Dolby Laboratories (NYSE:DLB) Stock Price Up 8.4% After Dividend Announcement

Dolby Laboratories, Inc. (NYSE:DLB)’s stock price was up 8.4% during mid-day trading on Thursday following a dividend announcement from the company. The stock traded as high as $86.75 and last traded at $87.39. Approximately 149,357 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 435,043 shares. The stock had previously closed at $80.63.

The newly announced dividend which will be paid on Wednesday, February 19th. Stockholders of record on Tuesday, February 11th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.58%. The ex-dividend date of this dividend is Tuesday, February 11th. Dolby Laboratories’s payout ratio is 48.53%.

Wall Street Analyst Weigh In

Several analysts have issued reports on DLB shares. Barrington Research reaffirmed an “outperform” rating and issued a $100.00 target price on shares of Dolby Laboratories in a research note on Monday, January 27th. StockNews.com downgraded Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a report on Friday. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 target price on shares of Dolby Laboratories in a research note on Thursday.

Dolby Laboratories Price Performance

The company has a market capitalization of $7.98 billion, a PE ratio of 30.75 and a beta of 0.98. The company has a 50 day moving average of $79.35 and a two-hundred day moving average of $75.76.

Insider Transactions at Dolby Laboratories

In related news, SVP John D. Couling sold 50,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $80.04, for a total value of $4,002,000.00. Following the transaction, the senior vice president now owns 106,806 shares in the company, valued at $8,548,752.24. The trade was a 31.89 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Mark Andrew Sherman sold 12,338 shares of the firm’s 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 sale, the executive vice president now owns 62,397 shares of the company’s stock, valued at approximately $4,871,957.76. This represents a 16.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 135,917 shares of company stock valued at $10,877,739 in the last three months. 38.39% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Dolby Laboratories

Several institutional investors and hedge funds have recently made changes to their positions in DLB. Geode Capital Management LLC increased its position in Dolby Laboratories by 4.3% during 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 acquiring an additional 63,293 shares during the last quarter. Lord Abbett & CO. LLC increased its position in shares of Dolby Laboratories by 5.8% during the 3rd quarter. Lord Abbett & CO. LLC now owns 284,466 shares of the electronics maker’s stock valued at $21,771,000 after purchasing an additional 15,546 shares during the last quarter. Barclays PLC lifted its stake in shares of Dolby Laboratories by 80.5% in the 3rd quarter. Barclays PLC now owns 33,230 shares of the electronics maker’s stock worth $2,544,000 after purchasing an additional 14,825 shares during the period. Boston Trust Walden Corp boosted its holdings in shares of Dolby Laboratories by 185.3% in the third quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker’s stock worth $82,276,000 after buying an additional 698,283 shares during the last quarter. Finally, Edgestream Partners L.P. bought a new stake in Dolby Laboratories during the third quarter valued at approximately $3,031,000. Institutional investors own 58.56% of the company’s stock.

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.