Mark Andrew Sherman Sells 15,000 Shares of Dolby Laboratories, Inc. (NYSE:DLB) Stock

Dolby Laboratories, Inc. (NYSE:DLB) EVP Mark Andrew Sherman sold 15,000 shares of the stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $75.02, for a total transaction of $1,125,300.00. Following the completion of the sale, the executive vice president now directly owns 62,397 shares in the company, valued at approximately $4,681,022.94. The trade was a 19.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Dolby Laboratories Stock Performance

DLB opened at $74.96 on Friday. The company’s 50 day simple moving average is $74.71 and its 200 day simple moving average is $78.61. Dolby Laboratories, Inc. has a 1 year low of $66.35 and a 1 year high of $89.66. The stock has a market capitalization of $7.20 billion, a PE ratio of 27.56 and a beta of 0.93.

Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings results on Thursday, May 1st. The electronics maker reported $1.34 EPS for the quarter, beating the consensus estimate of $1.29 by $0.05. Dolby Laboratories had a net margin of 19.97% and a return on equity of 11.32%. The firm had revenue of $369.56 million for the quarter, compared to analyst estimates of $375.44 million. During the same quarter last year, the firm posted $1.27 earnings per share. Dolby Laboratories’s revenue for the quarter was up 1.4% compared to the same quarter last year. As a group, sell-side analysts expect that Dolby Laboratories, Inc. will post 2.94 earnings per share for the current fiscal year.

Dolby Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Tuesday, May 13th were issued a $0.33 dividend. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $1.32 annualized dividend and a yield of 1.76%. Dolby Laboratories’s payout ratio is 49.81%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC raised its holdings in Dolby Laboratories by 10,441,900.0% in the fourth 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 during the period. Barclays PLC raised its holdings in Dolby Laboratories by 80.5% in the third 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 during the period. AlphaQuest LLC raised its holdings in Dolby Laboratories by 111.1% in the fourth 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 during the period. Vise Technologies Inc. purchased a new position in Dolby Laboratories in the fourth quarter valued at approximately $308,000. Finally, Twin Tree Management LP purchased a new position in Dolby Laboratories in the fourth quarter valued at approximately $662,000. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Analysts Set New Price Targets

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

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.