Insider Selling: Dolby Laboratories (NYSE:DLB) CEO Sells 2,491 Shares of Stock

Dolby Laboratories (NYSE:DLB) CEO Kevin J. Yeaman sold 2,491 shares of the firm’s stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $75.00, for a total value of $186,825.00. Following the sale, the chief executive officer directly owned 114,725 shares in the company, valued at $8,604,375. The trade was a 2.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Dolby Laboratories Trading Up 1.0%

Shares of DLB stock opened at $75.75 on Friday. The stock has a market cap of $7.28 billion, a P/E ratio of 28.57 and a beta of 0.91. The stock has a 50 day simple moving average of $75.16 and a 200 day simple moving average of $77.78. Dolby Laboratories has a 1 year low of $66.35 and a 1 year high of $89.66.

Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings data 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 19.44% and a return on equity of 11.48%. The business had revenue of $369.56 million during the quarter, compared to the consensus estimate of $375.44 million. During the same period in the previous year, the business earned $1.27 earnings per share. The company’s revenue was up 1.4% on a year-over-year basis. Analysts forecast that Dolby Laboratories will post 2.94 EPS for the current 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 given 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 1.74%. Dolby Laboratories’s payout ratio is 49.81%.

Hedge Funds Weigh In On Dolby Laboratories

Several large investors have recently added to or reduced their stakes in DLB. Bank of New York Mellon Corp increased its stake in Dolby Laboratories by 18.3% in the 1st quarter. Bank of New York Mellon Corp now owns 5,709,193 shares of the electronics maker’s stock valued at $458,505,000 after buying an additional 882,716 shares during the last quarter. Norges Bank purchased a new stake in Dolby Laboratories in the 4th quarter valued at about $55,356,000. Vanguard Group Inc. increased its stake in Dolby Laboratories by 7.1% in the 1st quarter. Vanguard Group Inc. now owns 7,535,722 shares of the electronics maker’s stock valued at $605,194,000 after buying an additional 502,110 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Dolby Laboratories by 63.6% during the 1st quarter. AQR Capital Management LLC now owns 1,143,978 shares of the electronics maker’s stock worth $90,946,000 after purchasing an additional 444,718 shares during the last quarter. Finally, Jones Financial Companies Lllp grew its stake in Dolby Laboratories by 241,160.1% in the 1st quarter. Jones Financial Companies Lllp now owns 429,443 shares of the electronics maker’s stock valued at $36,975,000 after buying an additional 429,265 shares in the last quarter. Institutional investors own 58.56% of the company’s stock.

Analyst Upgrades and Downgrades

DLB has been the topic of several recent research reports. Rosenblatt Securities reissued a “buy” rating and issued a $95.00 price target on shares of Dolby Laboratories in a research note on Friday, June 13th. Wall Street Zen upgraded Dolby Laboratories from a “hold” rating to a “buy” rating in a report on Friday, May 30th. Tigress Financial began coverage on Dolby Laboratories in a report on Thursday, May 15th. They set a “buy” rating and a $112.00 price target for the company. Finally, Barrington Research reiterated an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a report on Friday, May 2nd.

About Dolby Laboratories

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.