Dolby Laboratories (NYSE:DLB – Get Free Report) declared a quarterly dividend on Thursday, July 30th. Shareholders of record on Tuesday, August 11th will be paid a dividend of 0.36 per share by the electronics maker on Wednesday, August 19th. This represents a c) dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, August 11th.
Dolby Laboratories has increased its dividend by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 10 consecutive years. Dolby Laboratories has a dividend payout ratio of 34.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Dolby Laboratories to earn $3.36 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 42.9%.
Dolby Laboratories Stock Performance
Shares of DLB opened at $51.69 on Friday. The stock has a 50 day moving average price of $52.21 and a 200 day moving average price of $58.58. Dolby Laboratories has a one year low of $48.26 and a one year high of $75.80. The stock has a market capitalization of $4.89 billion, a price-to-earnings ratio of 20.43 and a beta of 0.81.
Insiders Place Their Bets
In other news, SVP John D. Couling sold 7,667 shares of the company’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $53.20, for a total value of $407,884.40. Following the transaction, the senior vice president owned 118,727 shares of the company’s stock, valued at $6,316,276.40. This represents a 6.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CMO Todd Pendleton sold 11,876 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $54.55, for a total value of $647,835.80. Following the transaction, the chief marketing officer owned 41,480 shares of the company’s stock, valued at approximately $2,262,734. This represents a 22.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 47,458 shares of company stock worth $2,639,537 over the last ninety days. Company insiders own 37.93% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of DLB. State Street Corp raised its stake in shares of Dolby Laboratories by 8.7% in the 2nd quarter. State Street Corp now owns 2,261,059 shares of the electronics maker’s stock valued at $167,906,000 after acquiring an additional 180,072 shares during the period. First Trust Advisors LP increased its holdings in Dolby Laboratories by 19.9% in the 1st quarter. First Trust Advisors LP now owns 2,254,933 shares of the electronics maker’s stock valued at $135,431,000 after purchasing an additional 374,405 shares during the last quarter. Geode Capital Management LLC increased its holdings in Dolby Laboratories by 15.6% in the 4th quarter. Geode Capital Management LLC now owns 1,885,246 shares of the electronics maker’s stock valued at $122,749,000 after purchasing an additional 254,250 shares during the last quarter. AQR Capital Management LLC raised its position in Dolby Laboratories by 51.8% in the second quarter. AQR Capital Management LLC now owns 1,736,260 shares of the electronics maker’s stock valued at $128,935,000 after purchasing an additional 592,282 shares during the period. Finally, Snyder Capital Management L P raised its position in Dolby Laboratories by 24.4% in the fourth quarter. Snyder Capital Management L P now owns 1,427,093 shares of the electronics maker’s stock valued at $91,648,000 after purchasing an additional 279,743 shares during the period. Hedge funds and other institutional investors own 58.56% of the company’s stock.
About Dolby Laboratories
Dolby Laboratories, Inc is a global leader in audio and imaging technologies, specializing in the development, licensing and deployment of solutions that enhance entertainment and communications experiences. The company’s core business revolves around creating advanced audio codecs, noise reduction systems and spatial sound technologies for a wide range of applications, including cinema, broadcast, gaming, streaming and personal devices. Dolby’s licensing model enables consumer electronics manufacturers, content creators and service providers to integrate its technologies into products such as televisions, smartphones, home theater systems and set-top boxes.
Among its flagship innovations are Dolby Atmos, an immersive audio format that delivers three-dimensional soundscapes for theaters and home systems; Dolby Digital and Dolby Digital Plus, widely adopted audio compression formats for broadcast and streaming; and Dolby Vision, a high-dynamic-range imaging technology that expands color, contrast and brightness in displays.
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