Insider Selling: Dolby Laboratories (DLB) CFO Sells $1,012,350.00 in Stock
Dolby Laboratories (NYSE:DLB) CFO Lewis Chew sold 17,000 shares of Dolby Laboratories stock in a transaction that occurred on 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Shares of Dolby Laboratories (NYSE:DLB) opened at $61.06 on Thursday. The company has a market capitalization of $6,224.26, a price-to-earnings ratio of 29.33, a price-to-earnings-growth ratio of 2.29 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 posted its earnings results on Wednesday, October 25th. The electronics maker reported $0.45 EPS for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.18. The company 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%. Dolby Laboratories’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.37 earnings per share. analysts expect that Dolby Laboratories will post 2.22 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Monday, November 6th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.05%. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.14. The ex-dividend date was Friday, November 3rd. Dolby Laboratories’s payout ratio is presently 32.99%.
A number of research firms recently weighed in on DLB. Zacks Investment Research downgraded Dolby Laboratories from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 31st. B. Riley restated a “buy” rating and issued a $65.50 price target on shares of Dolby Laboratories in a research note on Thursday, October 26th. Dougherty & Co restated a “buy” rating and issued a $63.00 price target on shares of Dolby Laboratories in a research note on Wednesday, September 13th. Piper Jaffray Companies restated a “hold” rating and issued a $52.00 price target (up from $49.00) on shares of Dolby Laboratories in a research note on Wednesday, September 13th. Finally, BidaskClub downgraded Dolby Laboratories from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 22nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. Dolby Laboratories presently has a consensus rating of “Hold” and an average price target of $60.17.
A number of institutional investors and hedge funds have recently bought and sold shares of DLB. BlackRock Inc. boosted its position in Dolby Laboratories by 13,583.7% during the first quarter. BlackRock Inc. now owns 2,431,722 shares of the electronics maker’s stock worth $127,449,000 after purchasing an additional 2,413,951 shares in the last quarter. Janus Henderson Group PLC boosted its position in Dolby Laboratories by 352.2% during the third quarter. Janus Henderson Group PLC now owns 2,657,618 shares of the electronics maker’s stock worth $152,875,000 after purchasing an additional 2,069,849 shares in the last quarter. Schroder Investment Management Group purchased a new stake in Dolby Laboratories during the third quarter worth $35,761,000. Alliancebernstein L.P. boosted its position in Dolby Laboratories by 157.2% during the second quarter. Alliancebernstein L.P. now owns 907,989 shares of the electronics maker’s stock worth $44,455,000 after purchasing an additional 555,020 shares in the last quarter. Finally, Timucuan Asset Management Inc. FL boosted its position in Dolby Laboratories by 61.3% during the second quarter. Timucuan Asset Management Inc. FL now owns 1,172,271 shares of the electronics maker’s stock worth $57,394,000 after purchasing an additional 445,411 shares in the last quarter. Institutional investors own 51.71% of the company’s stock.
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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