Dolby Laboratories, Inc. (NYSE:DLB – Get Rating) declared a quarterly dividend on Tuesday, August 9th, Zacks reports. Stockholders of record on Tuesday, August 23rd will be paid a dividend of 0.25 per share by the electronics maker on Wednesday, August 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date is Monday, August 22nd.
Dolby Laboratories has increased its dividend by an average of 10.7% per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Dolby Laboratories has a dividend payout ratio of 34.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Dolby Laboratories to earn $3.07 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 32.6%.
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Dolby Laboratories Price Performance
Shares of NYSE DLB traded up $0.93 during trading on Thursday, reaching $80.02. 5,028 shares of the stock traded hands, compared to its average volume of 464,703. Dolby Laboratories has a 52-week low of $69.18 and a 52-week high of $104.25. The company has a 50-day moving average of $74.58 and a 200-day moving average of $75.99. The stock has a market capitalization of $8.07 billion, a P/E ratio of 40.77, a price-to-earnings-growth ratio of 1.94 and a beta of 0.98.
Dolby Laboratories (NYSE:DLB – Get Rating) last issued its quarterly earnings data on Tuesday, August 9th. The electronics maker reported $0.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.60 by $0.08. The business had revenue of $289.60 million for the quarter, compared to analysts' expectations of $294.03 million. Dolby Laboratories had a return on equity of 9.24% and a net
margin of 15.91%. The firm's quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.52 EPS. Analysts expect that Dolby Laboratories will post 2.43 earnings per share for the current fiscal year.
Insider Activity
In other news, CMO Todd Pendleton sold 45,800 shares of the company's stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $75.39, for a total value of $3,452,862.00. Following the completion of the sale, the chief marketing officer now owns 37,788 shares of the company's stock, valued at approximately $2,848,837.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 37.06% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Dolby Laboratories
Several institutional investors have recently added to or reduced their stakes in DLB. First Trust Advisors LP boosted its position 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 valued at $84,614,000 after buying an additional 824,296 shares during the period. UBS Group AG raised its holdings in Dolby Laboratories by 55.0% in the 1st quarter. UBS Group AG now owns 339,670 shares of the electronics maker's stock worth $26,569,000 after purchasing an additional 120,496 shares in the last quarter. Vanguard Group Inc. raised its holdings in Dolby Laboratories by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 6,257,157 shares of the electronics maker's stock worth $489,435,000 after purchasing an additional 99,453 shares in the last quarter. Lazard Asset Management LLC raised its holdings in Dolby Laboratories by 7.4% in the 1st quarter. Lazard Asset Management LLC now owns 748,067 shares of the electronics maker's stock worth $58,513,000 after purchasing an additional 51,779 shares in the last quarter. Finally, State Street Corp raised its holdings in Dolby Laboratories by 3.6% in the 1st quarter. State Street Corp now owns 1,065,998 shares of the electronics maker's stock worth $83,382,000 after purchasing an additional 36,881 shares in the last quarter. Hedge funds and other institutional investors own 59.34% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on DLB. Barrington Research decreased their target price on Dolby Laboratories from $115.00 to $90.00 in a research note on Thursday, May 12th. Rosenblatt Securities initiated coverage on Dolby Laboratories in a research note on Monday, May 23rd. They issued a "buy" rating and a $90.00 target price on the stock. StockNews.com raised Dolby Laboratories from a "hold" rating to a "buy" rating in a report on Tuesday. Finally, TheStreet lowered Dolby Laboratories from a "b-" rating to a "c+" rating in a research note on Friday, July 1st. Four research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Dolby Laboratories currently has an average rating of "Buy" and an average price target of $90.00.
About Dolby Laboratories
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Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment and communications at the cinema, DTV, transmissions and devices, mobile devices, OTT video and music services, and home entertainment devices. 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, an digital audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for cinema and a range of media devices.
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