Dolby Laboratories, Inc. (NYSE:DLB) Short Interest Down 10.2% in August

Dolby Laboratories, Inc. (NYSE:DLB) was the recipient of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 662,300 shares, a decline of 10.2% from the August 15th total of 737,500 shares. Based on an average daily volume of 499,500 shares, the days-to-cover ratio is presently 1.3 days. Currently, 1.1% of the company’s stock are short sold.

Dolby Laboratories Stock Performance

NYSE DLB traded up $0.79 during trading hours on Wednesday, hitting $72.67. 379,019 shares of the company’s stock were exchanged, compared to its average volume of 415,162. The business’s 50 day moving average is $73.75 and its 200-day moving average is $78.44. Dolby Laboratories has a 12-month low of $66.35 and a 12-month high of $90.06. The firm has a market capitalization of $6.96 billion, a P/E ratio of 37.04 and a beta of 0.97.

Dolby Laboratories (NYSE:DLB) last posted its earnings results on Wednesday, August 7th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.14. The business had revenue of $288.82 million during the quarter, compared to analyst estimates of $286.26 million. Dolby Laboratories had a return on equity of 10.66% and a net margin of 16.87%. As a group, equities research analysts anticipate that Dolby Laboratories will post 2.72 EPS for the current fiscal year.

Dolby Laboratories Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.65%. The ex-dividend date was Monday, August 19th. Dolby Laboratories’s dividend payout ratio (DPR) is 61.22%.

Hedge Funds Weigh In On Dolby Laboratories

Several hedge funds and other institutional investors have recently modified their holdings of DLB. Vanguard Group Inc. grew its stake in Dolby Laboratories by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock valued at $544,711,000 after acquiring an additional 107,713 shares in the last quarter. Ninety One UK Ltd boosted its position in Dolby Laboratories by 2.6% during the second quarter. Ninety One UK Ltd now owns 2,344,963 shares of the electronics maker’s stock worth $185,791,000 after purchasing an additional 60,114 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Dolby Laboratories by 11.2% during the first quarter. Bank of New York Mellon Corp now owns 2,324,244 shares of the electronics maker’s stock worth $194,702,000 after buying an additional 233,958 shares during the last quarter. Disciplined Growth Investors Inc. MN lifted its holdings in shares of Dolby Laboratories by 0.8% during the second quarter. Disciplined Growth Investors Inc. MN now owns 1,402,623 shares of the electronics maker’s stock worth $111,130,000 after buying an additional 10,852 shares during the last quarter. Finally, Mackenzie Financial Corp raised its stake in shares of Dolby Laboratories by 3.5% in the second quarter. Mackenzie Financial Corp now owns 1,010,230 shares of the electronics maker’s stock valued at $80,041,000 after purchasing an additional 33,848 shares in the last quarter. Institutional investors and hedge funds own 58.56% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on DLB shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $98.00 price target on shares of Dolby Laboratories in a research report on Friday, June 7th. Barrington Research reissued an “outperform” rating and issued a $100.00 target price on shares of Dolby Laboratories in a report on Friday, August 9th.

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.