Dolby Laboratories, Inc. (NYSE:DLB) Short Interest Up 20.3% in September

Dolby Laboratories, Inc. (NYSE:DLB) was the recipient of a significant increase in short interest in September. As of September 30th, there was short interest totalling 962,800 shares, an increase of 20.3% from the September 15th total of 800,400 shares. Approximately 1.6% of the company’s stock are sold short. Based on an average daily volume of 496,100 shares, the short-interest ratio is presently 1.9 days.

Wall Street Analyst Weigh In

Separately, Barrington Research reaffirmed an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories in a research note on Friday, September 20th.

Institutional Investors Weigh In On Dolby Laboratories

Hedge funds and other institutional investors have recently made changes to their positions in the business. Lord Abbett & CO. LLC increased its position in shares of Dolby Laboratories by 9.8% during 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 boosted its holdings in Dolby Laboratories by 47.9% during the first quarter. Illinois Municipal Retirement Fund now owns 31,518 shares of the electronics maker’s stock worth $2,640,000 after purchasing an additional 10,202 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Dolby Laboratories by 1.7% during the first quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock worth $544,711,000 after purchasing 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 worth $29,853,000 after purchasing an additional 11,177 shares during the last quarter. Finally, Panagora Asset Management Inc. purchased a new position in Dolby Laboratories during the second quarter worth about $3,348,000. 58.56% of the stock is owned by institutional investors.

Dolby Laboratories Stock Up 1.1 %

DLB traded up $0.82 during midday trading on Wednesday, hitting $74.32. The company had a trading volume of 23,519 shares, compared to its average volume of 409,899. Dolby Laboratories has a 52 week low of $66.35 and a 52 week high of $90.06. The company has a market capitalization of $7.12 billion, a price-to-earnings ratio of 37.49 and a beta of 0.97. The stock’s 50 day moving average price is $72.19 and its 200 day moving average price is $77.20.

Dolby Laboratories (NYSE:DLB) last posted its quarterly 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. The firm had revenue of $288.82 million during the quarter, compared to the consensus estimate of $286.26 million. Dolby Laboratories had a net margin of 16.87% and a return on equity of 10.66%. Research analysts predict that Dolby Laboratories will post 2.72 EPS for the current year.

Dolby Laboratories Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.61%. The ex-dividend date was Monday, August 19th. Dolby Laboratories’s payout ratio is presently 61.22%.

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

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.