Dolby Laboratories (DLB) SVP Sells $541,280.30 in Stock
Dolby Laboratories (NYSE:DLB) SVP Steven E. Forshay sold 9,355 shares of the business’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $57.86, for a total value of $541,280.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
Shares of Dolby Laboratories (DLB) opened at $58.98 on Friday. The stock has a market cap of $5.98 billion, a price-to-earnings ratio of 28.20, a PEG ratio of 2.20 and a beta of 0.83.
Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings results on Wednesday, October 25th. The electronics maker reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.18. Dolby Laboratories had a return on equity of 10.73% and a net margin of 18.66%. The firm had revenue of $242.05 million for the quarter, compared to analysts’ expectations of $244.80 million. During the same period in the prior year, the business posted $0.37 earnings per share. The company’s revenue was up 3.9% on a year-over-year basis. equities research analysts expect that Dolby Laboratories will post 2.22 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Monday, November 6th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, November 3rd. This is a boost from Dolby Laboratories’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a dividend yield of 1.09%. Dolby Laboratories’s dividend payout ratio is currently 28.87%.
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Institutional investors and hedge funds have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Dolby Laboratories by 9.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,331 shares of the electronics maker’s stock worth $114,000 after purchasing an additional 209 shares in the last quarter. US Bancorp DE grew its holdings in shares of Dolby Laboratories by 2.6% during the second quarter. US Bancorp DE now owns 3,029 shares of the electronics maker’s stock worth $149,000 after purchasing an additional 78 shares in the last quarter. Berkshire Asset Management LLC PA purchased a new position in shares of Dolby Laboratories during the third quarter worth about $200,000. The Manufacturers Life Insurance Company grew its holdings in shares of Dolby Laboratories by 25.5% during the second quarter. The Manufacturers Life Insurance Company now owns 3,564 shares of the electronics maker’s stock worth $174,000 after purchasing an additional 725 shares in the last quarter. Finally, Teacher Retirement System of Texas grew its holdings in shares of Dolby Laboratories by 4.6% during the second quarter. Teacher Retirement System of Texas now owns 4,637 shares of the electronics maker’s stock worth $227,000 after purchasing an additional 205 shares in the last quarter. Hedge funds and other institutional investors own 51.83% of the company’s stock.
A number of equities research analysts recently issued reports on DLB shares. B. Riley restated a “buy” rating and issued a $65.50 price objective on shares of Dolby Laboratories in a research note on Thursday, October 26th. BidaskClub cut Dolby Laboratories from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 22nd. Dougherty & Co reiterated a “buy” rating and set a $63.00 price target on shares of Dolby Laboratories in a research report on Wednesday, September 13th. Piper Jaffray Companies reiterated a “hold” rating and set a $52.00 price target (up from $49.00) on shares of Dolby Laboratories in a research report on Wednesday, September 13th. Finally, Zacks Investment Research cut 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 assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $60.17.
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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