Dolby Laboratories, Inc. (NYSE:DLB) Sees Significant Decrease in Short Interest

Dolby Laboratories, Inc. (NYSE:DLB) was the recipient of a large decrease in short interest during the month of June. As of June 30th, there was short interest totalling 951,100 shares, a decrease of 25.1% from the June 15th total of 1,270,000 shares. Based on an average daily volume of 365,100 shares, the short-interest ratio is currently 2.6 days. Approximately 1.6% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on DLB shares. StockNews.com upgraded shares of Dolby Laboratories from a “hold” rating to a “buy” rating in a report on Saturday, May 11th. Rosenblatt Securities restated a “buy” rating and set a $98.00 target price on shares of Dolby Laboratories in a report on Friday, June 7th. Finally, Barrington Research upgraded shares of Dolby Laboratories from a “market perform” rating to an “outperform” rating and set a $100.00 target price for the company in a report on Monday, June 3rd.

Dolby Laboratories Stock Performance

Shares of NYSE:DLB traded down $0.27 during mid-day trading on Monday, hitting $79.54. The stock had a trading volume of 196,904 shares, compared to its average volume of 371,372. The company has a market cap of $7.62 billion, a PE ratio of 40.72 and a beta of 0.99. Dolby Laboratories has a 12-month low of $75.87 and a 12-month high of $90.46. The company’s 50 day moving average is $80.28 and its 200-day moving average is $81.51.

Dolby Laboratories (NYSE:DLB) last issued its earnings results on Thursday, May 2nd. The electronics maker reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.10. The company had revenue of $364.52 million during the quarter, compared to analyst estimates of $361.98 million. Dolby Laboratories had a net margin of 15.00% and a return on equity of 10.15%. On average, equities research analysts predict that Dolby Laboratories will post 2.68 EPS for the current fiscal year.

Dolby Laboratories Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 22nd. Investors of record on Tuesday, May 14th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.51%. The ex-dividend date of this dividend was Monday, May 13th. Dolby Laboratories’s payout ratio is presently 61.22%.

Insiders Place Their Bets

In other Dolby Laboratories news, EVP Mark Andrew Sherman sold 2,283 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $79.62, for a total value of $181,772.46. Following the completion of the transaction, the executive vice president now owns 58,325 shares in the company, valued at approximately $4,643,836.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 39.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Dolby Laboratories by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock worth $544,711,000 after acquiring an additional 107,713 shares during the period. Ninety One UK Ltd increased its holdings in shares of Dolby Laboratories by 29.0% during the 4th quarter. Ninety One UK Ltd now owns 2,572,346 shares of the electronics maker’s stock worth $221,685,000 after purchasing an additional 578,239 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Dolby Laboratories by 11.2% during the 1st quarter. Bank of New York Mellon Corp now owns 2,324,244 shares of the electronics maker’s stock worth $194,702,000 after purchasing an additional 233,958 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Dolby Laboratories by 1.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 681,152 shares of the electronics maker’s stock worth $58,702,000 after purchasing an additional 10,389 shares during the period. Finally, Fiera Capital Corp increased its holdings in shares of Dolby Laboratories by 0.8% during the 4th quarter. Fiera Capital Corp now owns 582,962 shares of the electronics maker’s stock worth $50,240,000 after purchasing an additional 4,680 shares during the period. 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.