Dolby Laboratories, Inc. (NYSE:DLB) CEO Sells $4,027,000.00 in Stock

Dolby Laboratories, Inc. (NYSE:DLB) CEO Kevin J. Yeaman sold 50,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $80.54, for a total value of $4,027,000.00. Following the completion of the transaction, the chief executive officer now owns 83,721 shares of the company’s stock, valued at approximately $6,742,889.34. The trade was a 37.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Dolby Laboratories Stock Performance

Shares of NYSE:DLB traded down $2.13 during trading on Wednesday, reaching $78.20. The stock had a trading volume of 417,734 shares, compared to its average volume of 408,844. The business has a fifty day moving average price of $74.67 and a 200-day moving average price of $75.94. The stock has a market cap of $7.46 billion, a PE ratio of 29.07 and a beta of 0.98. Dolby Laboratories, Inc. has a 1-year low of $66.35 and a 1-year high of $90.06.

Dolby Laboratories announced that its board has approved a share buyback plan on Wednesday, August 7th that allows the company to repurchase $350.00 million in outstanding shares. This repurchase authorization allows the electronics maker to buy up to 5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Dolby Laboratories Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd will be paid 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 1.69%. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s payout ratio is 44.28%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. StockNews.com cut Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Rosenblatt Securities boosted their price objective on Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, Barrington Research restated an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research report on Wednesday, November 20th.

Institutional Investors Weigh In On Dolby Laboratories

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DLB. Blue Trust Inc. increased 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 purchasing an additional 331 shares during the period. Point72 Hong Kong Ltd acquired a new position in shares of Dolby Laboratories during the 2nd quarter worth about $37,000. GAMMA Investing LLC boosted its position in shares of Dolby Laboratories by 64.6% during the 2nd quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker’s stock worth $39,000 after acquiring an additional 192 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted 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 worth $46,000 after acquiring an additional 379 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its position 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 worth $60,000 after acquiring an additional 146 shares in the last quarter. Hedge funds and other institutional investors own 58.56% of the company’s stock.

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.