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 company’s stock in a transaction 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 approximately $6,742,889.34. The trade was a 37.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Dolby Laboratories Trading Up 0.2 %

Shares of NYSE:DLB opened at $78.32 on Friday. The company has a market capitalization of $7.47 billion, a price-to-earnings ratio of 28.90 and a beta of 0.98. Dolby Laboratories, Inc. has a 12-month low of $66.35 and a 12-month high of $90.06. The business has a 50-day moving average price of $74.89 and a 200 day moving average price of $75.97.

Dolby Laboratories Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd will be given a dividend of $0.33 per share. The ex-dividend date is Tuesday, December 3rd. 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%. Dolby Laboratories’s dividend payout ratio (DPR) is currently 48.71%.

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

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Barrington Research reissued an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a research report on Wednesday, November 20th. Rosenblatt Securities boosted their target price on shares of Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Finally, StockNews.com downgraded 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

Hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. lifted its stake in Dolby Laboratories by 398.8% during the second quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 331 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Dolby Laboratories in the 2nd quarter valued at $37,000. GAMMA Investing LLC lifted its stake in Dolby Laboratories by 64.6% during the 2nd quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker’s stock worth $39,000 after acquiring an additional 192 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its holdings in Dolby Laboratories by 192.4% during the 2nd 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. boosted its holdings in 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 acquiring an additional 146 shares during the period. Hedge funds and other institutional investors own 58.56% of the company’s stock.

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.