Insider Selling: Dolby Laboratories major shareholder Unloads 80,000 Shares of Stock (DLB)
Dolby Laboratories (NYSE:DLB) major shareholder Dagmar Dolby sold 80,000 shares of Dolby Laboratories stock on the open market in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $44.77, for a total value of $3,581,600.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.
Shares of Dolby Laboratories (NYSE:DLB) traded up 1.45% during mid-day trading on Wednesday, hitting $45.48. The stock had a trading volume of 400,649 shares. Dolby Laboratories has a 52 week low of $31.19 and a 52 week high of $45.83. The stock’s 50-day moving average is $43.69 and its 200-day moving average is $42.47. The company has a market cap of $4.645 billion and a price-to-earnings ratio of 22.40.
Dolby Laboratories (NYSE:DLB) last announced its earnings results on Thursday, July 24th. The company reported $0.38 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.27 by $0.11. The company had revenue of $223.40 million for the quarter, compared to the consensus estimate of $210.23 million. During the same quarter in the prior year, the company posted $0.47 earnings per share. The company’s quarterly revenue was up 7.9% on a year-over-year basis. On average, analysts predict that Dolby Laboratories will post $1.86 earnings per share for the current fiscal year.
A number of research firms have recently commented on DLB. Analysts at Zacks downgraded shares of Dolby Laboratories from an “outperform” rating to a “neutral” rating in a research note on Wednesday, July 30th. They now have a $48.00 price target on the stock. Separately, analysts at JPMorgan Chase & Co. reiterated an “underweight” rating on shares of Dolby Laboratories in a research note on Friday, July 25th. They now have a $43.00 price target on the stock, up previously from $38.00. Finally, analysts at B. Riley initiated coverage on shares of Dolby Laboratories in a research note on Tuesday, July 1st. They set a “neutral” rating and a $41.00 price target on the stock.
Dolby Laboratories, Inc designs and manufactures video and audio products for the film production, cinema, and television broadcast industries.
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