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

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

Dolby Laboratories Stock Performance

Shares of NYSE DLB traded up $0.40 during trading on Wednesday, hitting $82.68. 8,324 shares of the company were exchanged, compared to its average volume of 411,656. Dolby Laboratories has a 12-month low of $66.35 and a 12-month high of $89.66. The company has a fifty day moving average price of $81.86 and a 200-day moving average price of $77.66. The firm has a market capitalization of $7.89 billion, a PE ratio of 30.47 and a beta of 1.01.

Dolby Laboratories Dividend Announcement

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

Wall Street Analysts Forecast Growth

DLB has been the topic of a number of research reports. Barrington Research restated an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a report on Thursday, February 13th. Rosenblatt Securities restated a “buy” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a report on Thursday, January 30th. Finally, StockNews.com lowered Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a report on Friday, January 31st.

Insider Activity at Dolby Laboratories

In other news, CAO Ryan Nicholson sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $84.07, for a total transaction of $588,490.00. Following the sale, the chief accounting officer now owns 29,758 shares of the company’s stock, valued at $2,501,755.06. This trade represents a 19.04 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Mark Andrew Sherman sold 40,000 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $84.88, for a total value of $3,395,200.00. Following the transaction, the executive vice president now owns 62,397 shares in the company, valued at $5,296,257.36. This trade represents a 39.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 65,121 shares of company stock valued at $5,501,324 in the last three months. 38.39% of the stock is owned by insiders.

Institutional Trading of Dolby Laboratories

Hedge funds and other institutional investors have recently modified their holdings of the business. Fifth Third Bancorp increased its position in shares of Dolby Laboratories by 82.7% during the 4th quarter. Fifth Third Bancorp now owns 360 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 163 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in Dolby Laboratories by 436.2% during the fourth quarter. Nisa Investment Advisors LLC now owns 370 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 301 shares during the period. Mather Group LLC. increased its stake in shares of Dolby Laboratories by 36.8% during the fourth quarter. Mather Group LLC. now owns 528 shares of the electronics maker’s stock worth $41,000 after buying an additional 142 shares during the period. Headlands Technologies LLC purchased a new stake in shares of Dolby Laboratories during the fourth quarter worth approximately $57,000. Finally, GAMMA Investing LLC increased its stake in shares of Dolby Laboratories by 207.5% during the fourth quarter. GAMMA Investing LLC now owns 778 shares of the electronics maker’s stock worth $61,000 after buying an additional 525 shares during the period. 58.56% of the stock is owned by institutional investors and hedge funds.

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.