Dolby Laboratories (NYSE:DLB) Reaches New 12-Month Low – Time to Sell?

Shares of Dolby Laboratories (NYSE:DLB) hit a new 52-week low during trading on Friday . The company traded as low as $59.89 and last traded at $60.2360, with a volume of 363745 shares traded. The stock had previously closed at $61.51.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Barrington Research lowered their price objective on shares of Dolby Laboratories from $95.00 to $90.00 and set an “outperform” rating on the stock in a research note on Monday, January 26th. Weiss Ratings reissued a “hold (c-)” rating on shares of Dolby Laboratories in a report on Monday, December 29th. Wall Street Zen lowered shares of Dolby Laboratories from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $85.00 price objective on shares of Dolby Laboratories in a research report on Friday, January 30th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $90.75.

Dolby Laboratories Price Performance

The stock has a market capitalization of $5.75 billion, a price-to-earnings ratio of 24.29 and a beta of 0.84. The firm has a 50 day simple moving average of $63.87 and a 200-day simple moving average of $66.63.

Dolby Laboratories (NYSE:DLB) last issued its earnings results on Thursday, January 29th. The electronics maker reported $1.06 EPS for the quarter, beating the consensus estimate of $0.99 by $0.07. The company had revenue of $346.71 million for the quarter, compared to the consensus estimate of $341.26 million. Dolby Laboratories had a net margin of 17.97% and a return on equity of 11.50%. The firm’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.14 EPS. On average, sell-side analysts forecast that Dolby Laboratories will post 2.94 earnings per share for the current fiscal year.

Dolby Laboratories Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 18th. Stockholders of record on Tuesday, February 10th were issued a dividend of $0.36 per share. The ex-dividend date of this dividend was Tuesday, February 10th. This represents a $1.44 annualized dividend and a dividend yield of 2.4%. Dolby Laboratories’s dividend payout ratio (DPR) is presently 58.06%.

Insider Buying and Selling

In other news, SVP Shriram Revankar sold 3,000 shares of the business’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 value of $198,420.00. Following the transaction, the senior vice president directly owned 83,218 shares of the company’s stock, valued at $5,504,038.52. The trade was a 3.48% decrease in their position. The sale was disclosed in a legal filing 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 stock was sold at an average price of $66.38, for a total value of $177,035.46. Following the sale, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 37.93% of the company’s stock.

Hedge Funds Weigh In On Dolby Laboratories

A number of institutional investors have recently modified their holdings of DLB. Hsbc Holdings PLC lifted its position in shares of Dolby Laboratories by 5.0% during the fourth quarter. Hsbc Holdings PLC now owns 6,301 shares of the electronics maker’s stock worth $406,000 after purchasing an additional 301 shares in the last quarter. Rockefeller Capital Management L.P. raised its position in Dolby Laboratories by 292.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 3,732 shares of the electronics maker’s stock worth $240,000 after purchasing an additional 2,781 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its position in Dolby Laboratories by 73,900.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,480 shares of the electronics maker’s stock worth $95,000 after purchasing an additional 1,478 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in Dolby Laboratories by 7.7% during the 4th quarter. Pacer Advisors Inc. now owns 477,903 shares of the electronics maker’s stock worth $30,691,000 after buying an additional 34,006 shares in the last quarter. Finally, EP Wealth Advisors LLC acquired a new position in Dolby Laboratories during the 4th quarter worth $231,000. 58.56% of the stock is owned by institutional investors.

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.