Dolby Laboratories, Inc. (NYSE:DLB) Short Interest Down 23.5% in February

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. Approximately 1.0% of the shares of the company are short sold. Based on an average trading volume of 499,200 shares, the days-to-cover ratio is presently 1.2 days.

Dolby Laboratories Price Performance

DLB stock traded up $0.05 during midday trading on Tuesday, hitting $82.22. 351,127 shares of the stock traded hands, compared to its average volume of 413,302. The firm has a market cap of $7.85 billion, a P/E ratio of 30.23 and a beta of 1.01. The stock’s fifty day simple moving average is $81.86 and its 200-day simple moving average is $77.66. Dolby Laboratories has a 1-year low of $66.35 and a 1-year high of $89.66.

Dolby Laboratories Dividend Announcement

The company also recently declared 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. The ex-dividend date was Tuesday, February 11th. This represents a $1.32 annualized dividend and a yield of 1.61%. Dolby Laboratories’s dividend payout ratio is presently 48.53%.

Insider Transactions at Dolby Laboratories

In other news, EVP Mark Andrew Sherman sold 40,000 shares of the stock in a transaction 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 sale, the executive vice president now owns 62,397 shares in the company, valued at $5,296,257.36. This represents a 39.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Todd Pendleton sold 18,121 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $83.75, for a total transaction of $1,517,633.75. Following the completion of the sale, the chief marketing officer now owns 37,290 shares in the company, valued at $3,123,037.50. The trade was a 32.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 65,121 shares of company stock worth $5,501,324 over the last 90 days. 38.39% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Dolby Laboratories

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Dolby Laboratories by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 7,033,612 shares of the electronics maker’s stock valued at $549,325,000 after purchasing an additional 68,771 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Dolby Laboratories by 64.2% during the fourth quarter. Bank of New York Mellon Corp now owns 4,826,477 shares of the electronics maker’s stock valued at $376,948,000 after purchasing an additional 1,887,518 shares in the last quarter. State Street Corp lifted its holdings in Dolby Laboratories by 1.5% during the third quarter. State Street Corp now owns 1,931,586 shares of the electronics maker’s stock valued at $147,824,000 after purchasing an additional 29,289 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Dolby Laboratories by 4.3% during the third quarter. Geode Capital Management LLC now owns 1,538,583 shares of the electronics maker’s stock valued at $117,767,000 after purchasing an additional 63,293 shares in the last quarter. Finally, Disciplined Growth Investors Inc. MN lifted its holdings in Dolby Laboratories by 4.5% during the third quarter. Disciplined Growth Investors Inc. MN now owns 1,466,212 shares of the electronics maker’s stock valued at $112,209,000 after purchasing an additional 63,589 shares in the last quarter. 58.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on DLB shares. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research note on Thursday, January 30th. StockNews.com lowered shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 31st. Finally, Barrington Research restated an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a research report on Thursday, February 13th.

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.