Dolby Laboratories (NYSE:DLB) Sets New 12-Month High – Here’s What Happened

Dolby Laboratories, Inc. (NYSE:DLB) shares hit a new 52-week high during trading on Friday . The company traded as high as $89.66 and last traded at $87.20, with a volume of 945349 shares changing hands. The stock had previously closed at $80.63.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on DLB. Barrington Research reissued an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories in a report on Monday. StockNews.com raised Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 4th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a report on Thursday.

Dolby Laboratories Trading Up 8.2 %

The firm’s 50 day simple moving average is $79.29 and its two-hundred day simple moving average is $75.73. The firm has a market cap of $8.32 billion, a price-to-earnings ratio of 32.18 and a beta of 0.98.

Dolby Laboratories Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 19th. Investors of record on Tuesday, February 11th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend is Tuesday, February 11th. Dolby Laboratories’s dividend payout ratio is currently 48.71%.

Insider Buying and Selling at Dolby Laboratories

In other news, CAO Ryan Nicholson sold 10,500 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $80.18, for a total transaction of $841,890.00. Following the completion of the sale, the chief accounting officer now owns 24,364 shares of the company’s stock, valued at approximately $1,953,505.52. This represents a 30.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Kevin J. Yeaman sold 50,000 shares of Dolby Laboratories stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $80.54, for a total transaction of $4,027,000.00. Following the completion of the transaction, the chief executive officer now directly owns 83,721 shares in the company, valued at $6,742,889.34. This trade represents a 37.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 135,917 shares of company stock valued at $10,877,739 in the last three months. Corporate insiders own 38.39% of the company’s stock.

Institutional Trading of Dolby Laboratories

Several large investors have recently bought and sold shares of the business. Boston Trust Walden Corp increased its holdings in shares of Dolby Laboratories by 185.3% during the third quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker’s stock worth $82,276,000 after buying an additional 698,283 shares in the last quarter. Clifford Capital Partners LLC increased its holdings in Dolby Laboratories by 3,114.7% in the 3rd quarter. Clifford Capital Partners LLC now owns 270,579 shares of the electronics maker’s stock worth $20,707,000 after purchasing an additional 262,162 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Dolby Laboratories by 10,441,900.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 104,420 shares of the electronics maker’s stock valued at $8,123,000 after purchasing an additional 104,419 shares during the last quarter. Thrivent Financial for Lutherans raised its position in Dolby Laboratories by 496.7% in the third quarter. Thrivent Financial for Lutherans now owns 102,223 shares of the electronics maker’s stock valued at $7,823,000 after purchasing an additional 85,093 shares during the last quarter. Finally, Disciplined Growth Investors Inc. MN boosted its stake 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 purchasing an additional 63,589 shares in the last quarter. 58.56% of the stock is owned by institutional investors and hedge funds.

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.