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 the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $78.96, for a total value of $479,997.84. Following the completion of the sale, the director now owns 37,593 shares in the company, valued at $2,968,343.28. The trade was a 13.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Dolby Laboratories Stock Performance

Shares of DLB stock opened at $80.55 on Monday. Dolby Laboratories, Inc. has a 52-week low of $66.35 and a 52-week high of $90.06. The firm has a market capitalization of $7.68 billion, a PE ratio of 29.72 and a beta of 0.98. The stock has a fifty day simple moving average of $74.33 and a two-hundred day simple moving average of $75.98.

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

Dolby Laboratories Increases Dividend

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

Wall Street Analyst Weigh In

Several analysts recently weighed in on DLB shares. Barrington Research restated an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories in a research note on Wednesday, November 20th. StockNews.com raised Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a report on Monday, November 18th. Finally, Rosenblatt Securities raised their target price on Dolby Laboratories from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th.

Institutional Investors Weigh In On Dolby Laboratories

A number of institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC increased its stake in Dolby Laboratories by 4.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,538,583 shares of the electronics maker’s stock worth $117,767,000 after buying an additional 63,293 shares in the last quarter. Disciplined Growth Investors Inc. MN increased its stake in Dolby Laboratories by 4.5% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 1,466,212 shares of the electronics maker’s stock worth $112,209,000 after buying an additional 63,589 shares in the last quarter. M&T Bank Corp grew its position in shares of Dolby Laboratories by 26.6% during the third quarter. M&T Bank Corp now owns 4,045 shares of the electronics maker’s stock valued at $310,000 after purchasing an additional 849 shares in the last quarter. Barclays PLC grew its position in shares of Dolby Laboratories by 80.5% during the third quarter. Barclays PLC now owns 33,230 shares of the electronics maker’s stock valued at $2,544,000 after purchasing an additional 14,825 shares in the last quarter. Finally, Main Management ETF Advisors LLC purchased a new position in shares of Dolby Laboratories during the third quarter valued at about $831,000. 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.