Dolby Laboratories, Inc. (NYSE:DLB) declared a quarterly dividend on Thursday, August 1st, Fidelity reports. Stockholders of record on Monday, August 12th will be given a dividend of 0.19 per share by the electronics maker on Tuesday, August 20th. This represents a $0.76 annualized dividend and a dividend yield of 1.32%. The ex-dividend date of this dividend is Friday, August 9th.
Dolby Laboratories has increased its dividend payment by an average of 16.8% per year over the last three years and has increased its dividend annually for the last 4 consecutive years. Dolby Laboratories has a payout ratio of 32.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Dolby Laboratories to earn $2.90 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 26.2%.
DLB traded down $0.69 during trading hours on Wednesday, reaching $57.79. The company’s stock had a trading volume of 1,770 shares, compared to its average volume of 462,956. Dolby Laboratories has a 52 week low of $56.09 and a 52 week high of $72.04. The company’s 50-day simple moving average is $64.56. The firm has a market cap of $5.98 billion, a price-to-earnings ratio of 24.10, a PEG ratio of 1.89 and a beta of 0.84.
In other news, CEO Kevin J. Yeaman sold 25,000 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $67.50, for a total transaction of $1,687,500.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Mark Andrew Sherman sold 57,500 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $67.53, for a total value of $3,882,975.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,072,768 shares of company stock worth $70,258,766. Insiders own 40.23% of the company’s stock.
DLB has been the topic of a number of research reports. B. Riley reaffirmed a “neutral” rating and issued a $73.00 price objective (up from $67.00) on shares of Dolby Laboratories in a report on Friday, August 2nd. Zacks Investment Research raised Dolby Laboratories from a “hold” rating to a “strong-buy” rating and set a $74.00 price objective on the stock in a report on Friday, May 3rd. Finally, William Blair reaffirmed a “buy” rating on shares of Dolby Laboratories in a report on Friday, August 2nd. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Dolby Laboratories presently has a consensus rating of “Buy” and a consensus target price of $78.00.
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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