Dolby Laboratories, Inc. (NYSE:DLB – Get Rating) announced a quarterly dividend on Tuesday, August 9th, Zacks reports. Shareholders 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 annualized dividend and a yield of 1.26%. The ex-dividend date of this dividend is Monday, August 22nd.
Dolby Laboratories has raised its dividend by an average of 10.7% per year over the last three years and has raised its dividend every year for the last 1 years. Dolby Laboratories has a dividend payout ratio of 34.1% indicating that its dividend is sufficiently covered by earnings. Equities 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 Stock Performance
Shares of NYSE:DLB traded up $0.43 on Thursday, hitting $79.52. The stock had a trading volume of 5,950 shares, compared to its average volume of 464,703. Dolby Laboratories has a twelve month low of $69.18 and a twelve month high of $104.25. The firm's 50 day moving average price is $74.58 and its 200-day moving average price is $75.99. The company has a market capitalization of $8.02 billion, a price-to-earnings 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 earnings results on Tuesday, August 9th. The electronics maker reported $0.68 EPS for the quarter, beating the consensus estimate of $0.60 by $0.08. Dolby Laboratories had a net
margin of 15.91% and a return on equity of 9.24%. The company had revenue of $289.60 million for the quarter, compared to the consensus estimate of $294.03 million. During the same quarter in the previous year, the company earned $0.52 EPS. The firm's revenue for the quarter was up 1.0% compared to the same quarter last year. As a group, sell-side analysts predict that Dolby Laboratories will post 2.43 EPS for the current year.
Analysts Set New Price Targets
DLB has been the topic of several research reports. Barrington Research reduced their price target on shares of Dolby Laboratories from $115.00 to $90.00 in a research report on Thursday, May 12th. StockNews.com upgraded shares of Dolby Laboratories from a "hold" rating to a "buy" rating in a research report on Tuesday. TheStreet downgraded shares of Dolby Laboratories from a "b-" rating to a "c+" rating in a research report on Friday, July 1st. Finally, Rosenblatt Securities assumed coverage on shares of Dolby Laboratories in a research report on Monday, May 23rd. They set a "buy" rating and a $90.00 target price on the stock. Four analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $90.00.
Insider Activity
In other news, CMO Todd Pendleton sold 45,800 shares of the company's stock in a transaction dated Wednesday, May 18th. The stock was 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 directly owns 37,788 shares of the company's stock, valued at approximately $2,848,837.32. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 37.06% of the stock is currently owned by company insiders.
Institutional Trading of Dolby Laboratories
A number of institutional investors and hedge funds have recently modified their holdings of DLB. Zions Bancorporation N.A. bought a new stake in Dolby Laboratories during the 1st quarter worth approximately $42,000. Covestor Ltd increased its stake in Dolby Laboratories by 53.7% during the 1st quarter. Covestor Ltd now owns 1,162 shares of the electronics maker's stock worth $91,000 after purchasing an additional 406 shares in the last quarter. MetLife Investment Management LLC bought a new stake in Dolby Laboratories during the 1st quarter worth approximately $100,000. Canada Pension Plan Investment Board bought a new stake in Dolby Laboratories during the 1st quarter worth approximately $164,000. Finally, Quantbot Technologies LP bought a new stake in Dolby Laboratories during the 1st quarter worth approximately $209,000. 59.34% of the stock is owned by institutional investors.
Dolby Laboratories Company Profile
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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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