Dolby Laboratories (NYSE:DLB) Trading Up 8.4% – Here’s What Happened

Dolby Laboratories, Inc. (NYSE:DLB) was up 8.4% during mid-day trading on Thursday . The stock traded as high as $86.75 and last traded at $87.39. Approximately 149,357 shares changed hands during trading, a decline of 66% from the average daily volume of 435,043 shares. The stock had previously closed at $80.63.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Barrington Research reiterated an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research report on Monday. StockNews.com upgraded shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 4th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 target price on shares of Dolby Laboratories in a report on Thursday.

Dolby Laboratories Price Performance

The company has a market capitalization of $8.36 billion, a PE ratio of 32.35 and a beta of 0.98. The stock has a 50-day simple moving average of $79.15 and a 200 day simple moving average of $75.65.

Dolby Laboratories Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.51%. The ex-dividend date was Tuesday, December 3rd. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s dividend payout ratio is 48.71%.

Insider Transactions at Dolby Laboratories

In related news, CAO Ryan Nicholson sold 10,500 shares of Dolby Laboratories stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $80.18, for a total transaction of $841,890.00. Following the completion of the sale, the chief accounting officer now owns 24,364 shares in the company, valued at approximately $1,953,505.52. This trade represents a 30.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP John D. Couling sold 50,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $80.04, for a total transaction of $4,002,000.00. Following the sale, the senior vice president now directly owns 106,806 shares in the company, valued at $8,548,752.24. This represents a 31.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 135,917 shares of company stock valued at $10,877,739 in the last ninety days. Corporate insiders own 38.39% of the company’s stock.

Institutional Investors Weigh In On Dolby Laboratories

Several hedge funds have recently made changes to their positions in the business. Bank of Montreal Can increased its position in Dolby Laboratories by 45.0% during the second quarter. Bank of Montreal Can now owns 30,788 shares of the electronics maker’s stock worth $2,465,000 after purchasing an additional 9,558 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of Dolby Laboratories during the 2nd quarter worth $146,000. Millennium Management LLC increased its holdings in shares of Dolby Laboratories by 177.6% during the 2nd quarter. Millennium Management LLC now owns 48,415 shares of the electronics maker’s stock worth $3,836,000 after buying an additional 30,977 shares during the last quarter. Algert Global LLC purchased a new position in shares of Dolby Laboratories in the 2nd quarter worth $2,545,000. Finally, Sanctuary Advisors LLC acquired a new position in Dolby Laboratories in the second quarter valued at $2,460,000. Institutional investors and hedge funds own 58.56% of the company’s stock.

Dolby Laboratories Company Profile

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.