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Pendleton Todd: insider trades

Officer at Dolby Laboratories, Inc. No open-market purchases and 14 sales not made under a pre-set plan, reported from February 19, 2020 to May 27, 2026.

What happened after Pendleton Todd’s sales?

After their sales, the shares moved −21.3% against the index over 12 months on average (a negative figure means selling was the right call); 85% trailed it.

With 296 insiders tested, some will look skilled or unskilled by chance alone: when we replaced each insider’s stocks with random companies bought on the same days, about 5.7 cleared the bar ahead and 23.3 behind. One record on its own proves little.

Trade by trade

MeasuredTrades countedAverage vs S&P 500MedianWent the right wayYearst-statisticp-valueEvidence
Purchases, 3 months after the report 0 — — — — — — Not enough years
Purchases, 6 months after the report 0 — — — — — — Not enough years
Purchases, 12 months after the report 0 — — — — — — Not enough years
Purchases, 12 months after the trade 0 — — — — — — Not enough years
Sales, 3 months after the report 14 −5.0% −5.4% 71% 7 −0.94 0.38 No reliable evidence
Sales, 12 months after the report 13 −21.3% −28.1% 85% 6 −3.15 0.025 Some evidence: seller right
Sales, 12 months after the trade 13 −21.5% −30.9% 85% 6 −3.36 0.020 Some evidence: seller right

“Average vs S&P 500” is the stock’s return including dividends minus the index’s over the same dates, from the close on the first trading day after the report, or from the close on the trade date. Only windows that have finished are counted. For sales, a negative figure means the stock lagged after it was sold, so selling was the right call (green). “Went the right way” is the share of purchases that beat the index, or of sales that trailed it. The t-statistic uses one average per year of reports, because one person’s trades bunch into the same stock and weeks, and needs trades in at least four different years; the p-value comes from the t distribution with that number of years (with four years, a t of 2 has p = 0.14). “Some evidence” means p under 5%, “strong evidence” p under 1% over at least six years.

Companies traded

CompanyTitle on the latest filingPurchasesSalesFirst reportLatest report
Dolby Laboratories, Inc. DLB SVP, Chief Marketing Officer014February 19, 2020May 27, 2026

Trades and what followed

Moves are against the S&P 500; green means the trade went the insider’s way.

ReportedTradedCompanyTradeValue3 months after report12 months after report12 months after trade
May 27, 2026May 22, 2026 DLB Sale $647,836 +11.1%not yetnot yet
February 21, 2025February 19, 2025 DLB Sale $1,517,634 −5.1%−36.9%−35.5%
March 1, 2024February 28, 2024 DLB Sale $1,992,828 −5.2%−11.8%−16.4%
September 5, 2023August 31, 2023 DLB Sale $581,500 +1.9%−40.0%−39.8%
February 24, 2023February 22, 2023 DLB Sale $2,362,666 −5.6%−28.1%−30.9%
May 20, 2022May 18, 2022 DLB Sale $3,893,552 −4.0%+4.9%+4.3%
August 31, 2021August 31, 2021 DLB Sale $417,656 −15.4%−13.7%−13.9%
August 10, 2021August 6, 2021 DLB Sale $1,357,859 −13.8%−13.3%−13.9%
August 5, 2021August 3, 2021 DLB Sale $1,011,748 −14.1%−13.9%−15.8%
February 24, 2021February 23, 2021 DLB Sale $972,676 −10.1%−34.3%−34.4%
February 22, 2021February 19, 2021 DLB Sale $1,361,266 −8.9%−34.4%−32.6%
November 25, 2020November 24, 2020 DLB Sale $465,581 +4.0%−34.0%−33.7%
November 20, 2020November 18, 2020 DLB Sale $2,791,319 +3.3%−33.5%−31.0%
February 19, 2020February 14, 2020 DLB Sale $4,406,088 −8.4%+12.2%+14.4%

Open-market purchases and sales of at least $10,000 in companies we cover, from SEC Form 4 filings; sales made under a pre-set Rule 10b5-1 plan are not shown. “Not yet” means the window has not finished or the share price was under $5 at entry. These are the shares’ moves after each trade: they say nothing about why Pendleton Todd traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.