Dolby Laboratories, Inc. (NYSE:DLB) CEO Kevin J. Yeaman Sells 28,512 Shares

Dolby Laboratories, Inc. (NYSE:DLB) CEO Kevin J. Yeaman sold 28,512 shares of Dolby Laboratories stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $74.12, for a total transaction of $2,113,309.44. Following the sale, the chief executive officer now directly owns 83,721 shares of the company’s stock, valued at $6,205,400.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Dolby Laboratories Stock Up 1.0 %

Shares of DLB opened at $74.82 on Friday. Dolby Laboratories, Inc. has a 12 month low of $66.35 and a 12 month high of $90.06. The company’s fifty day moving average is $72.47 and its 200-day moving average is $77.05. The firm has a market cap of $7.17 billion, a price-to-earnings ratio of 38.17 and a beta of 0.97.

Dolby Laboratories (NYSE:DLB) last posted its earnings results on Wednesday, August 7th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.14. The company had revenue of $288.82 million for the quarter, compared to analyst estimates of $286.26 million. Dolby Laboratories had a return on equity of 10.66% and a net margin of 16.87%. As a group, research analysts predict that Dolby Laboratories, Inc. will post 2.72 earnings per share for the current fiscal year.

Dolby Laboratories declared that its board has approved a share buyback plan on Wednesday, August 7th that permits the company to repurchase $350.00 million in outstanding shares. This repurchase authorization permits the electronics maker to reacquire up to 5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Dolby Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were given a dividend of $0.30 per share. The ex-dividend date was Monday, August 19th. This represents a $1.20 dividend on an annualized basis and a yield of 1.60%. Dolby Laboratories’s payout ratio is currently 61.22%.

Analyst Upgrades and Downgrades

Separately, Barrington Research reaffirmed an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a research note on Friday, September 20th.

Institutional Trading of Dolby Laboratories

A number of institutional investors and hedge funds have recently modified their holdings of the company. Lord Abbett & CO. LLC raised its holdings in Dolby Laboratories by 9.8% in the 1st quarter. Lord Abbett & CO. LLC now owns 266,672 shares of the electronics maker’s stock worth $22,339,000 after acquiring an additional 23,804 shares during the period. Illinois Municipal Retirement Fund lifted its position in shares of Dolby Laboratories by 47.9% during the 1st quarter. Illinois Municipal Retirement Fund now owns 31,518 shares of the electronics maker’s stock worth $2,640,000 after purchasing an additional 10,202 shares during the last quarter. Vanguard Group Inc. boosted its stake in Dolby Laboratories by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock valued at $544,711,000 after purchasing an additional 107,713 shares during the period. Boston Trust Walden Corp boosted its stake in Dolby Laboratories by 3.1% during the 2nd quarter. Boston Trust Walden Corp now owns 376,793 shares of the electronics maker’s stock valued at $29,853,000 after purchasing an additional 11,177 shares during the period. Finally, Panagora Asset Management Inc. acquired a new stake in Dolby Laboratories in the 2nd quarter valued at approximately $3,348,000. 58.56% of the stock is currently owned by institutional investors and hedge funds.

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.