Dolby Laboratories, Inc. (NYSE:DLB) CEO Kevin J. Yeaman Sells 50,000 Shares

Dolby Laboratories, Inc. (NYSE:DLB) CEO Kevin J. Yeaman sold 50,000 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 83,721 shares of the company’s stock, valued at $6,742,889.34. The trade was a 37.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Dolby Laboratories Stock Down 2.7 %

Shares of NYSE:DLB opened at $78.20 on Thursday. The company has a market capitalization of $7.46 billion, a price-to-earnings ratio of 28.86 and a beta of 0.98. The firm has a 50 day moving average of $74.67 and a 200 day moving average of $75.94. Dolby Laboratories, Inc. has a 52 week low of $66.35 and a 52 week high of $90.06.

Dolby Laboratories Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Tuesday, December 3rd will be paid a dividend of $0.33 per share. This is a boost from Dolby Laboratories’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date is Tuesday, December 3rd. Dolby Laboratories’s dividend payout ratio is 44.28%.

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

Wall Street Analysts Forecast Growth

DLB has been the subject of a number of research analyst reports. Rosenblatt Securities lifted their target price on Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Barrington Research restated an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a report on Wednesday, November 20th. Finally, StockNews.com cut shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a report on Tuesday.

Hedge Funds Weigh In On Dolby Laboratories

A number of large investors have recently added to or reduced their stakes in DLB. Blue Trust Inc. grew its position in shares of Dolby Laboratories by 398.8% in the 2nd quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock worth $35,000 after buying an additional 331 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in Dolby Laboratories in the second quarter valued at approximately $37,000. GAMMA Investing LLC grew its holdings in Dolby Laboratories by 64.6% in the second quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker’s stock worth $39,000 after purchasing an additional 192 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its position in shares of Dolby Laboratories by 192.4% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker’s stock worth $46,000 after purchasing an additional 379 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its holdings in shares of Dolby Laboratories by 22.7% during the 3rd quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock valued at $60,000 after purchasing an additional 146 shares during the last quarter. 58.56% of the stock is currently owned by institutional investors.

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.