Dolby Laboratories (NYSE:DLB) CEO Kevin J. Yeaman Sells 25,000 Shares

Dolby Laboratories (NYSE:DLB) CEO Kevin J. Yeaman sold 25,000 shares of the business’s stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $74.02, for a total transaction of $1,850,500.00. Following the sale, the chief executive officer now directly owns 114,725 shares in the company, valued at $8,491,944.50. The trade was a 17.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Dolby Laboratories Stock Performance

Shares of Dolby Laboratories stock opened at $74.87 on Friday. The stock has a market capitalization of $7.19 billion, a PE ratio of 28.25 and a beta of 0.93. Dolby Laboratories has a 52-week low of $66.35 and a 52-week high of $89.66. The company has a 50-day simple moving average of $74.98 and a two-hundred day simple moving average of $78.11.

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 analysts’ consensus estimates of $1.29 by $0.05. The firm had revenue of $369.56 million for the quarter, compared to analysts’ expectations of $375.44 million. Dolby Laboratories had a net margin of 19.44% and a return on equity of 11.48%. The business’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.27 earnings per share. As a group, equities research analysts forecast that Dolby Laboratories will post 2.94 EPS for the current fiscal year.

Dolby Laboratories Dividend Announcement

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Alpine Bank Wealth Management purchased a new stake in shares of Dolby Laboratories during the first quarter valued at $25,000. Cheviot Value Management LLC bought a new position in Dolby Laboratories during the 1st quarter valued at about $27,000. MAI Capital Management boosted its holdings in shares of Dolby Laboratories by 87.1% during the 1st quarter. MAI Capital Management now owns 348 shares of the electronics maker’s stock valued at $28,000 after acquiring an additional 162 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Dolby Laboratories during the 1st quarter valued at about $29,000. Finally, Global X Japan Co. Ltd. bought a new stake in shares of Dolby Laboratories in the first quarter worth approximately $51,000. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Barrington Research reiterated an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a report on Friday, May 2nd. Wall Street Zen upgraded Dolby Laboratories from a “hold” rating to a “buy” rating in a research note on Friday, May 30th. Rosenblatt Securities reissued a “buy” rating and issued a $95.00 target price on shares of Dolby Laboratories in a report on Friday, June 13th. Finally, Tigress Financial assumed coverage on Dolby Laboratories in a research note on Thursday, May 15th. They issued a “buy” rating and a $112.00 target price on the stock.

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.