Inc. (NYSE:DLB) Director Sells $479,997.84 in Stock

Dolby Laboratories, Inc. (NYSE:DLB) Director Peter C. Gotcher sold 6,079 shares of Dolby Laboratories stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $78.96, for a total transaction of $479,997.84. Following the sale, the director now directly owns 37,593 shares of the company’s stock, valued at $2,968,343.28. This represents a 13.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Dolby Laboratories Stock Up 0.4 %

Shares of DLB stock opened at $80.55 on Monday. The firm has a market cap of $7.68 billion, a price-to-earnings ratio of 29.72 and a beta of 0.98. The company’s 50 day moving average is $74.33 and its 200 day moving average is $75.98. Dolby Laboratories, Inc. has a 52-week low of $66.35 and a 52-week high of $90.06.

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

Dolby Laboratories Increases Dividend

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

Hedge Funds Weigh In On Dolby Laboratories

Several institutional investors and hedge funds have recently bought and sold shares of DLB. Boston Trust Walden Corp grew its holdings in 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 worth $82,276,000 after purchasing an additional 698,283 shares during the last quarter. Clifford Capital Partners LLC grew its holdings 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 worth $20,707,000 after purchasing an additional 262,162 shares during the last quarter. Acadian Asset Management LLC grew 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 during the last quarter. Dimensional Fund Advisors LP grew its holdings in Dolby Laboratories by 27.0% in the second quarter. Dimensional Fund Advisors LP now owns 792,828 shares of the electronics maker’s stock worth $62,817,000 after purchasing an additional 168,744 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in Dolby Laboratories by 1.7% in the first quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock worth $544,711,000 after purchasing an additional 107,713 shares during the last quarter. 58.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on DLB. Rosenblatt Securities lifted their price target 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 reissued an “outperform” rating and set a $100.00 price objective on shares of Dolby Laboratories in a report on Wednesday, November 20th. Finally, StockNews.com raised shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a report on Monday, November 18th.

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.