Dolby Laboratories, Inc. (NYSE:DLB) Short Interest Down 6.6% in October

Dolby Laboratories, Inc. (NYSE:DLB) saw a significant decline in short interest in the month of October. As of October 15th, there was short interest totalling 899,200 shares, a decline of 6.6% from the September 30th total of 962,800 shares. Currently, 1.5% of the company’s shares are sold short. Based on an average daily trading volume, of 486,500 shares, the days-to-cover ratio is currently 1.8 days.

Dolby Laboratories Trading Up 1.0 %

NYSE DLB opened at $73.65 on Friday. The stock has a market cap of $7.02 billion, a P/E ratio of 33.63 and a beta of 0.97. The company’s fifty day simple moving average is $72.89 and its 200-day simple moving average is $76.49. Dolby Laboratories has a 52 week low of $66.35 and a 52 week high of $90.06.

Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings data on Wednesday, August 7th. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.14. The firm had revenue of $288.82 million for the quarter, compared to analyst estimates of $286.26 million. Dolby Laboratories had a net margin of 16.87% and a return on equity of 10.66%. On average, research analysts expect that Dolby Laboratories will post 2.71 EPS for the current fiscal year.

Dolby Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend was Monday, August 19th. Dolby Laboratories’s payout ratio is currently 54.79%.

Dolby Laboratories declared that its board has approved a share buyback plan on Wednesday, August 7th that authorizes the company to buyback $350.00 million in outstanding shares. This buyback authorization authorizes the electronics maker to purchase up to 5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, CEO Kevin J. Yeaman sold 28,512 shares of Dolby Laboratories stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $74.12, for a total transaction of $2,113,309.44. Following the transaction, the chief executive officer now owns 83,721 shares in the company, valued at approximately $6,205,400.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 39.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Assetmark Inc. lifted its position in shares of Dolby Laboratories by 9.0% during the third quarter. Assetmark Inc. now owns 19,540 shares of the electronics maker’s stock worth $1,495,000 after purchasing an additional 1,606 shares during the last quarter. CWA Asset Management Group LLC bought a new position in Dolby Laboratories during the 3rd quarter worth approximately $746,000. Equitable Trust Co. acquired a new position in shares of Dolby Laboratories in the 3rd quarter worth approximately $460,000. Van ECK Associates Corp grew its position in shares of Dolby Laboratories by 40.0% in the 3rd quarter. Van ECK Associates Corp now owns 34,881 shares of the electronics maker’s stock worth $2,535,000 after acquiring an additional 9,967 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its holdings in shares of Dolby Laboratories by 19.1% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 2,435 shares of the electronics maker’s stock valued at $186,000 after acquiring an additional 390 shares during the last quarter. 58.56% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Barrington Research reaffirmed an “outperform” rating and issued a $100.00 target price on shares of Dolby Laboratories in a research report on Friday, September 20th.

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.