Insider Selling: Dolby Laboratories, Inc. (NYSE:DLB) CEO Sells $1,492,117.20 in Stock

Dolby Laboratories, Inc. (NYSE:DLB) CEO Kevin J. Yeaman sold 18,060 shares of Dolby Laboratories stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $82.62, for a total transaction of $1,492,117.20. Following the completion of the sale, the chief executive officer now owns 51,879 shares in the company, valued at approximately $4,286,242.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Dolby Laboratories Trading Down 0.7 %

NYSE:DLB opened at $81.77 on Friday. The company’s 50-day moving average price is $84.46 and its 200-day moving average price is $83.73. The company has a market cap of $7.82 billion, a P/E ratio of 36.34 and a beta of 0.98. Dolby Laboratories, Inc. has a twelve month low of $61.55 and a twelve month high of $91.01.

Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings results on Thursday, August 3rd. The electronics maker reported $0.32 earnings per share 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 the consensus estimate of $300.45 million. On average, analysts expect that Dolby Laboratories, Inc. will post 2.46 earnings per share for the current year.

Dolby Laboratories Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 22nd. Shareholders of record on Monday, August 14th were paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date of this dividend was Friday, August 11th. Dolby Laboratories’s dividend payout ratio (DPR) is presently 48.00%.

Institutional Investors Weigh In On Dolby Laboratories

A number of institutional investors and hedge funds have recently made changes to their positions in DLB. Vanguard Group Inc. grew its holdings in shares of Dolby Laboratories by 1.6% in the first quarter. Vanguard Group Inc. now owns 6,257,157 shares of the electronics maker’s stock valued at $489,435,000 after purchasing an additional 99,453 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC grew its holdings in Dolby Laboratories by 3.0% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 5,265,758 shares of the electronics maker’s stock worth $449,801,000 after acquiring an additional 154,954 shares in the last quarter. Morgan Stanley grew 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 acquiring an additional 3,721,613 shares in the last quarter. BlackRock Inc. grew its holdings in Dolby Laboratories by 1.6% during the 2nd quarter. BlackRock Inc. now owns 3,167,627 shares of the electronics maker’s stock worth $265,067,000 after acquiring an additional 48,773 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Dolby Laboratories by 14.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,674,719 shares of the electronics maker’s stock worth $140,140,000 after acquiring an additional 209,208 shares in the last quarter. 56.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Rosenblatt Securities lifted their target price on shares of Dolby Laboratories from $93.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, August 4th. TheStreet downgraded shares of Dolby Laboratories from a “b” rating to a “c+” rating in a research note on Friday, August 4th. Finally, StockNews.com downgraded shares of Dolby Laboratories from a “buy” rating to a “hold” rating in a research note on Wednesday, August 16th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Dolby Laboratories presently has an average rating of “Moderate Buy” and a consensus target price of $107.00.

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.