Dolby Laboratories (NYSE:DLB) Reaches New 12-Month Low After Insider Selling

Dolby Laboratories, Inc. (NYSE:DLB)’s share price reached a new 52-week low during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $57.46 and last traded at $58.12, with a volume of 1153 shares trading hands. The stock had previously closed at $58.81.

Specifically, EVP Mark Andrew Sherman sold 57,500 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $67.53, for a total transaction of $3,882,975.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Giles Baker sold 8,181 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $65.30, for a total transaction of $534,219.30. Following the sale, the senior vice president now owns 12,499 shares of the company’s stock, valued at $816,184.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,127,730 shares of company stock valued at $73,839,364. Company insiders own 40.23% of the company’s stock.

DLB has been the subject of a number of analyst reports. Zacks Investment Research upgraded shares of Dolby Laboratories from a “hold” rating to a “strong-buy” rating and set a $74.00 target price for the company in a report on Friday, May 3rd. B. Riley upgraded shares of Dolby Laboratories from a “neutral” rating to a “buy” rating in a report on Friday. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Dolby Laboratories currently has an average rating of “Buy” and an average target price of $78.00.

The firm has a fifty day moving average price of $64.92. The stock has a market cap of $5.98 billion, a P/E ratio of 24.22, a PEG ratio of 1.90 and a beta of 0.84.

Dolby Laboratories (NYSE:DLB) last posted its earnings results on Thursday, August 1st. The electronics maker reported $0.38 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.11). Dolby Laboratories had a return on equity of 9.02% and a net margin of 21.64%. The firm had revenue of $302.16 million for the quarter, compared to analysts’ expectations of $305.29 million. During the same quarter in the prior year, the company posted $0.18 earnings per share. The business’s revenue for the quarter was up 40.7% on a year-over-year basis. On average, analysts expect that Dolby Laboratories, Inc. will post 2.39 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 20th. Shareholders of record on Monday, August 12th will be issued a $0.19 dividend. The ex-dividend date is Friday, August 9th. This represents a $0.76 annualized dividend and a yield of 1.30%. Dolby Laboratories’s dividend payout ratio (DPR) is presently 31.67%.

A number of institutional investors and hedge funds have recently modified their holdings of DLB. Janus Henderson Group PLC lifted its holdings in Dolby Laboratories by 31.6% in the second quarter. Janus Henderson Group PLC now owns 4,828,522 shares of the electronics maker’s stock worth $311,906,000 after buying an additional 1,158,072 shares during the period. Norges Bank purchased a new stake in Dolby Laboratories in the fourth quarter worth about $44,767,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in Dolby Laboratories in the first quarter worth about $22,284,000. Chartwell Investment Partners LLC lifted its holdings in Dolby Laboratories by 327.9% in the first quarter. Chartwell Investment Partners LLC now owns 218,135 shares of the electronics maker’s stock worth $13,736,000 after buying an additional 167,161 shares during the period. Finally, Blair William & Co. IL lifted its holdings in Dolby Laboratories by 24.0% in the first quarter. Blair William & Co. IL now owns 849,045 shares of the electronics maker’s stock worth $53,464,000 after buying an additional 164,065 shares during the period. Institutional investors and hedge funds own 56.11% of the company’s stock.

About Dolby Laboratories (NYSE:DLB)

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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