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

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

Dolby Laboratories Price Performance

DLB opened at $74.83 on Friday. The business has a 50 day moving average price of $72.47 and a two-hundred day moving average price of $77.10. The company has a market capitalization of $7.17 billion, a price-to-earnings ratio of 38.18 and a beta of 0.97. Dolby Laboratories, Inc. has a 1-year low of $66.35 and a 1-year high of $90.06.

Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings data 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. Dolby Laboratories had a return on equity of 10.66% and a net margin of 16.87%. The business had revenue of $288.82 million during the quarter, compared to analyst estimates of $286.26 million. Equities analysts expect that Dolby Laboratories, Inc. will post 2.72 EPS for the current fiscal year.

Dolby Laboratories Announces Dividend

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

Dolby Laboratories announced that its Board of Directors has authorized a share buyback program on Wednesday, August 7th that allows the company to buyback $350.00 million in shares. This buyback authorization allows the electronics maker to purchase up to 5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. boosted its stake in shares of Dolby Laboratories by 2.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 13,677 shares of the electronics maker’s stock worth $1,179,000 after acquiring an additional 379 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Dolby Laboratories during the fourth quarter valued at $719,000. NBC Securities Inc. boosted its position in shares of Dolby Laboratories by 33.0% in the 1st quarter. NBC Securities Inc. now owns 2,460 shares of the electronics maker’s stock valued at $216,000 after purchasing an additional 611 shares during the period. Mather Group LLC. acquired a new stake in Dolby Laboratories during the 1st quarter worth about $33,000. Finally, MJP Associates Inc. ADV lifted its stake in Dolby Laboratories by 27.2% during the first quarter. MJP Associates Inc. ADV now owns 3,436 shares of the electronics maker’s stock valued at $288,000 after buying an additional 735 shares in the last quarter. Institutional investors and hedge funds own 58.56% of the company’s stock.

Analysts Set New Price Targets

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

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.