Dolby Laboratories (NYSE:DLB) Announces $0.36 Quarterly Dividend

Dolby Laboratories (NYSE:DLB) declared a quarterly dividend on Thursday, April 30th. Shareholders of record on Tuesday, May 12th will be given a dividend of 0.36 per share by the electronics maker on Wednesday, May 20th. This represents a c) annualized dividend and a yield of 2.5%. The ex-dividend date is Tuesday, May 12th.

Dolby Laboratories has increased its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 10 consecutive years. Dolby Laboratories has a dividend payout ratio of 34.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Dolby Laboratories to earn $3.31 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 43.5%.

Dolby Laboratories Stock Down 8.6%

DLB opened at $58.65 on Friday. The business has a fifty day simple moving average of $62.58 and a 200-day simple moving average of $64.55. The firm has a market cap of $5.60 billion, a PE ratio of 25.44 and a beta of 0.86. Dolby Laboratories has a fifty-two week low of $57.62 and a fifty-two week high of $78.28.

Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings data on Thursday, January 29th. The electronics maker reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.07. Dolby Laboratories had a return on equity of 11.50% and a net margin of 17.97%.The firm had revenue of $346.71 million during the quarter, compared to analyst estimates of $341.26 million. During the same period last year, the company posted $1.14 EPS. The business’s quarterly revenue was down 2.8% compared to the same quarter last year. On average, equities research analysts anticipate that Dolby Laboratories will post 3.17 EPS for the current fiscal year.

Insider Buying and Selling at Dolby Laboratories

In other Dolby Laboratories news, SVP Shriram Revankar sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $66.14, for a total transaction of $198,420.00. Following the completion of the sale, the senior vice president owned 83,218 shares of the company’s stock, valued at $5,504,038.52. This represents a 3.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Ryan Nicholson sold 2,667 shares of the stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $66.38, for a total value of $177,035.46. Following the transaction, the chief accounting officer owned 36,956 shares in the company, valued at approximately $2,453,139.28. This trade represents a 6.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 37.93% of the company’s stock.

Hedge Funds Weigh In On Dolby Laboratories

A number of hedge funds have recently made changes to their positions in DLB. Royal Bank of Canada boosted its position in shares of Dolby Laboratories by 3.5% during the 1st quarter. Royal Bank of Canada now owns 68,367 shares of the electronics maker’s stock valued at $5,491,000 after acquiring an additional 2,298 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Dolby Laboratories by 218.8% during the first quarter. Goldman Sachs Group Inc. now owns 249,574 shares of the electronics maker’s stock valued at $20,043,000 after purchasing an additional 171,288 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Dolby Laboratories by 5.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 238,216 shares of the electronics maker’s stock valued at $19,131,000 after purchasing an additional 12,598 shares during the period. Focus Partners Wealth acquired a new position in shares of Dolby Laboratories in the 1st quarter worth approximately $390,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Dolby Laboratories by 273.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,598 shares of the electronics maker’s stock worth $193,000 after buying an additional 1,902 shares during the period. Institutional investors and hedge funds own 58.56% of the company’s stock.

About Dolby Laboratories

Dolby Laboratories, Inc is a global leader in audio and imaging technologies, specializing in the development, licensing and deployment of solutions that enhance entertainment and communications experiences. The company’s core business revolves around creating advanced audio codecs, noise reduction systems and spatial sound technologies for a wide range of applications, including cinema, broadcast, gaming, streaming and personal devices. Dolby’s licensing model enables consumer electronics manufacturers, content creators and service providers to integrate its technologies into products such as televisions, smartphones, home theater systems and set-top boxes.

Among its flagship innovations are Dolby Atmos, an immersive audio format that delivers three-dimensional soundscapes for theaters and home systems; Dolby Digital and Dolby Digital Plus, widely adopted audio compression formats for broadcast and streaming; and Dolby Vision, a high-dynamic-range imaging technology that expands color, contrast and brightness in displays.