Dolby Laboratories (NYSE:DLB) Hits New 1-Year Low - Here's What Happened

Shares of Dolby Laboratories, Inc. (NYSE:DLB - Get Free Report) reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $75.17 and last traded at $76.83, with a volume of 424653 shares traded. The stock had previously closed at $76.40.

Wall Street Analyst Weigh In

DLB has been the topic of a number of research analyst reports. StockNews.com lowered shares of Dolby Laboratories from a "strong-buy" rating to a "buy" rating in a research report on Friday, January 31st. Rosenblatt Securities cut their price objective on Dolby Laboratories from $100.00 to $95.00 and set a "buy" rating on the stock in a report on Friday. Finally, Barrington Research reaffirmed an "outperform" rating and issued a $100.00 target price on shares of Dolby Laboratories in a report on Friday.

Dolby Laboratories Stock Up 0.1 %

The company has a market cap of $7.14 billion, a price-to-earnings ratio of 27.51 and a beta of 0.94. The firm has a 50 day moving average price of $77.59 and a two-hundred day moving average price of $78.37.

Dolby Laboratories (NYSE:DLB - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The electronics maker reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.05. Dolby Laboratories had a net margin of 19.97% and a return on equity of 11.32%. The firm had revenue of $369.56 million during the quarter, compared to analyst estimates of $375.44 million. During the same quarter last year, the business earned $1.27 EPS. The company's revenue was up 1.4% compared to the same quarter last year. On average, equities analysts expect that Dolby Laboratories, Inc. will post 2.94 earnings per share for the current year.

Dolby Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 21st. Shareholders of record on Tuesday, May 13th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Tuesday, May 13th. This represents a $1.32 dividend on an annualized basis and a yield of 1.77%. Dolby Laboratories's payout ratio is currently 48.53%.

Insider Activity

In other Dolby Laboratories news, CAO Ryan Nicholson sold 7,000 shares of the firm's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $84.07, for a total value of $588,490.00. Following the completion of the sale, the chief accounting officer now directly owns 29,758 shares in the company, valued at approximately $2,501,755.06. This trade represents a 19.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CMO Todd Pendleton sold 18,121 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $83.75, for a total transaction of $1,517,633.75. Following the transaction, the chief marketing officer now directly owns 37,290 shares in the company, valued at $3,123,037.50. This trade represents a 32.70 % decrease in their position. The disclosure for this sale can be found here. 38.39% of the stock is owned by company insiders.

Hedge Funds Weigh In On Dolby Laboratories

A number of large investors have recently modified their holdings of DLB. Barclays PLC grew its holdings in shares of Dolby Laboratories by 80.5% during the third quarter. Barclays PLC now owns 33,230 shares of the electronics maker's stock valued at $2,544,000 after buying an additional 14,825 shares during the last quarter. Franklin Resources Inc. increased its holdings in Dolby Laboratories by 22.0% during the 3rd quarter. Franklin Resources Inc. now owns 47,247 shares of the electronics maker's stock worth $3,513,000 after purchasing an additional 8,509 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Dolby Laboratories by 207.5% in the fourth quarter. GAMMA Investing LLC now owns 778 shares of the electronics maker's stock valued at $61,000 after purchasing an additional 525 shares in the last quarter. Diversified Trust Co purchased a new position in shares of Dolby Laboratories during the fourth quarter valued at approximately $360,000. Finally, Harbor Capital Advisors Inc. grew its holdings in Dolby Laboratories by 5.6% during the fourth quarter. Harbor Capital Advisors Inc. now owns 2,571 shares of the electronics maker's stock worth $201,000 after buying an additional 136 shares in the last quarter. 58.56% of the stock is currently owned by institutional investors.

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.