Insider Selling: Dolby Laboratories, Inc. (NYSE:DLB) SVP Sells 50,000 Shares of Stock

Dolby Laboratories, Inc. (NYSE:DLB) SVP John D. Couling sold 50,000 shares of the 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 owns 106,806 shares in the company, valued at approximately $8,548,752.24. This trade represents a 31.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Dolby Laboratories Stock Up 0.0 %

Shares of DLB stock opened at $80.33 on Wednesday. The firm has a market cap of $7.66 billion, a PE ratio of 29.64 and a beta of 0.98. Dolby Laboratories, Inc. has a 12 month low of $66.35 and a 12 month high of $90.06. The company’s fifty day simple moving average is $74.50 and its 200-day simple moving average is $75.96.

Dolby Laboratories announced that its board has initiated a share repurchase plan on Wednesday, August 7th that authorizes the company to repurchase $350.00 million in outstanding shares. This repurchase authorization authorizes the electronics maker to buy up to 5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Dolby Laboratories Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Tuesday, December 3rd will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.64%. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, December 3rd. Dolby Laboratories’s dividend payout ratio is currently 48.71%.

Analyst Ratings Changes

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

Institutional Trading of Dolby Laboratories

Institutional investors and hedge funds have recently bought and sold shares of the stock. Ninety One UK Ltd increased its position in shares of Dolby Laboratories by 2.6% during the 2nd quarter. Ninety One UK Ltd now owns 2,344,963 shares of the electronics maker’s stock worth $185,791,000 after purchasing an additional 60,114 shares during the last quarter. State Street Corp boosted its holdings in shares of Dolby Laboratories by 1.5% in the 3rd quarter. State Street Corp now owns 1,931,586 shares of the electronics maker’s stock valued at $147,824,000 after buying an additional 29,289 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Dolby Laboratories by 4.3% in the third quarter. Geode Capital Management LLC now owns 1,538,583 shares of the electronics maker’s stock valued at $117,767,000 after buying an additional 63,293 shares in the last quarter. Disciplined Growth Investors Inc. MN increased its holdings 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 buying an additional 63,589 shares during the last quarter. Finally, Boston Trust Walden Corp raised its position in 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 acquiring an additional 698,283 shares in the last quarter. Institutional investors own 58.56% of the company’s stock.

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.