Lewis Chew Sells 35,000 Shares of Dolby Laboratories, Inc. (DLB) Stock

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Dolby Laboratories, Inc. (NYSE:DLB) CFO Lewis Chew sold 35,000 shares of the company’s stock in a transaction dated Friday, February 8th. The shares were sold at an average price of $63.28, for a total transaction of $2,214,800.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

DLB stock opened at $64.33 on Thursday. Dolby Laboratories, Inc. has a 1 year low of $58.17 and a 1 year high of $72.04. The stock has a market capitalization of $6.57 billion, a P/E ratio of 26.80, a P/E/G ratio of 2.18 and a beta of 0.86.

Dolby Laboratories (NYSE:DLB) last released its quarterly earnings results on Wednesday, January 30th. The electronics maker reported $0.93 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.40. Dolby Laboratories had a net margin of 25.47% and a return on equity of 11.30%. The company had revenue of $302.40 million during the quarter, compared to the consensus estimate of $295.04 million. During the same period in the prior year, the firm earned ($0.80) earnings per share. Dolby Laboratories’s revenue was up 1.0% on a year-over-year basis. On average, analysts anticipate that Dolby Laboratories, Inc. will post 2.24 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 21st. Investors of record on Tuesday, February 12th will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date is Monday, February 11th. Dolby Laboratories’s payout ratio is currently 31.67%.

A number of hedge funds have recently added to or reduced their stakes in DLB. Vanguard Group Inc. increased its stake in shares of Dolby Laboratories by 4.0% during the third quarter. Vanguard Group Inc. now owns 5,508,279 shares of the electronics maker’s stock valued at $385,415,000 after purchasing an additional 209,633 shares in the last quarter. Vanguard Group Inc increased its stake in shares of Dolby Laboratories by 4.0% during the third quarter. Vanguard Group Inc now owns 5,508,279 shares of the electronics maker’s stock valued at $385,415,000 after purchasing an additional 209,633 shares in the last quarter. BlackRock Inc. increased its stake in shares of Dolby Laboratories by 12.4% during the third quarter. BlackRock Inc. now owns 2,924,015 shares of the electronics maker’s stock valued at $204,594,000 after purchasing an additional 323,489 shares in the last quarter. FMR LLC increased its stake in shares of Dolby Laboratories by 5.1% during the third quarter. FMR LLC now owns 2,607,991 shares of the electronics maker’s stock valued at $182,481,000 after purchasing an additional 127,537 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Dolby Laboratories by 10.0% during the third quarter. Renaissance Technologies LLC now owns 2,458,000 shares of the electronics maker’s stock valued at $171,986,000 after purchasing an additional 223,300 shares in the last quarter. 56.19% of the stock is owned by institutional investors.

A number of equities analysts recently issued reports on DLB shares. R. F. Lafferty decreased their price target on shares of Dolby Laboratories from $81.00 to $80.00 and set a “buy” rating for the company in a research note on Monday, October 22nd. Zacks Investment Research raised shares of Dolby Laboratories from a “hold” rating to a “buy” rating and set a $71.00 price target for the company in a research note on Wednesday, January 16th. Barrington Research reissued a “buy” rating and issued a $85.00 price target on shares of Dolby Laboratories in a research note on Thursday, January 31st. Finally, B. Riley set a $67.00 price target on shares of Dolby Laboratories and gave the stock a “hold” rating in a research note on Tuesday, December 4th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $75.75.

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About Dolby Laboratories

Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment and communications at the cinema, at home, at work, and on mobile devices. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for TVs, set-top boxes (STBs), personal computers (PCs), gaming consoles, mobile devices, and digital radio; AVC, a digital video codec with high bandwidth efficiency used in media devices; Dolby AC-4, an audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for home theaters, cinemas, device speakers, mobile devices, and headphones.

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