Dolby Laboratories, Inc. (NYSE:DLB) Short Interest Update

Dolby Laboratories, Inc. (NYSE:DLB - Get Free Report) was the target of a significant drop in short interest in February. As of February 28th, there was short interest totalling 594,200 shares, a drop of 23.5% from the February 13th total of 776,400 shares. Based on an average daily trading volume, of 499,200 shares, the days-to-cover ratio is presently 1.2 days. Currently, 1.0% of the company's stock are sold short.

Dolby Laboratories Price Performance

DLB traded down $0.94 during trading hours on Friday, hitting $80.94. 1,830,444 shares of the stock were exchanged, compared to its average volume of 420,465. The stock has a market cap of $7.72 billion, a price-to-earnings ratio of 29.76 and a beta of 1.01. The stock has a 50-day simple moving average of $82.07 and a 200-day simple moving average of $77.72. Dolby Laboratories has a 12 month low of $66.35 and a 12 month high of $89.66.

Dolby Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 19th. Stockholders of record on Tuesday, February 11th were given a $0.33 dividend. The ex-dividend date was Tuesday, February 11th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.63%. Dolby Laboratories's payout ratio is currently 48.53%.

Insider Activity

In other Dolby Laboratories news, CAO Ryan Nicholson sold 7,000 shares of the company's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $84.07, for a total value of $588,490.00. Following the completion of the transaction, the chief accounting officer now directly owns 29,758 shares of the company's stock, valued at $2,501,755.06. This represents a 19.04 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CMO Todd Pendleton sold 18,121 shares of Dolby Laboratories stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $83.75, for a total value of $1,517,633.75. Following the sale, the chief marketing officer now directly owns 37,290 shares in the company, valued at approximately $3,123,037.50. The trade was a 32.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 65,121 shares of company stock worth $5,501,324. 38.39% of the stock is currently owned by corporate insiders.

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Institutional Investors Weigh In On Dolby Laboratories

A number of institutional investors have recently modified their holdings of DLB. Bank of New York Mellon Corp boosted its stake in Dolby Laboratories by 64.2% in the fourth quarter. Bank of New York Mellon Corp now owns 4,826,477 shares of the electronics maker's stock valued at $376,948,000 after acquiring an additional 1,887,518 shares during the period. Norges Bank acquired a new position in Dolby Laboratories during the 4th quarter valued at approximately $55,356,000. Alyeska Investment Group L.P. bought a new position in Dolby Laboratories during the 4th quarter worth $27,314,000. Frontier Capital Management Co. LLC acquired a new stake in Dolby Laboratories in the fourth quarter worth $24,323,000. Finally, Clifford Capital Partners LLC increased its position in Dolby Laboratories by 3,114.7% in the third quarter. Clifford Capital Partners LLC now owns 270,579 shares of the electronics maker's stock worth $20,707,000 after buying an additional 262,162 shares during the period. Institutional investors own 58.56% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Barrington Research reiterated an "outperform" rating and set a $100.00 target price on shares of Dolby Laboratories in a research note on Thursday, February 13th. Rosenblatt Securities reissued a "buy" rating and set a $100.00 price objective on shares of Dolby Laboratories in a report on Thursday, January 30th. Finally, StockNews.com lowered shares of Dolby Laboratories from a "strong-buy" rating to a "buy" rating in a research note on Friday, January 31st.

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.