Insider Selling: Dolby Laboratories (DLB) EVP Sells $787,500.00 in Stock
Dolby Laboratories (NYSE:DLB) EVP Mark Andrew Sherman sold 14,000 shares of the firm’s stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $56.25, for a total value of $787,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Shares of Dolby Laboratories (NYSE:DLB) opened at 58.29 on Monday. Dolby Laboratories has a 52-week low of $44.99 and a 52-week high of $59.79. The stock’s 50 day moving average price is $51.12 and its 200-day moving average price is $51.12. The company has a market capitalization of $5.98 billion, a P/E ratio of 29.82 and a beta of 0.81.
Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings data on Tuesday, July 25th. The electronics maker reported $0.75 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.10. The company had revenue of $305.67 million during the quarter, compared to analyst estimates of $296.88 million. Dolby Laboratories had a return on equity of 10.25% and a net margin of 19.02%. The firm’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter last year, the company earned $0.62 earnings per share. On average, equities analysts expect that Dolby Laboratories will post $1.99 earnings per share for the current year.
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A number of hedge funds have recently modified their holdings of the business. Intl Fcstone Inc. purchased a new position in shares of Dolby Laboratories in the second quarter worth about $345,000. Dynamic Technology Lab Private Ltd purchased a new position in Dolby Laboratories during the 2nd quarter valued at about $323,000. Public Employees Retirement System of Ohio increased its holdings in Dolby Laboratories by 4.7% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 99,972 shares of the electronics maker’s stock valued at $4,895,000 after purchasing an additional 4,473 shares during the period. Verition Fund Management LLC purchased a new position in Dolby Laboratories during the 2nd quarter valued at about $273,000. Finally, Timucuan Asset Management Inc. FL increased its holdings in Dolby Laboratories by 61.3% during the 2nd quarter. Timucuan Asset Management Inc. FL now owns 1,172,271 shares of the electronics maker’s stock valued at $57,394,000 after purchasing an additional 445,411 shares during the period. 51.87% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have issued reports on DLB. B. Riley restated a “buy” rating and set a $61.50 target price on shares of Dolby Laboratories in a report on Thursday. Dougherty & Co reissued a “buy” rating and issued a $63.00 target price on shares of Dolby Laboratories in a research report on Wednesday, September 13th. BidaskClub lowered Dolby Laboratories from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $52.00 target price (up previously from $49.00) on shares of Dolby Laboratories in a research report on Wednesday, September 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $57.30.
About Dolby Laboratories
Dolby Laboratories, Inc designs and manufactures audio and imaging products for the cinema, television, broadcast and entertainment industries. Its products for cinema include Digital Cinema Servers and Cinema Audio Products, and broadcast and other include Dolby Conference Phone and Other Products. It offers services to support theatrical and television production for cinema exhibition, broadcast and home entertainment, including equipment training and maintenance, mixing room alignment and equalization, as well as audio, color and light image calibration.
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