Dolby Laboratories (DLB) CEO Sells $583,800.00 in Stock
Dolby Laboratories (NYSE:DLB) CEO Kevin J. Yeaman sold 10,000 shares of the stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $58.38, for a total value of $583,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Dolby Laboratories (NYSE:DLB) last posted its earnings results on Wednesday, October 25th. The electronics maker reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.18. The company had revenue of $242.05 million during the quarter, compared to analyst estimates of $244.80 million. Dolby Laboratories had a return on equity of 10.73% and a net margin of 18.66%. Dolby Laboratories’s revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.37 earnings per share.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Monday, November 6th will be issued a dividend of $0.16 per share. The ex-dividend date is Friday, November 3rd. This represents a $0.64 dividend on an annualized basis and a yield of 1.09%. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.14. Dolby Laboratories’s dividend payout ratio is currently 28.87%.
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A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Dolby Laboratories by 2.2% during the second quarter. Vanguard Group Inc. now owns 4,725,496 shares of the electronics maker’s stock worth $231,360,000 after buying an additional 103,702 shares during the period. BlackRock Inc. lifted its holdings in shares of Dolby Laboratories by 19.8% during the 2nd quarter. BlackRock Inc. now owns 2,913,371 shares of the electronics maker’s stock valued at $142,639,000 after purchasing an additional 481,649 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Dolby Laboratories by 0.9% during the 3rd quarter. American Century Companies Inc. now owns 1,844,837 shares of the electronics maker’s stock valued at $106,115,000 after purchasing an additional 16,420 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Dolby Laboratories by 14.1% during the 2nd quarter. Renaissance Technologies LLC now owns 1,549,100 shares of the electronics maker’s stock valued at $75,844,000 after purchasing an additional 191,600 shares during the last quarter. Finally, Timucuan Asset Management Inc. FL lifted its holdings in shares of Dolby Laboratories by 61.3% during the 2nd quarter. Timucuan Asset Management Inc. FL now owns 1,172,271 shares of the electronics maker’s stock valued at $57,394,000 after purchasing an additional 445,411 shares during the last quarter. Institutional investors own 51.83% of the company’s stock.
A number of research analysts have recently commented on DLB shares. B. Riley restated a “buy” rating and issued a $65.50 target price on shares of Dolby Laboratories in a research note on Thursday, October 26th. BidaskClub lowered Dolby Laboratories from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 22nd. Dougherty & Co reaffirmed a “buy” rating and set a $63.00 price objective on shares of Dolby Laboratories in a research report on Wednesday, September 13th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $52.00 price objective (up previously from $49.00) on shares of Dolby Laboratories in a research report on Wednesday, September 13th. Finally, Zacks Investment Research lowered Dolby Laboratories from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. One equities 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 stock. The stock presently has an average rating of “Hold” and a consensus target price of $60.17.
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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