Dolby Laboratories, Inc. (NYSE:DLB – Get Free Report) Director Peter C. Gotcher sold 6,079 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $78.96, for a total value of $479,997.84. Following the sale, the director now owns 37,593 shares of the company’s stock, valued at approximately $2,968,343.28. This trade represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.
Dolby Laboratories Price Performance
Shares of Dolby Laboratories stock opened at $80.57 on Friday. The stock has a market cap of $7.68 billion, a P/E ratio of 29.73 and a beta of 0.98. The stock’s 50 day simple moving average is $74.33 and its 200-day simple moving average is $76.07. Dolby Laboratories, Inc. has a 1-year low of $66.35 and a 1-year high of $90.06.
Dolby Laboratories declared that its board has approved a share repurchase plan on Wednesday, August 7th that allows the company to repurchase $350.00 million in outstanding shares. This repurchase authorization allows the electronics maker to repurchase up to 5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.
Dolby Laboratories Increases Dividend
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the company. Boston Trust Walden Corp increased its position in shares of 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 worth $82,276,000 after acquiring an additional 698,283 shares during the period. Clifford Capital Partners LLC increased its position in shares of Dolby Laboratories by 3,114.7% during the third quarter. Clifford Capital Partners LLC now owns 270,579 shares of the electronics maker’s stock worth $20,707,000 after acquiring an additional 262,162 shares during the period. Acadian Asset Management LLC increased its position in shares of Dolby Laboratories by 39.8% during the second quarter. Acadian Asset Management LLC now owns 652,651 shares of the electronics maker’s stock worth $51,698,000 after acquiring an additional 185,884 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Dolby Laboratories by 27.0% during the second quarter. Dimensional Fund Advisors LP now owns 792,828 shares of the electronics maker’s stock worth $62,817,000 after acquiring an additional 168,744 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Dolby Laboratories by 1.7% during the first quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock worth $544,711,000 after acquiring an additional 107,713 shares during the period. 58.56% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on DLB. Barrington Research restated an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a report on Wednesday. Rosenblatt Securities boosted their target price on Dolby Laboratories from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, StockNews.com upgraded Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a report on Monday, November 18th.
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.
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