Dolby Laboratories (NYSE:DLB) Trading 8.4% Higher Following Dividend Announcement

Dolby Laboratories, Inc. (NYSE:DLB - Get Free Report) was up 8.4% on Thursday after the company announced a dividend. The stock traded as high as $86.75 and last traded at $87.39. Approximately 149,357 shares changed hands during trading, a decline of 66% from the average daily 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 issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date is Tuesday, February 11th. Dolby Laboratories's payout ratio is currently 48.53%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on DLB shares. Barrington Research reaffirmed an "outperform" rating and set a $100.00 price target on shares of Dolby Laboratories in a report on Monday, January 27th. Rosenblatt Securities reiterated a "buy" rating and set a $100.00 price objective on shares of Dolby Laboratories in a research report on Thursday. Finally, StockNews.com cut Dolby Laboratories from a "strong-buy" rating to a "buy" rating in a research report on Friday.

Dolby Laboratories Price Performance

The company has a market cap of $8.03 billion, a PE ratio of 30.94 and a beta of 0.98. The business has a 50-day moving average of $79.35 and a 200 day moving average of $75.69.

Insider Activity at Dolby Laboratories

In other Dolby Laboratories news, CAO Ryan Nicholson sold 10,500 shares of the company's stock in a transaction dated 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 in the company, valued at $1,953,505.52. This represents a 30.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP John D. Couling sold 50,000 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $80.04, for a total value of $4,002,000.00. Following the sale, the senior vice president now owns 106,806 shares of the company's stock, valued at $8,548,752.24. This represents a 31.89 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 135,917 shares of company stock worth $10,877,739. 38.39% of the stock is owned by insiders.

Institutional Trading of Dolby Laboratories

Several institutional investors have recently made changes to their positions in the business. State Street Corp grew its position in shares of Dolby Laboratories by 1.5% during the third quarter. State Street Corp now owns 1,931,586 shares of the electronics maker's stock worth $147,824,000 after purchasing an additional 29,289 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Dolby Laboratories by 4.3% during the third quarter. Geode Capital Management LLC now owns 1,538,583 shares of the electronics maker's stock worth $117,767,000 after purchasing an additional 63,293 shares in the last quarter. Disciplined Growth Investors Inc. MN grew its position in shares of Dolby Laboratories by 4.5% during the third quarter. Disciplined Growth Investors Inc. MN now owns 1,466,212 shares of the electronics maker's stock worth $112,209,000 after purchasing an additional 63,589 shares in the last quarter. Boston Trust Walden Corp grew its position in shares of Dolby Laboratories by 0.9% during the fourth quarter. Boston Trust Walden Corp now owns 1,084,700 shares of the electronics maker's stock worth $84,715,000 after purchasing an additional 9,624 shares in the last quarter. Finally, Lord Abbett & CO. LLC grew its position in shares of Dolby Laboratories by 5.8% during the third quarter. Lord Abbett & CO. LLC now owns 284,466 shares of the electronics maker's stock worth $21,771,000 after purchasing an additional 15,546 shares in the last quarter. Hedge funds and other institutional investors 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.