Dolby Laboratories, Inc. (NYSE:DLB) Sees Large Drop in Short Interest

Dolby Laboratories, Inc. (NYSE:DLB) was the recipient of a large drop in short interest in February. As of February 28th, there was short interest totalling 594,200 shares, a drop of 23.5% from the February 13th total of 776,400 shares. Based on an average daily volume of 499,200 shares, the days-to-cover ratio is currently 1.2 days. Currently, 1.0% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on DLB. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price target on shares of Dolby Laboratories in a report on Thursday, January 30th. StockNews.com cut Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 31st. Finally, Barrington Research reiterated an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a research report on Thursday, February 13th.

Insider Buying and Selling at Dolby Laboratories

In other news, EVP Mark Andrew Sherman sold 40,000 shares of Dolby Laboratories stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $84.88, for a total value of $3,395,200.00. Following the completion of the transaction, the executive vice president now owns 62,397 shares in the company, valued at approximately $5,296,257.36. This trade represents a 39.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Ryan Nicholson sold 7,000 shares of Dolby Laboratories stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $84.07, for a total value of $588,490.00. Following the completion of the transaction, the chief accounting officer now owns 29,758 shares of the company’s stock, valued at approximately $2,501,755.06. The trade was a 19.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 77,459 shares of company stock worth $6,464,675 in the last 90 days. 38.39% of the stock is owned by corporate insiders.

Institutional Trading of Dolby Laboratories

A number of institutional investors have recently bought and sold shares of the company. Vise Technologies Inc. acquired a new stake in Dolby Laboratories during the fourth quarter valued at $308,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Dolby Laboratories by 3.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 225,618 shares of the electronics maker’s stock worth $17,621,000 after buying an additional 6,640 shares during the last quarter. Squarepoint Ops LLC lifted its position in shares of Dolby Laboratories by 247.2% in the fourth quarter. Squarepoint Ops LLC now owns 191,675 shares of the electronics maker’s stock worth $14,970,000 after buying an additional 136,465 shares during the last quarter. Two Sigma Advisers LP lifted its position in shares of Dolby Laboratories by 20.4% in the fourth quarter. Two Sigma Advisers LP now owns 29,500 shares of the electronics maker’s stock worth $2,304,000 after buying an additional 5,000 shares during the last quarter. Finally, Teza Capital Management LLC acquired a new stake in shares of Dolby Laboratories in the fourth quarter worth about $588,000. Institutional investors and hedge funds own 58.56% of the company’s stock.

Dolby Laboratories Stock Performance

Shares of DLB stock traded up $0.52 on Monday, reaching $82.45. 124,749 shares of the company’s stock traded hands, compared to its average volume of 491,912. Dolby Laboratories has a 12-month low of $66.35 and a 12-month high of $89.66. The company has a market capitalization of $7.87 billion, a P/E ratio of 30.31 and a beta of 1.01. The business’s 50 day moving average price is $81.69 and its two-hundred day moving average price is $77.51.

Dolby Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 19th. Stockholders of record on Tuesday, February 11th were issued a dividend of $0.33 per share. The ex-dividend date was Tuesday, February 11th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.60%. Dolby Laboratories’s dividend payout ratio is 48.53%.

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.