Lewis Chew Sells 14,300 Shares of Dolby Laboratories, Inc. (DLB) Stock
Dolby Laboratories, Inc. (NYSE:DLB) CFO Lewis Chew sold 14,300 shares of the company’s stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $50.34, for a total value of $719,862.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Dolby Laboratories, Inc. (NYSE:DLB) traded up 0.66% during mid-day trading on Friday, reaching $50.29. The company’s stock had a trading volume of 17,911 shares. Dolby Laboratories, Inc. has a 1-year low of $44.33 and a 1-year high of $55.02. The firm has a 50 day moving average price of $51.61 and a 200-day moving average price of $49.08. The company has a market capitalization of $5.16 billion, a PE ratio of 27.32 and a beta of 0.54.
Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings results on Wednesday, April 26th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.47. Dolby Laboratories had a return on equity of 10.87% and a net margin of 19.82%. The company had revenue of $267.50 million for the quarter, compared to analysts’ expectations of $273.84 million. During the same period last year, the firm earned $0.82 EPS. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, equities analysts predict that Dolby Laboratories, Inc. will post $1.97 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, May 16th. Stockholders of record on Monday, May 8th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.12%. The ex-dividend date was Thursday, May 4th. Dolby Laboratories’s dividend payout ratio (DPR) is presently 27.72%.
Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. boosted its position in shares of Dolby Laboratories by 13,583.7% in the first quarter. BlackRock Inc. now owns 2,431,722 shares of the electronics maker’s stock valued at $127,449,000 after buying an additional 2,413,951 shares during the period. Norges Bank purchased a new position in shares of Dolby Laboratories during the fourth quarter valued at about $41,340,000. Renaissance Technologies LLC boosted its position in shares of Dolby Laboratories by 55.3% in the fourth quarter. Renaissance Technologies LLC now owns 1,892,400 shares of the electronics maker’s stock valued at $85,518,000 after buying an additional 674,100 shares during the period. Thrivent Financial for Lutherans purchased a new position in shares of Dolby Laboratories during the fourth quarter valued at about $28,755,000. Finally, American Century Companies Inc. boosted its position in shares of Dolby Laboratories by 35.5% in the first quarter. American Century Companies Inc. now owns 1,710,462 shares of the electronics maker’s stock valued at $89,645,000 after buying an additional 448,302 shares during the period. Institutional investors own 51.35% of the company’s stock.
DLB has been the topic of a number of recent analyst reports. Zacks Investment Research raised Dolby Laboratories from a “sell” rating to a “hold” rating in a report on Thursday, April 6th. Piper Jaffray Companies reaffirmed a “hold” rating on shares of Dolby Laboratories in a report on Thursday, January 26th. Finally, B. Riley reaffirmed a “neutral” rating and set a $49.00 price objective on shares of Dolby Laboratories in a report on Monday, January 23rd. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $54.00.
About Dolby Laboratories
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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