Dolby Laboratories, Inc. (NYSE:DLB) CMO Todd Pendleton Sells 6,889 Shares

Dolby Laboratories, Inc. (NYSE:DLB) CMO Todd Pendleton sold 6,889 shares of the firm’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $84.41, for a total value of $581,500.49. Following the completion of the sale, the chief marketing officer now owns 36,976 shares in the company, valued at $3,121,144.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Dolby Laboratories Stock Down 0.6 %

Shares of NYSE DLB opened at $84.48 on Wednesday. Dolby Laboratories, Inc. has a fifty-two week low of $61.55 and a fifty-two week high of $91.01. The firm’s 50-day simple moving average is $84.60 and its 200 day simple moving average is $83.71. The stock has a market cap of $8.08 billion, a P/E ratio of 37.73 and a beta of 0.98.

Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings results on Thursday, August 3rd. The electronics maker reported $0.32 EPS for the quarter, topping the consensus estimate of $0.29 by $0.03. Dolby Laboratories had a net margin of 17.03% and a return on equity of 10.44%. The firm had revenue of $298.37 million for the quarter, compared to analysts’ expectations of $300.45 million. On average, sell-side analysts anticipate that Dolby Laboratories, Inc. will post 2.46 earnings per share for the current fiscal year.

Dolby Laboratories Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 22nd. Shareholders of record on Monday, August 14th were given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 1.28%. The ex-dividend date was Friday, August 11th. Dolby Laboratories’s dividend payout ratio (DPR) is presently 48.00%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on DLB shares. Rosenblatt Securities raised their price target on Dolby Laboratories from $93.00 to $98.00 and gave the company a “buy” rating in a report on Friday, August 4th. TheStreet cut shares of Dolby Laboratories from a “b” rating to a “c+” rating in a research note on Friday, August 4th. Finally, StockNews.com cut shares of Dolby Laboratories from a “buy” rating to a “hold” rating in a research note on Wednesday, August 16th. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $107.00.

Institutional Investors Weigh In On Dolby Laboratories

Several hedge funds and other institutional investors have recently bought and sold shares of DLB. Morgan Stanley raised its holdings in Dolby Laboratories by 577.7% during the 4th quarter. Morgan Stanley now owns 4,365,832 shares of the electronics maker’s stock worth $307,966,000 after buying an additional 3,721,613 shares during the period. First Trust Advisors LP raised its holdings in Dolby Laboratories by 320.2% during the 1st quarter. First Trust Advisors LP now owns 1,081,747 shares of the electronics maker’s stock worth $84,614,000 after buying an additional 824,296 shares during the period. Norges Bank acquired a new stake in Dolby Laboratories during the 4th quarter worth about $38,977,000. Robeco Institutional Asset Management B.V. raised its holdings in Dolby Laboratories by 5,474.8% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 452,837 shares of the electronics maker’s stock worth $37,893,000 after buying an additional 444,714 shares during the period. Finally, Acadian Asset Management LLC raised its holdings in Dolby Laboratories by 37.9% during the 1st quarter. Acadian Asset Management LLC now owns 1,040,929 shares of the electronics maker’s stock worth $88,900,000 after buying an additional 286,320 shares during the period. 56.37% of the stock is currently owned by institutional investors.

Dolby Laboratories Company Profile

Dolby Laboratories, Inc engages in the provision of audio and imaging technologies. It transforms entertainment and communications for content playback in movies, television, music, and gaming. Its products include Cinema Imaging Products, Cinema Audio Products, and other products such as 3-D kits, broadcast hardware and software, monitors, and solutions for hearing impaired consumers.