Dolby Laboratories, Inc. (NYSE:DLB) saw a large increase in short interest in May. As of May 29th, there was short interest totalling 1,380,000 shares, an increase of 74.3% from the May 14th total of 791,900 shares. Based on an average trading volume of 493,200 shares, the days-to-cover ratio is currently 2.8 days. Currently, 2.2% of the company’s stock are sold short.
Several analysts recently weighed in on the company. Tigress Financial restated a “buy” rating on shares of Dolby Laboratories in a research note on Monday, March 9th. JPMorgan Chase & Co. decreased their target price on Dolby Laboratories from $66.00 to $65.00 and set an “overweight” rating for the company in a research note on Tuesday, May 5th. B. Riley restated a “buy” rating and set a $68.00 target price on shares of Dolby Laboratories in a research note on Friday, May 29th. Zacks Investment Research downgraded Dolby Laboratories from a “hold” rating to a “sell” rating and set a $61.00 target price for the company. in a research note on Monday, May 11th. Finally, Barrington Research reduced their price objective on Dolby Laboratories from $85.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, March 26th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $66.00.
Shares of DLB stock traded down $2.77 during mid-day trading on Thursday, reaching $61.76. The stock had a trading volume of 16,067 shares, compared to its average volume of 471,872. The firm’s 50 day simple moving average is $58.94 and its 200 day simple moving average is $63.68. Dolby Laboratories has a one year low of $44.68 and a one year high of $73.20. The firm has a market cap of $6.54 billion, a PE ratio of 30.15, a P/E/G ratio of 3.08 and a beta of 0.86.
Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings data on Monday, May 4th. The electronics maker reported $1.04 EPS for the quarter, missing the Zacks’ consensus estimate of $1.09 by ($0.05). Dolby Laboratories had a return on equity of 9.45% and a net margin of 17.74%. The firm had revenue of $351.82 million during the quarter, compared to the consensus estimate of $361.35 million. During the same quarter in the prior year, the business posted $1.04 EPS. Dolby Laboratories’s revenue was up 4.0% compared to the same quarter last year. As a group, sell-side analysts expect that Dolby Laboratories will post 1.62 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, May 27th. Stockholders of record on Monday, May 18th were issued a $0.22 dividend. The ex-dividend date was Friday, May 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.42%. Dolby Laboratories’s payout ratio is presently 36.07%.
In related news, CEO Kevin J. Yeaman sold 50,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $60.00, for a total transaction of $3,000,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Lewis Chew sold 10,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $54.79, for a total value of $547,900.00. The disclosure for this sale can be found here. Corporate insiders own 38.17% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Chevy Chase Trust Holdings Inc. acquired a new position in shares of Dolby Laboratories in the 4th quarter worth approximately $28,000. Aigen Investment Management LP acquired a new position in shares of Dolby Laboratories in the 4th quarter worth approximately $39,000. Pacifica Partners Inc. acquired a new position in shares of Dolby Laboratories in the 1st quarter worth approximately $33,000. Column Capital Advisors LLC acquired a new position in shares of Dolby Laboratories in the 1st quarter worth approximately $34,000. Finally, Carroll Financial Associates Inc. raised its holdings in shares of Dolby Laboratories by 658.1% in the 1st quarter. Carroll Financial Associates Inc. now owns 940 shares of the electronics maker’s stock worth $50,000 after buying an additional 816 shares in the last quarter. 58.76% of the stock is owned by institutional investors and hedge funds.
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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