Dolby Laboratories Inc. (DLB) Sees Unusually-High Trading Volume
Dolby Laboratories Inc. (NYSE:DLB) shares saw strong trading volume on Monday . 573,012 shares traded hands during mid-day trading, an increase of 21% from the previous session’s volume of 473,055 shares.The stock last traded at $49.63 and had previously closed at $50.31.
Several equities research analysts recently issued reports on the company. B. Riley reiterated a “neutral” rating and issued a $46.00 price objective on shares of Dolby Laboratories in a report on Monday, July 25th. Dougherty & Co lifted their price objective on Dolby Laboratories from $54.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday. Piper Jaffray Cos. reiterated a “neutral” rating and issued a $43.00 price objective on shares of Dolby Laboratories in a report on Sunday, May 1st. Zacks Investment Research lowered shares of Dolby Laboratories from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 28th. Finally, JPMorgan Chase & Co. lowered shares of Dolby Laboratories from an “overweight” rating to a “neutral” rating and set a $42.00 target price on the stock. in a research note on Friday, April 8th. They noted that the move was a valuation call. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Dolby Laboratories has a consensus rating of “Hold” and an average target price of $49.00.
The firm has a 50-day moving average price of $48.39 and a 200-day moving average price of $43.27. The firm has a market cap of $5.10 billion and a price-to-earnings ratio of 24.26.
Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.25. The firm had revenue of $277.60 million for the quarter, compared to analysts’ expectations of $268.04 million. The company’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.49 earnings per share. On average, equities research analysts predict that Dolby Laboratories Inc. will post $1.77 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 17th. Investors of record on Monday, August 8th will be issued a dividend of $0.12 per share. The ex-dividend date is Thursday, August 4th. This represents a $0.48 annualized dividend and a yield of 0.97%.
In related news, major shareholder Dagmar Dolby sold 55,976 shares of the stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $50.01, for a total transaction of $2,799,359.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Roger S. Siboni sold 13,921 shares of the stock in a transaction dated Thursday, May 12th. The stock was sold at an average price of $45.44, for a total transaction of $632,570.24. Following the transaction, the director now directly owns 29,255 shares of the company’s stock, valued at $1,329,347.20. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its position in Dolby Laboratories by 3.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 408,068 shares of the company’s stock valued at $13,733,000 after buying an additional 14,728 shares in the last quarter. California Public Employees Retirement System raised its position in shares of Dolby Laboratories by 2.2% in the fourth quarter. California Public Employees Retirement System now owns 242,000 shares of the company’s stock valued at $8,143,000 after buying an additional 5,200 shares during the last quarter. Nationwide Fund Advisors raised its position in shares of Dolby Laboratories by 91.6% in the fourth quarter. Nationwide Fund Advisors now owns 32,062 shares of the company’s stock valued at $1,079,000 after buying an additional 15,327 shares during the last quarter. Lapides Asset Management LLC raised its position in shares of Dolby Laboratories by 1.2% in the fourth quarter. Lapides Asset Management LLC now owns 252,900 shares of the company’s stock valued at $8,510,000 after buying an additional 3,000 shares during the last quarter. Finally, Bank of Montreal Can raised its position in shares of Dolby Laboratories by 6.4% in the fourth quarter. Bank of Montreal Can now owns 45,609 shares of the company’s stock valued at $1,534,000 after buying an additional 2,747 shares during the last quarter.
Dolby Laboratories, Inc creates audio, imaging and communication technologies that transform entertainment and communications at the cinema, home, work and on mobile devices. The Company offers digital signal processing and compression technologies. Its technologies enable the development of the audio technologies for the cinema, home entertainment, mobile and gaming experiences.
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