Dolby Laboratories, Inc. (NYSE:DLB) Short Interest Up 20.9% in September

Dolby Laboratories, Inc. (NYSE:DLB) saw a large growth in short interest during the month of September. As of September 15th, there was short interest totalling 800,400 shares, a growth of 20.9% from the August 31st total of 662,300 shares. Approximately 1.4% of the company’s stock are short sold. Based on an average daily volume of 499,800 shares, the short-interest ratio is currently 1.6 days.

Dolby Laboratories Stock Performance

Shares of NYSE:DLB traded up $0.92 during trading hours on Monday, hitting $76.53. The stock had a trading volume of 494,811 shares, compared to its average volume of 418,481. The stock’s fifty day simple moving average is $72.73 and its 200 day simple moving average is $77.89. The firm has a market capitalization of $7.33 billion, a price-to-earnings ratio of 39.05 and a beta of 0.97. Dolby Laboratories has a 1-year low of $66.35 and a 1-year high of $90.06.

Dolby Laboratories (NYSE:DLB) last announced its earnings results on Wednesday, August 7th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.14. Dolby Laboratories had a return on equity of 10.66% and a net margin of 16.87%. The firm had revenue of $288.82 million for the quarter, compared to the consensus estimate of $286.26 million. As a group, research analysts anticipate that Dolby Laboratories will post 2.72 EPS for the current year.

Dolby Laboratories declared that its Board of Directors has initiated a share buyback program on Wednesday, August 7th that authorizes the company to repurchase $350.00 million in outstanding shares. This repurchase authorization authorizes the electronics maker to repurchase up to 5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Dolby Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were given a $0.30 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $1.20 annualized dividend and a yield of 1.57%. Dolby Laboratories’s dividend payout ratio (DPR) is 61.22%.

Institutional Investors Weigh In On Dolby Laboratories

Several hedge funds have recently modified their holdings of the stock. Lord Abbett & CO. LLC grew its position in Dolby Laboratories by 9.8% in the first quarter. Lord Abbett & CO. LLC now owns 266,672 shares of the electronics maker’s stock worth $22,339,000 after acquiring an additional 23,804 shares in the last quarter. Illinois Municipal Retirement Fund raised its holdings in Dolby Laboratories by 47.9% in the 1st quarter. Illinois Municipal Retirement Fund now owns 31,518 shares of the electronics maker’s stock worth $2,640,000 after acquiring an additional 10,202 shares during the period. Vanguard Group Inc. lifted its position in Dolby Laboratories by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock worth $544,711,000 after acquiring an additional 107,713 shares during the last quarter. Boston Trust Walden Corp boosted its holdings in Dolby Laboratories by 3.1% during the second quarter. Boston Trust Walden Corp now owns 376,793 shares of the electronics maker’s stock valued at $29,853,000 after acquiring an additional 11,177 shares during the period. Finally, Panagora Asset Management Inc. acquired a new stake in shares of Dolby Laboratories in the second quarter valued at about $3,348,000. 58.56% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on DLB shares. Rosenblatt Securities reiterated a “buy” rating and set a $98.00 target price on shares of Dolby Laboratories in a research note on Friday, June 7th. Barrington Research restated an “outperform” rating and set a $100.00 price objective on shares of Dolby Laboratories in a research report on Friday, September 20th.

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.