Dolby Laboratories, Inc. (NYSE:DLB) EVP Sells $963,351.04 in Stock

Dolby Laboratories, Inc. (NYSE:DLB) EVP Mark Andrew Sherman sold 12,338 shares of Dolby Laboratories stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $78.08, for a total transaction of $963,351.04. Following the completion of the transaction, the executive vice president now directly owns 62,397 shares of the company’s stock, valued at approximately $4,871,957.76. This trade represents a 16.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Dolby Laboratories Stock Performance

NYSE DLB opened at $77.29 on Friday. The stock has a market cap of $7.38 billion, a PE ratio of 28.52 and a beta of 0.98. The firm has a 50-day moving average of $76.16 and a 200-day moving average of $75.75. Dolby Laboratories, Inc. has a 52-week low of $66.35 and a 52-week high of $87.12.

Dolby Laboratories Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Tuesday, December 3rd were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend was Tuesday, December 3rd. This is a boost from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s payout ratio is currently 48.71%.

Hedge Funds Weigh In On Dolby Laboratories

Several institutional investors and hedge funds have recently made changes to their positions in DLB. Blue Trust Inc. boosted its stake in Dolby Laboratories by 398.8% in the 2nd quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 331 shares during the period. Point72 Hong Kong Ltd bought a new stake in shares of Dolby Laboratories in the second quarter valued at about $37,000. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Dolby Laboratories by 192.4% in 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. First Horizon Advisors Inc. increased its position in Dolby Laboratories by 22.7% during the third quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock worth $60,000 after acquiring an additional 146 shares during the period. Finally, Prospera Private Wealth LLC acquired a new stake in Dolby Laboratories in the 3rd quarter worth about $93,000. Institutional investors and hedge funds own 58.56% of the company’s stock.

Analysts Set New Price Targets

DLB has been the subject of several recent analyst reports. Barrington Research reiterated an “outperform” rating and issued a $100.00 target price on shares of Dolby Laboratories in a research note on Wednesday, November 20th. StockNews.com raised Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 4th. Finally, Rosenblatt Securities lifted their target price on Dolby Laboratories from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th.

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.