Dolby Laboratories (NYSE:DLB) CFO Lewis Chew sold 17,000 shares of the stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $59.55, for a total value of $1,012,350.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Dolby Laboratories (NYSE:DLB) opened at $61.00 on Wednesday. The company has a market capitalization of $6,127.32, a P/E ratio of 28.87, a PEG ratio of 2.25 and a beta of 0.83. Dolby Laboratories has a 12-month low of $44.98 and a 12-month high of $61.45.
Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings results on Wednesday, October 25th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.18. The business had revenue of $242.05 million for the quarter, compared to the consensus estimate of $244.80 million. Dolby Laboratories had a return on equity of 10.73% and a net margin of 18.66%. The business’s revenue was up 3.9% on a year-over-year basis. During the same quarter last year, the business posted $0.37 EPS. research analysts expect that Dolby Laboratories will post 2.22 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Monday, November 6th will be issued a $0.16 dividend. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.14. The ex-dividend date is Friday, November 3rd. This represents a $0.64 annualized dividend and a dividend yield of 1.05%. Dolby Laboratories’s dividend payout ratio (DPR) is 32.99%.
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DLB has been the subject of a number of recent analyst reports. Piper Jaffray Companies restated a “hold” rating and set a $52.00 price objective (up previously from $49.00) on shares of Dolby Laboratories in a research note on Wednesday, September 13th. Dougherty & Co restated a “buy” rating and set a $63.00 price objective on shares of Dolby Laboratories in a research note on Wednesday, September 13th. B. Riley upgraded Dolby Laboratories to a “buy” rating and set a $61.50 price objective for the company in a research note on Saturday, July 22nd. BidaskClub lowered Dolby Laboratories from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 22nd. Finally, Zacks Investment Research lowered Dolby Laboratories from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 31st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $60.17.
A number of institutional investors have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Dolby Laboratories by 9.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,331 shares of the electronics maker’s stock valued at $114,000 after acquiring an additional 209 shares in the last quarter. US Bancorp DE raised its stake in Dolby Laboratories by 2.6% during the 2nd quarter. US Bancorp DE now owns 3,029 shares of the electronics maker’s stock valued at $149,000 after acquiring an additional 78 shares in the last quarter. Berkshire Asset Management LLC PA bought a new stake in Dolby Laboratories during the 3rd quarter valued at $200,000. CIBC Asset Management Inc bought a new stake in Dolby Laboratories during the 3rd quarter valued at $204,000. Finally, The Manufacturers Life Insurance Company raised its stake in Dolby Laboratories by 25.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,564 shares of the electronics maker’s stock valued at $174,000 after acquiring an additional 725 shares in the last quarter. 51.71% of the stock is currently owned by hedge funds and other institutional investors.
Dolby Laboratories Company Profile
Dolby Laboratories, Inc designs and manufactures audio and imaging products for the cinema, television, broadcast and entertainment industries. Its products for cinema include Digital Cinema Servers and Cinema Audio Products, and broadcast and other include Dolby Conference Phone and Other Products. It offers services to support theatrical and television production for cinema exhibition, broadcast and home entertainment, including equipment training and maintenance, mixing room alignment and equalization, as well as audio, color and light image calibration.
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