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

Shares of Dolby Laboratories, Inc. (NYSE:DLB) traded up 8.4% during trading on Thursday following a dividend announcement from the company. The company traded as high as $86.75 and last traded at $87.39. 149,357 shares changed hands during mid-day trading, a decline of 66% from the average session 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 given a $0.33 dividend. 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%.

Analyst Ratings Changes

DLB has been the topic of a number of research reports. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a report on Thursday. StockNews.com downgraded shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Friday. Finally, Barrington Research reissued an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a report on Monday, January 27th.

Dolby Laboratories Stock Performance

The company has a fifty day simple moving average of $79.35 and a two-hundred day simple moving average of $75.76. The stock has a market capitalization of $7.98 billion, a price-to-earnings ratio of 30.75 and a beta of 0.98.

Insider Buying and Selling at Dolby Laboratories

In other news, CEO Kevin J. Yeaman sold 50,000 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $80.54, for a total value of $4,027,000.00. Following the completion of the transaction, the chief executive officer now owns 83,721 shares of the company’s stock, valued at approximately $6,742,889.34. This represents a 37.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Andrew Sherman sold 12,338 shares of Dolby Laboratories stock in a transaction that occurred on 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 directly owns 62,397 shares in the company, valued at $4,871,957.76. This trade represents a 16.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 135,917 shares of company stock valued at $10,877,739 in the last ninety days. 38.39% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Dolby Laboratories

Several hedge funds have recently modified their holdings of DLB. Savant Capital LLC raised its position in Dolby Laboratories by 2.0% in the fourth quarter. Savant Capital LLC now owns 6,274 shares of the electronics maker’s stock valued at $490,000 after purchasing an additional 125 shares during the last quarter. Harbor Capital Advisors Inc. raised its holdings in Dolby Laboratories by 5.6% in the 4th quarter. Harbor Capital Advisors Inc. now owns 2,571 shares of the electronics maker’s stock valued at $201,000 after buying an additional 136 shares during the last quarter. Mather Group LLC. boosted its position in Dolby Laboratories by 36.8% during the 4th quarter. Mather Group LLC. now owns 528 shares of the electronics maker’s stock worth $41,000 after buying an additional 142 shares during the period. First Horizon Advisors Inc. increased its position in Dolby Laboratories by 22.7% in the 3rd quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock valued at $60,000 after acquiring an additional 146 shares during the period. Finally, Naples Global Advisors LLC raised its stake in shares of Dolby Laboratories by 0.4% during the fourth quarter. Naples Global Advisors LLC now owns 35,730 shares of the electronics maker’s stock valued at $2,791,000 after acquiring an additional 160 shares during the last quarter. Institutional investors and hedge funds 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.