Dolby Laboratories (NYSE:DLB) Stock Price Up 8.4% After Dividend Announcement

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

The newly announced dividend which will be paid on Wednesday, February 19th. Stockholders of record on Tuesday, February 11th will be paid a dividend of $0.33 per share. The ex-dividend date is Tuesday, February 11th. This represents a $1.32 annualized dividend and a dividend yield of 1.58%. Dolby Laboratories’s dividend payout ratio is currently 48.53%.

Analysts Set New Price Targets

DLB has been the topic of several research reports. Barrington Research restated an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories in a research note on Monday, January 27th. Rosenblatt Securities restated a “buy” rating and set a $100.00 price objective on shares of Dolby Laboratories in a research note on Thursday. Finally, StockNews.com downgraded Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research report on Friday.

Dolby Laboratories Stock Down 4.2 %

The stock has a market cap of $7.98 billion, a price-to-earnings ratio of 30.75 and a beta of 0.98. The company has a 50 day simple moving average of $79.35 and a 200 day simple moving average of $75.76.

Insider Transactions at Dolby Laboratories

In other Dolby Laboratories news, CAO Ryan Nicholson sold 10,500 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $80.18, for a total value of $841,890.00. Following the completion of the sale, the chief accounting officer now directly owns 24,364 shares in the company, valued at approximately $1,953,505.52. This trade represents a 30.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Peter C. Gotcher sold 6,079 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $78.96, for a total transaction of $479,997.84. Following the transaction, the director now owns 37,593 shares in the company, valued at $2,968,343.28. This represents a 13.92 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 135,917 shares of company stock worth $10,877,739. Insiders own 38.39% of the company’s stock.

Institutional Trading of Dolby Laboratories

Hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp raised its holdings in shares of Dolby Laboratories by 1.5% in the 3rd quarter. State Street Corp now owns 1,931,586 shares of the electronics maker’s stock worth $147,824,000 after acquiring an additional 29,289 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Dolby Laboratories by 4.3% in the third quarter. Geode Capital Management LLC now owns 1,538,583 shares of the electronics maker’s stock worth $117,767,000 after purchasing an additional 63,293 shares during the last quarter. Disciplined Growth Investors Inc. MN boosted its position in shares of Dolby Laboratories by 4.5% during the third quarter. Disciplined Growth Investors Inc. MN now owns 1,466,212 shares of the electronics maker’s stock valued at $112,209,000 after buying an additional 63,589 shares during the last quarter. Boston Trust Walden Corp lifted its stake in Dolby Laboratories by 0.9% during the 4th quarter. Boston Trust Walden Corp now owns 1,084,700 shares of the electronics maker’s stock valued at $84,715,000 after acquiring an additional 9,624 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its holdings in Dolby Laboratories by 5.8% during the third quarter. Lord Abbett & CO. LLC now owns 284,466 shares of the electronics maker’s stock worth $21,771,000 after purchasing an additional 15,546 shares during the last quarter. 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.