Ryan Nicholson Sells 10,500 Shares of Dolby Laboratories, Inc. (NYSE:DLB) Stock

Dolby Laboratories, Inc. (NYSE:DLB) CAO Ryan Nicholson sold 10,500 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $80.18, for a total value of $841,890.00. Following the completion of the sale, the chief accounting officer now owns 24,364 shares of the company’s stock, valued at $1,953,505.52. This represents a 30.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.

Dolby Laboratories Price Performance

Dolby Laboratories stock opened at $78.32 on Friday. The business has a 50 day simple moving average of $74.89 and a 200 day simple moving average of $75.97. The company has a market capitalization of $7.47 billion, a PE ratio of 28.90 and a beta of 0.98. Dolby Laboratories, Inc. has a one year low of $66.35 and a one year high of $90.06.

Dolby Laboratories announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 7th that permits the company to buyback $350.00 million in shares. This buyback authorization permits the electronics maker to buy up to 5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Dolby Laboratories Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Tuesday, December 3rd will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.69%. The ex-dividend date is Tuesday, December 3rd. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s payout ratio is currently 48.71%.

Hedge Funds Weigh In On Dolby Laboratories

Several institutional investors have recently added to or reduced their stakes in DLB. Price T Rowe Associates Inc. MD grew its stake in Dolby Laboratories by 1.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 54,160 shares of the electronics maker’s stock worth $4,538,000 after buying an additional 855 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its holdings in shares of Dolby Laboratories by 41.4% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 5,363 shares of the electronics maker’s stock worth $425,000 after acquiring an additional 1,569 shares in the last quarter. Tidal Investments LLC grew its position in Dolby Laboratories by 53.9% during the 1st quarter. Tidal Investments LLC now owns 10,493 shares of the electronics maker’s stock worth $879,000 after acquiring an additional 3,673 shares during the last quarter. LRI Investments LLC acquired a new stake in Dolby Laboratories during the 1st quarter valued at $178,000. Finally, Cetera Advisors LLC bought a new position in Dolby Laboratories in the 1st quarter valued at $225,000. 58.56% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on DLB. Rosenblatt Securities upped their target price on Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Barrington Research restated an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research note on Wednesday, November 20th. Finally, StockNews.com lowered shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research report on Tuesday.

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.