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

Shares of Dolby Laboratories, Inc. (NYSE:DLB) traded up 8.4% during trading on Thursday after the company announced a dividend. The company traded as high as $86.75 and last traded at $87.39. 149,357 shares changed hands during mid-day trading, a decline of 66% from the average session 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 paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend is Tuesday, February 11th. Dolby Laboratories’s dividend payout ratio is currently 48.53%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on DLB shares. StockNews.com lowered shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a report on Friday. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 target price on shares of Dolby Laboratories in a report on Thursday. Finally, Barrington Research restated an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a report on Monday, January 27th.

Dolby Laboratories Price Performance

The firm’s fifty day moving average price is $79.35 and its two-hundred day moving average price is $75.76. The stock has a market cap of $7.98 billion, a price-to-earnings ratio of 30.75 and a beta of 0.98.

Insider Buying and Selling

In other news, SVP John D. Couling sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $80.50, for a total value of $563,500.00. Following the transaction, the senior vice president now owns 106,806 shares in the company, valued at $8,597,883. This trade represents a 6.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mark Andrew Sherman sold 12,338 shares of the company’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $78.08, for a total value of $963,351.04. Following the sale, the executive vice president now owns 62,397 shares of the company’s stock, valued at $4,871,957.76. This trade represents a 16.51 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 135,917 shares of company stock valued at $10,877,739. 38.39% of the stock is owned by company insiders.

Hedge Funds Weigh In On Dolby Laboratories

Hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC lifted its holdings in 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 acquiring an additional 63,293 shares during the period. Lord Abbett & CO. LLC raised its stake in shares of Dolby Laboratories by 5.8% during the 3rd 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 during the period. Barclays PLC boosted its holdings in shares of Dolby Laboratories by 80.5% in the 3rd quarter. Barclays PLC now owns 33,230 shares of the electronics maker’s stock worth $2,544,000 after buying an additional 14,825 shares during the last quarter. Boston Trust Walden Corp grew its position in Dolby Laboratories by 185.3% during the third quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker’s stock valued at $82,276,000 after buying an additional 698,283 shares during the period. Finally, Edgestream Partners L.P. purchased a new stake in Dolby Laboratories during the third quarter worth about $3,031,000. 58.56% of the stock is owned by hedge funds and other institutional investors.

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.