Dolby Laboratories, Inc. (NYSE:DLB) CAO Ryan Nicholson Sells 10,500 Shares

Dolby Laboratories, Inc. (NYSE:DLB) CAO Ryan Nicholson sold 10,500 shares of Dolby Laboratories stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $80.18, for a total transaction of $841,890.00. Following the completion of the transaction, the chief accounting officer now owns 24,364 shares of the company’s stock, valued at $1,953,505.52. This trade represents a 30.12 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Dolby Laboratories Stock Performance

Dolby Laboratories stock traded down $2.13 during midday trading on Wednesday, reaching $78.20. 417,734 shares of the stock were exchanged, compared to its average volume of 408,844. The company’s fifty day moving average is $74.67 and its 200-day moving average is $75.94. Dolby Laboratories, Inc. has a 52 week low of $66.35 and a 52 week high of $90.06. The firm has a market cap of $7.46 billion, a PE ratio of 29.07 and a beta of 0.98.

Dolby Laboratories declared that its board has authorized a share buyback program on Wednesday, August 7th that permits the company to repurchase $350.00 million in shares. This repurchase authorization permits the electronics maker to repurchase up to 5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Dolby Laboratories Increases Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Tuesday, December 3rd. This is a boost from Dolby Laboratories’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a yield of 1.69%. Dolby Laboratories’s payout ratio is 44.28%.

Hedge Funds Weigh In On Dolby Laboratories

A number of hedge funds and other institutional investors have recently modified their holdings of DLB. First Affirmative Financial Network raised its stake in Dolby Laboratories by 4.9% during the second quarter. First Affirmative Financial Network now owns 2,766 shares of the electronics maker’s stock valued at $219,000 after purchasing an additional 129 shares in the last quarter. LRI Investments LLC grew its holdings in shares of Dolby Laboratories by 6.0% in the second quarter. LRI Investments LLC now owns 2,293 shares of the electronics maker’s stock worth $182,000 after purchasing an additional 130 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in shares of Dolby Laboratories by 22.7% in the third quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock worth $60,000 after purchasing an additional 146 shares during the last quarter. Signaturefd LLC grew its holdings in shares of Dolby Laboratories by 5.1% in the second quarter. Signaturefd LLC now owns 3,167 shares of the electronics maker’s stock worth $251,000 after purchasing an additional 153 shares during the last quarter. Finally, Mitchell & Pahl Private Wealth LLC grew its holdings in shares of Dolby Laboratories by 1.3% in the second quarter. Mitchell & Pahl Private Wealth LLC now owns 13,817 shares of the electronics maker’s stock worth $1,095,000 after purchasing an additional 174 shares during the last quarter. Institutional investors own 58.56% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on DLB shares. Barrington Research reissued an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a research report on Wednesday, November 20th. StockNews.com lowered shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Finally, Rosenblatt Securities increased their price objective 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.

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.