Dolby Laboratories, Inc. (NYSE:DLB) Short Interest Down 7.8% in November

Dolby Laboratories, Inc. (NYSE:DLB) was the recipient of a large decline in short interest in the month of November. As of November 30th, there was short interest totalling 803,400 shares, a decline of 7.8% from the November 15th total of 871,100 shares. Currently, 1.4% of the shares of the company are sold short. Based on an average daily volume of 394,700 shares, the short-interest ratio is presently 2.0 days.

Dolby Laboratories Stock Performance

NYSE:DLB opened at $78.48 on Wednesday. The stock has a 50 day moving average price of $76.01 and a 200 day moving average price of $75.73. The stock has a market cap of $7.49 billion, a PE ratio of 28.96 and a beta of 0.98. Dolby Laboratories has a one year low of $66.35 and a one year high of $87.12.

Dolby Laboratories Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd were paid a dividend of $0.33 per share. The ex-dividend date was Tuesday, December 3rd. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a yield of 1.68%. Dolby Laboratories’s payout ratio is 48.71%.

Insider Activity at Dolby Laboratories

In related news, SVP John D. Couling sold 7,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $80.50, for a total value of $563,500.00. Following the transaction, the senior vice president now directly owns 106,806 shares of the company’s stock, valued at approximately $8,597,883. This trade represents a 6.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Kevin J. Yeaman sold 50,000 shares of Dolby Laboratories stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $80.54, for a total value of $4,027,000.00. Following the completion of the sale, the chief executive officer now owns 83,721 shares in the company, valued at approximately $6,742,889.34. The trade was a 37.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 152,091 shares of company stock worth $12,027,697 in the last three months. Company insiders own 39.54% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. lifted its holdings 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 worth $35,000 after acquiring an additional 331 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in Dolby Laboratories during the second quarter worth $37,000. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Dolby Laboratories by 192.4% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker’s stock worth $46,000 after buying an additional 379 shares during the period. First Horizon Advisors Inc. boosted its position in shares of 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 buying an additional 146 shares during the period. Finally, Prospera Private Wealth LLC acquired a new stake in shares of Dolby Laboratories in the third quarter valued at $93,000. 58.56% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Barrington Research reiterated an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a research report on Wednesday, November 20th. Rosenblatt Securities upped their target price on shares of Dolby Laboratories from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Finally, StockNews.com raised shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 4th.

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.