Dolby Laboratories, Inc. (NYSE:DLB) Director Peter C. Gotcher Sells 6,079 Shares

Dolby Laboratories, Inc. (NYSE:DLB - Get Free Report) Director Peter C. Gotcher sold 6,079 shares of the company's stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $78.96, for a total transaction of $479,997.84. Following the completion of the sale, the director now directly owns 37,593 shares of the company's stock, valued at approximately $2,968,343.28. This represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Dolby Laboratories Stock Performance

NYSE:DLB traded up $0.32 during trading hours on Friday, hitting $80.57. 584,161 shares of the company's stock traded hands, compared to its average volume of 406,484. Dolby Laboratories, Inc. has a twelve month low of $66.35 and a twelve month high of $90.06. The firm has a market cap of $7.68 billion, a P/E ratio of 29.73 and a beta of 0.98. The stock's fifty day moving average price is $74.33 and its two-hundred day moving average price is $76.07.

Dolby Laboratories Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.64%. This is a positive change from Dolby Laboratories's previous quarterly dividend of $0.30. Dolby Laboratories's dividend payout ratio (DPR) is 44.28%.

Dolby Laboratories declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, August 7th that allows the company to buyback $350.00 million in outstanding shares. This buyback authorization allows the electronics maker to buy up to 5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on DLB. Barrington Research restated an "outperform" rating and set a $100.00 target price on shares of Dolby Laboratories in a report on Wednesday. Rosenblatt Securities lifted their target price on shares of Dolby Laboratories from $98.00 to $100.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, StockNews.com upgraded shares of Dolby Laboratories from a "buy" rating to a "strong-buy" rating in a research report on Monday.

Institutional Trading of Dolby Laboratories

Institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. boosted its holdings in Dolby Laboratories by 398.8% during the second quarter. Blue Trust Inc. now owns 414 shares of the electronics maker's stock valued at $35,000 after acquiring an additional 331 shares during the period. Point72 Hong Kong Ltd bought a new stake in Dolby Laboratories in the 2nd quarter valued at $37,000. GAMMA Investing LLC raised its position in shares of Dolby Laboratories by 64.6% during the second quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker's stock valued at $39,000 after buying an additional 192 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its stake in 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 valued at $46,000 after acquiring an additional 379 shares during the period. Finally, First Horizon Advisors Inc. raised its stake in shares of Dolby Laboratories by 22.7% in the third 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 in the last quarter. 58.56% of the stock is currently owned by institutional investors and hedge funds.

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.

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