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

Dolby Laboratories (NYSE:DLB - Get Free Report) CEO Kevin J. Yeaman sold 25,000 shares of the business's stock in a transaction on Tuesday, June 24th. The shares were 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 owns 114,725 shares of the company's stock, valued at approximately $8,491,944.50. This represents a 17.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Dolby Laboratories Stock Performance

DLB stock traded down $0.69 during midday trading on Friday, reaching $74.13. 560,731 shares of the company traded hands, compared to its average volume of 453,598. The firm has a market capitalization of $7.12 billion, a price-to-earnings ratio of 27.97 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 business has a 50 day moving average of $75.02 and a 200-day moving average of $78.06.

Dolby Laboratories (NYSE:DLB - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The electronics maker reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.05. The business had revenue of $369.56 million during the quarter, compared to analyst estimates of $375.44 million. Dolby Laboratories had a return on equity of 11.48% and a net margin of 19.44%. The company's revenue for the quarter was up 1.4% on a year-over-year basis. During the same period last year, the company earned $1.27 EPS. Research analysts anticipate that Dolby Laboratories will post 2.94 earnings per share for the current year.

Dolby Laboratories Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 21st. Stockholders of record on Tuesday, May 13th were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend was Tuesday, May 13th. Dolby Laboratories's payout ratio is 49.81%.

Institutional Investors Weigh In On Dolby Laboratories

Several institutional investors have recently modified their holdings of DLB. Y Intercept Hong Kong Ltd bought a new stake in shares of Dolby Laboratories in the 4th quarter valued at approximately $246,000. Bank of New York Mellon Corp lifted its stake in shares of Dolby Laboratories by 64.2% in the 4th quarter. Bank of New York Mellon Corp now owns 4,826,477 shares of the electronics maker's stock valued at $376,948,000 after purchasing an additional 1,887,518 shares during the last quarter. Amalgamated Bank lifted its stake in shares of Dolby Laboratories by 1.4% during the 4th quarter. Amalgamated Bank now owns 28,355 shares of the electronics maker's stock worth $2,215,000 after acquiring an additional 403 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Dolby Laboratories during the 4th quarter worth approximately $1,043,000. Finally, US Bancorp DE lifted its stake in shares of Dolby Laboratories by 23.9% during the 4th quarter. US Bancorp DE now owns 1,218 shares of the electronics maker's stock worth $95,000 after acquiring an additional 235 shares during the last quarter. 58.56% of the stock is owned by institutional investors.

Analysts Set New Price Targets

DLB has been the subject of several analyst reports. Rosenblatt Securities restated a "buy" rating and issued a $95.00 price objective on shares of Dolby Laboratories in a research note on Friday, June 13th. Tigress Financial initiated coverage on Dolby Laboratories in a research note on Thursday, May 15th. They issued a "buy" rating and a $112.00 price objective for the company. Barrington Research restated an "outperform" rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research note on Friday, May 2nd. Finally, Wall Street Zen upgraded Dolby Laboratories from a "hold" rating to a "buy" rating in a research note on Friday, May 30th.

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.