Insider Selling: Dolby Laboratories, Inc. (NYSE:DLB) SVP Sells $4,002,000.00 in Stock

Dolby Laboratories, Inc. (NYSE:DLB) SVP John D. Couling sold 50,000 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $80.04, for a total transaction of $4,002,000.00. Following the completion of the sale, the senior vice president now directly owns 106,806 shares in the company, valued at approximately $8,548,752.24. This trade represents a 31.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Dolby Laboratories Trading Down 2.7 %

Shares of DLB opened at $78.20 on Friday. Dolby Laboratories, Inc. has a 1-year low of $66.35 and a 1-year high of $90.06. The firm’s 50-day moving average price is $74.78 and its 200-day moving average price is $75.96. The firm has a market capitalization of $7.46 billion, a price-to-earnings ratio of 28.86 and a beta of 0.98.

Dolby Laboratories Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Tuesday, December 3rd will be given a $0.33 dividend. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.32 annualized dividend and a dividend yield of 1.69%. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s dividend payout ratio is currently 44.28%.

Dolby Laboratories announced that its board has authorized a stock buyback plan on Wednesday, August 7th that permits the company to buyback $350.00 million in outstanding shares. This buyback authorization permits the electronics maker to purchase up to 5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Dolby Laboratories

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. lifted its position in Dolby Laboratories by 22.0% during the third quarter. Franklin Resources Inc. now owns 47,247 shares of the electronics maker’s stock valued at $3,513,000 after buying an additional 8,509 shares during the period. Synovus Financial Corp increased its stake in shares of Dolby Laboratories by 10.8% in the 3rd quarter. Synovus Financial Corp now owns 32,062 shares of the electronics maker’s stock worth $2,454,000 after acquiring an additional 3,113 shares in the last quarter. Geode Capital Management LLC lifted its position in Dolby Laboratories by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,538,583 shares of the electronics maker’s stock valued at $117,767,000 after acquiring an additional 63,293 shares during the period. Disciplined Growth Investors Inc. MN boosted its stake in 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 worth $112,209,000 after acquiring an additional 63,589 shares in the last quarter. Finally, M&T Bank Corp grew its holdings in Dolby Laboratories by 26.6% in the third quarter. M&T Bank Corp now owns 4,045 shares of the electronics maker’s stock worth $310,000 after purchasing an additional 849 shares during the period. 58.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on DLB. StockNews.com cut Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Barrington Research reiterated an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research report on Wednesday, November 20th. Finally, Rosenblatt Securities boosted their target price on Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th.

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.