Dolby Laboratories, Inc. (NYSE:DLB) was the recipient of a large drop in short interest during the month of June. As of June 30th, there was short interest totalling 1,354,900 shares, a drop of 9.5% from the May 30th total of 1,497,400 shares. Based on an average daily trading volume, of 382,100 shares, the short-interest ratio is presently 3.5 days. Currently, 2.1% of the company’s shares are sold short.
DLB has been the topic of several recent research reports. B. Riley set a $18.00 price target on TiVo and gave the stock a “buy” rating in a research report on Thursday, June 13th. ValuEngine raised Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Finally, Zacks Investment Research downgraded Inflarx from a “buy” rating to a “hold” rating in a research note on Friday, May 3rd. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Dolby Laboratories currently has an average rating of “Buy” and a consensus price target of $76.50.
In other news, CEO Kevin J. Yeaman sold 50,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $64.80, for a total value of $3,240,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Dagmar Dolby sold 100,000 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $65.72, for a total value of $6,572,000.00. The disclosure for this sale can be found here. Insiders sold a total of 867,572 shares of company stock worth $56,504,960 over the last quarter. Corporate insiders own 40.23% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Unigestion Holding SA boosted its holdings in shares of Dolby Laboratories by 54.2% during the second quarter. Unigestion Holding SA now owns 77,514 shares of the electronics maker’s stock worth $5,007,000 after acquiring an additional 27,259 shares during the period. Marathon Asset Management LLP boosted its holdings in shares of Dolby Laboratories by 7.7% during the second quarter. Marathon Asset Management LLP now owns 684,400 shares of the electronics maker’s stock worth $44,209,000 after acquiring an additional 48,850 shares during the period. PFS Investments Inc. bought a new stake in shares of Dolby Laboratories during the second quarter worth approximately $336,000. Boston Private Wealth LLC bought a new stake in shares of Dolby Laboratories during the second quarter worth approximately $649,000. Finally, WINTON GROUP Ltd boosted its holdings in shares of Dolby Laboratories by 33.9% during the second quarter. WINTON GROUP Ltd now owns 4,483 shares of the electronics maker’s stock worth $290,000 after acquiring an additional 1,136 shares during the period. 56.00% of the stock is currently owned by institutional investors and hedge funds.
Dolby Laboratories stock traded up $0.32 during mid-day trading on Monday, hitting $65.28. 241,500 shares of the company’s stock were exchanged, compared to its average volume of 419,358. The company has a 50 day moving average price of $63.53. Dolby Laboratories has a fifty-two week low of $58.17 and a fifty-two week high of $72.04. The firm has a market capitalization of $6.60 billion, a price-to-earnings ratio of 27.15, a P/E/G ratio of 2.10 and a beta of 0.82.
Dolby Laboratories (NYSE:DLB) last released its quarterly earnings results on Wednesday, May 1st. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.18. Dolby Laboratories had a return on equity of 11.12% and a net margin of 24.93%. The firm had revenue of $338.26 million for the quarter, compared to the consensus estimate of $337.45 million. During the same quarter last year, the business posted $0.73 EPS. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. On average, equities research analysts expect that Dolby Laboratories will post 2.38 EPS for the current year.
Dolby Laboratories Company Profile
Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment and communications at the cinema, at home, at work, and on mobile devices. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for TVs, set-top boxes (STBs), personal computers (PCs), gaming consoles, mobile devices, and digital radio; AVC, a digital video codec with high bandwidth efficiency used in media devices; Dolby AC-4, an audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for home theaters, cinemas, device speakers, mobile devices, and headphones.
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