Dolby Laboratories Inc. closed at the highest price in almost three months after the sound and video pioneer announced a special dividend.
The stock gained 2.4 percent to $35 in New York, for the highest price since Sept. 19. The San Francisco-based company has advanced 15 percent this year.
Dolby joins companies from Oracle Corp. to Dish Network Corp. awarding special payouts or accelerating dividend payments ahead of anticipated tax increases next year. Dolby will pay shareholders $4 a share on Dec. 27 to stockholders of record as of Dec. 21, according to a statement yesterday.
The company will spend about $408 million on the payout, according to the statement.