Dolby Laboratories, Inc. (NYSE:DLB) CAO Sells $841,890.00 in Stock

Dolby Laboratories, Inc. (NYSE:DLB) CAO Ryan Nicholson sold 10,500 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $80.18, for a total transaction of $841,890.00. Following the transaction, the chief accounting officer now directly owns 24,364 shares of the company’s stock, valued at $1,953,505.52. This represents a 30.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Dolby Laboratories Price Performance

NYSE:DLB traded down $2.13 during mid-day trading on Wednesday, reaching $78.20. The company’s stock had a trading volume of 417,734 shares, compared to its average volume of 408,844. The company’s fifty day simple moving average is $74.67 and its two-hundred day simple moving average is $75.94. Dolby Laboratories, Inc. has a twelve month low of $66.35 and a twelve month high of $90.06. The stock has a market cap of $7.46 billion, a P/E ratio of 29.07 and a beta of 0.98.

Dolby Laboratories announced that its board has initiated a stock repurchase program on Wednesday, August 7th that allows the company to buyback $350.00 million in outstanding shares. This buyback authorization allows the electronics maker to repurchase up to 5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Dolby Laboratories Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Tuesday, December 3rd will be issued a dividend of $0.33 per share. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend is Tuesday, December 3rd. Dolby Laboratories’s dividend payout ratio (DPR) is presently 44.28%.

Institutional Investors Weigh In On Dolby Laboratories

A number of institutional investors have recently made changes to their positions in the company. Boston Trust Walden Corp lifted its holdings in shares of Dolby Laboratories by 3.1% during the second quarter. Boston Trust Walden Corp now owns 376,793 shares of the electronics maker’s stock valued at $29,853,000 after purchasing an additional 11,177 shares during the last quarter. Panagora Asset Management Inc. bought a new position in shares of Dolby Laboratories during the 2nd quarter worth approximately $3,348,000. Pacer Advisors Inc. increased its holdings in Dolby Laboratories by 47.5% during the 2nd quarter. Pacer Advisors Inc. now owns 23,320 shares of the electronics maker’s stock valued at $1,848,000 after purchasing an additional 7,509 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Dolby Laboratories in the 2nd quarter valued at $1,157,000. Finally, Algert Global LLC increased its stake in shares of Dolby Laboratories by 52.0% in the 3rd quarter. Algert Global LLC now owns 48,822 shares of the electronics maker’s stock valued at $3,736,000 after buying an additional 16,700 shares during the period. 58.56% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

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.