Dolby Laboratories, Inc. (NYSE:DLB) declared a quarterly dividend on Wednesday, January 30th, NASDAQ reports. Shareholders of record on Tuesday, February 12th will be given a dividend of 0.19 per share by the electronics maker on Thursday, February 21st. This represents a $0.76 annualized dividend and a yield of 1.20%. The ex-dividend date is Monday, February 11th.
Dolby Laboratories has raised its dividend by an average of 16.8% per year over the last three years and has raised its dividend every year for the last 4 years. Dolby Laboratories has a payout ratio of 32.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Dolby Laboratories to earn $2.80 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 27.1%.
Dolby Laboratories stock opened at $63.40 on Friday. The company has a market capitalization of $6.51 billion, a price-to-earnings ratio of 26.42, a P/E/G ratio of 2.18 and a beta of 0.86. Dolby Laboratories has a twelve month low of $58.17 and a twelve month high of $72.04.
In other news, EVP Mark Andrew Sherman sold 4,726 shares of the stock in a transaction on Tuesday, December 18th. The shares were sold at an average price of $64.55, for a total transaction of $305,063.30. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Kevin J. Yeaman sold 17,601 shares of the stock in a transaction on Tuesday, December 18th. The stock was sold at an average price of $64.58, for a total transaction of $1,136,672.58. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 84,533 shares of company stock worth $5,502,670. 40.23% of the stock is currently owned by company insiders.
Several brokerages have recently commented on DLB. Barrington Research restated a “buy” rating and set a $85.00 price target on shares of Dolby Laboratories in a research note on Thursday, January 31st. Zacks Investment Research upgraded shares of Dolby Laboratories from a “hold” rating to a “buy” rating and set a $71.00 price target on the stock in a research note on Thursday, January 24th. B. Riley set a $67.00 price target on shares of Dolby Laboratories and gave the stock a “hold” rating in a research note on Tuesday, December 4th. Finally, R. F. Lafferty dropped their price target on shares of Dolby Laboratories from $81.00 to $80.00 and set a “buy” rating on the stock in a research note on Monday, October 22nd. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $75.75.
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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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