Dolby Laboratories, Inc. (NYSE:DLB) EVP Sells $963,351.04 in Stock

Dolby Laboratories, Inc. (NYSE:DLB) EVP Mark Andrew Sherman sold 12,338 shares of the stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $78.08, for a total transaction of $963,351.04. Following the completion of the sale, the executive vice president now directly owns 62,397 shares in the company, valued at approximately $4,871,957.76. The trade was a 16.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Dolby Laboratories Price Performance

Dolby Laboratories stock opened at $77.47 on Friday. The stock has a market capitalization of $7.39 billion, a P/E ratio of 28.59 and a beta of 0.98. Dolby Laboratories, Inc. has a 12-month low of $66.35 and a 12-month high of $87.12. The firm’s 50-day moving average is $76.16 and its two-hundred day moving average is $75.75.

Dolby Laboratories Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd were issued a $0.33 dividend. The ex-dividend date of this dividend was Tuesday, December 3rd. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a yield of 1.70%. Dolby Laboratories’s payout ratio is 48.71%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Barrington Research reaffirmed an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories in a report on Wednesday, November 20th. StockNews.com upgraded Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 4th. Finally, Rosenblatt Securities raised their price target on Dolby Laboratories from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Lord Abbett & CO. LLC grew its holdings in Dolby Laboratories by 5.8% in the 3rd quarter. Lord Abbett & CO. LLC now owns 284,466 shares of the electronics maker’s stock valued at $21,771,000 after buying an additional 15,546 shares during the period. Franklin Resources Inc. boosted its position in shares of Dolby Laboratories by 22.0% in the third quarter. Franklin Resources Inc. now owns 47,247 shares of the electronics maker’s stock worth $3,513,000 after acquiring an additional 8,509 shares during the last quarter. Synovus Financial Corp grew its holdings in Dolby Laboratories by 10.8% in the third quarter. Synovus Financial Corp now owns 32,062 shares of the electronics maker’s stock valued at $2,454,000 after purchasing an additional 3,113 shares during the period. Geode Capital Management LLC grew its holdings in 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 purchasing an additional 63,293 shares during the period. Finally, Disciplined Growth Investors Inc. MN raised 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 purchasing an additional 63,589 shares during the period. Hedge funds and other 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.