Kevin J. Yeaman Sells 39,875 Shares of Dolby Laboratories (NYSE:DLB) Stock

Dolby Laboratories (NYSE:DLB) CEO Kevin J. Yeaman sold 39,875 shares of Dolby Laboratories stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $74.82, for a total value of $2,983,447.50. Following the completion of the sale, the chief executive officer directly owned 114,725 shares of the company’s stock, valued at approximately $8,583,724.50. The trade was a 25.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Dolby Laboratories Stock Down 0.4%

Dolby Laboratories stock opened at $75.35 on Friday. The business has a 50-day simple moving average of $75.16 and a two-hundred day simple moving average of $77.76. The company has a market cap of $7.24 billion, a P/E ratio of 28.43 and a beta of 0.91. Dolby Laboratories has a 52-week low of $66.35 and a 52-week high of $89.66.

Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings data on Thursday, May 1st. The electronics maker reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.05. The company had revenue of $369.56 million for the quarter, compared to the consensus estimate of $375.44 million. Dolby Laboratories had a net margin of 19.44% and a return on equity of 11.48%. The firm’s revenue was up 1.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.27 earnings per share. Research analysts anticipate that Dolby Laboratories will post 2.94 EPS for the current fiscal year.

Dolby Laboratories Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Tuesday, May 13th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date was Tuesday, May 13th. Dolby Laboratories’s payout ratio is 49.81%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Wall Street Zen upgraded shares of Dolby Laboratories from a “hold” rating to a “buy” rating in a research note on Friday, May 30th. Rosenblatt Securities restated a “buy” rating and set a $95.00 price objective on shares of Dolby Laboratories in a research report on Friday, June 13th. Tigress Financial assumed coverage on shares of Dolby Laboratories in a report on Thursday, May 15th. They issued a “buy” rating and a $112.00 target price on the stock. Finally, Barrington Research reiterated an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a research note on Friday, May 2nd.

Institutional Investors Weigh In On Dolby Laboratories

Hedge funds and other institutional investors have recently modified their holdings of the stock. Proficio Capital Partners LLC bought a new position in shares of Dolby Laboratories during the 4th quarter valued at approximately $1,043,000. Raymond James Financial Inc. purchased a new position in Dolby Laboratories during the fourth quarter valued at approximately $1,872,000. Amundi boosted its position in shares of Dolby Laboratories by 44.6% in the fourth quarter. Amundi now owns 4,594 shares of the electronics maker’s stock worth $354,000 after purchasing an additional 1,417 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Dolby Laboratories by 16.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,516 shares of the electronics maker’s stock worth $1,134,000 after purchasing an additional 1,997 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Dolby Laboratories in the fourth quarter worth $645,000. 58.56% of the stock is currently owned by hedge funds and other institutional investors.

Dolby Laboratories Company Profile

Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment at the cinema, DTV transmissions and devices, mobile devices, OTT video and music services, home entertainment devices, and automobiles. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for a range of media applications; AVC, a digital video codec with high bandwidth efficiency used in various media devices; Dolby AC-4, a digital audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for cinema and various media devices.