Dolby Laboratories, Inc. (NYSE:DLB) Sees Large Drop in Short Interest

Dolby Laboratories, Inc. (NYSE:DLB) was the recipient of a significant decrease in short interest in the month of February. As of February 28th, there was short interest totalling 594,200 shares, a decrease of 23.5% from the February 13th total of 776,400 shares. Based on an average daily trading volume, of 499,200 shares, the short-interest ratio is presently 1.2 days. Approximately 1.0% of the company’s stock are short sold.

Dolby Laboratories Stock Performance

NYSE:DLB traded up $0.40 during trading hours on Wednesday, hitting $82.68. The company’s stock had a trading volume of 8,324 shares, compared to its average volume of 411,656. The business’s 50-day moving average is $81.86 and its two-hundred day moving average is $77.66. The company has a market capitalization of $7.89 billion, a PE ratio of 30.47 and a beta of 1.01. Dolby Laboratories has a 52-week low of $66.35 and a 52-week high of $89.66.

Dolby Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 19th. Shareholders of record on Tuesday, February 11th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.60%. The ex-dividend date was Tuesday, February 11th. Dolby Laboratories’s payout ratio is 48.53%.

Insider Buying and Selling

In related news, EVP Mark Andrew Sherman sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $84.88, for a total value of $3,395,200.00. Following the completion of the transaction, the executive vice president now directly owns 62,397 shares of the company’s stock, valued at $5,296,257.36. This represents a 39.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CMO Todd Pendleton sold 18,121 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $83.75, for a total value of $1,517,633.75. Following the completion of the transaction, the chief marketing officer now directly owns 37,290 shares of the company’s stock, valued at $3,123,037.50. This trade represents a 32.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 65,121 shares of company stock worth $5,501,324. Company insiders own 38.39% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. 111 Capital purchased a new position in shares of Dolby Laboratories in the fourth quarter valued at $639,000. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Dolby Laboratories by 6.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 5,657 shares of the electronics maker’s stock valued at $442,000 after acquiring an additional 331 shares during the last quarter. Vise Technologies Inc. acquired a new stake in shares of Dolby Laboratories during the fourth quarter valued at $308,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Dolby Laboratories by 3.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 225,618 shares of the electronics maker’s stock valued at $17,621,000 after acquiring an additional 6,640 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its stake in shares of Dolby Laboratories by 247.2% during the fourth quarter. Squarepoint Ops LLC now owns 191,675 shares of the electronics maker’s stock valued at $14,970,000 after acquiring an additional 136,465 shares during the last quarter. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. StockNews.com downgraded Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a report on Friday, January 31st. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price target on shares of Dolby Laboratories in a report on Thursday, January 30th. Finally, Barrington Research reaffirmed an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a report on Thursday, February 13th.

Dolby Laboratories Company Profile

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.