Dolby Laboratories, Inc. (NYSE:DLB) CEO Kevin J. Yeaman Sells 33,683 Shares

Dolby Laboratories, Inc. (NYSE:DLB) CEO Kevin J. Yeaman sold 33,683 shares of the firm’s stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $76.22, for a total value of $2,567,318.26. Following the completion of the transaction, the chief executive officer now directly owns 114,725 shares in the company, valued at $8,744,339.50. This trade represents a 22.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Dolby Laboratories Trading Down 0.0%

Shares of DLB opened at $75.23 on Friday. The business’s 50 day moving average is $74.73 and its 200 day moving average is $78.49. The company has a market capitalization of $7.23 billion, a PE ratio of 27.66 and a beta of 0.93. Dolby Laboratories, Inc. has a 12-month low of $66.35 and a 12-month high of $89.66.

Dolby Laboratories (NYSE:DLB) last issued its earnings results on Thursday, May 1st. The electronics maker reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 11.32% and a net margin of 19.97%. The firm’s quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter last year, the company earned $1.27 EPS. Equities research analysts predict that Dolby Laboratories, Inc. will post 2.94 earnings per share for the current year.

Dolby Laboratories Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Shareholders of record on Tuesday, May 13th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.75%. The ex-dividend date of this dividend was Tuesday, May 13th. Dolby Laboratories’s dividend payout ratio is presently 49.81%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Barrington Research reaffirmed an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research note on Friday, May 2nd. Rosenblatt Securities decreased their price objective on Dolby Laboratories from $100.00 to $95.00 and set a “buy” rating on the stock in a research note on Friday, May 2nd. Tigress Financial began coverage on Dolby Laboratories in a research note on Thursday, May 15th. They issued a “buy” rating and a $112.00 price objective on the stock. Finally, Wall Street Zen raised Dolby Laboratories from a “hold” rating to a “buy” rating in a research note on Friday, May 30th.

Hedge Funds Weigh In On Dolby Laboratories

Institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its holdings in Dolby Laboratories by 10,441,900.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 104,420 shares of the electronics maker’s stock valued at $8,123,000 after buying an additional 104,419 shares in the last quarter. Barclays PLC grew its holdings in Dolby Laboratories by 80.5% during the 3rd quarter. Barclays PLC now owns 33,230 shares of the electronics maker’s stock valued at $2,544,000 after buying an additional 14,825 shares in the last quarter. AlphaQuest LLC grew its holdings in Dolby Laboratories by 111.1% during the 4th quarter. AlphaQuest LLC now owns 6,148 shares of the electronics maker’s stock valued at $480,000 after buying an additional 3,235 shares in the last quarter. Vise Technologies Inc. purchased a new position in Dolby Laboratories during the 4th quarter valued at approximately $308,000. Finally, Twin Tree Management LP purchased a new position in Dolby Laboratories during the 4th quarter valued at approximately $662,000. Hedge funds and other institutional investors own 58.56% of the company’s stock.

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.