John D. Couling Sells 50,000 Shares of Dolby Laboratories, Inc. (NYSE:DLB) Stock

Dolby Laboratories, Inc. (NYSE:DLB) SVP John D. Couling sold 50,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $80.04, for a total value of $4,002,000.00. Following the completion of the sale, the senior vice president now directly owns 106,806 shares in the company, valued at approximately $8,548,752.24. This represents a 31.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Dolby Laboratories Trading Down 2.7 %

Shares of DLB stock opened at $78.20 on Thursday. The company has a market capitalization of $7.46 billion, a P/E ratio of 29.07 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 stock has a 50 day moving average of $74.67 and a two-hundred day moving average of $75.94.

Dolby Laboratories declared that its board has initiated a stock buyback program on Wednesday, August 7th that allows the company to repurchase $350.00 million in shares. This repurchase authorization allows the electronics maker to buy up to 5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Dolby Laboratories Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.69%. The ex-dividend date is Tuesday, December 3rd. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s payout ratio is 44.28%.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in DLB. Blue Trust Inc. grew its stake in shares of 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 acquired a new position in Dolby Laboratories during the second quarter worth $37,000. GAMMA Investing LLC raised its stake in Dolby Laboratories by 64.6% during the second 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 stake in shares of Dolby Laboratories by 192.4% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker’s stock valued at $46,000 after purchasing an additional 379 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its holdings in shares of Dolby Laboratories by 22.7% in the 3rd quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock worth $60,000 after purchasing an additional 146 shares during the last quarter. Institutional investors and hedge funds 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.