Dolby Laboratories, Inc. (NYSE:DLB) Director Peter C. Gotcher Sells 6,079 Shares

Dolby Laboratories, Inc. (NYSE:DLB) Director Peter C. Gotcher sold 6,079 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $78.96, for a total value of $479,997.84. Following the completion of the transaction, the director now directly owns 37,593 shares in the company, valued at $2,968,343.28. This trade represents a 13.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Dolby Laboratories Stock Performance

Shares of DLB opened at $80.57 on Friday. Dolby Laboratories, Inc. has a fifty-two week low of $66.35 and a fifty-two week high of $90.06. The company has a market capitalization of $7.68 billion, a price-to-earnings ratio of 29.73 and a beta of 0.98. The firm has a 50-day simple moving average of $74.33 and a 200-day simple moving average of $76.07.

Dolby Laboratories Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Tuesday, December 3rd will be given a $0.33 dividend. The ex-dividend date is Tuesday, December 3rd. This represents a $1.32 dividend on an annualized basis and a yield of 1.64%. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s dividend payout ratio (DPR) is presently 44.28%.

Dolby Laboratories announced that its Board of Directors has approved a share buyback plan on Wednesday, August 7th that permits the company to repurchase $350.00 million in shares. This repurchase authorization permits the electronics maker to reacquire up to 5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Dolby Laboratories

A number of hedge funds have recently added to or reduced their stakes in DLB. Boston Trust Walden Corp lifted its position in Dolby Laboratories by 185.3% in the third quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker’s stock valued at $82,276,000 after purchasing an additional 698,283 shares during the period. Clifford Capital Partners LLC lifted its position in Dolby Laboratories by 3,114.7% in the third quarter. Clifford Capital Partners LLC now owns 270,579 shares of the electronics maker’s stock valued at $20,707,000 after purchasing an additional 262,162 shares during the period. Acadian Asset Management LLC increased its holdings in Dolby Laboratories by 39.8% in the second quarter. Acadian Asset Management LLC now owns 652,651 shares of the electronics maker’s stock valued at $51,698,000 after buying an additional 185,884 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Dolby Laboratories by 27.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 792,828 shares of the electronics maker’s stock worth $62,817,000 after purchasing an additional 168,744 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of 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 purchasing an additional 107,713 shares in the last quarter. Institutional investors and hedge funds own 58.56% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on DLB shares. Barrington Research restated an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research note on Wednesday. Rosenblatt Securities upped their price objective on shares of Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, StockNews.com upgraded shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 18th.

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.