Dolby Laboratories (NYSE:DLB) Given New $100.00 Price Target at Rosenblatt Securities

Dolby Laboratories (NYSE:DLB - Free Report) had its price objective increased by Rosenblatt Securities from $98.00 to $100.00 in a report released on Wednesday,Benzinga reports. They currently have a buy rating on the electronics maker's stock.

A number of other equities research analysts have also recently commented on the company. Barrington Research restated an "outperform" rating and set a $100.00 target price on shares of Dolby Laboratories in a research report on Friday, September 20th. StockNews.com upgraded shares of Dolby Laboratories from a "buy" rating to a "strong-buy" rating in a report on Monday.

Dolby Laboratories Stock Performance

Shares of Dolby Laboratories stock traded up $11.11 during trading hours on Wednesday, hitting $82.02. The company's stock had a trading volume of 1,548,321 shares, compared to its average volume of 401,186. The business has a 50 day moving average price of $73.69 and a two-hundred day moving average price of $76.01. Dolby Laboratories has a 12-month low of $66.35 and a 12-month high of $90.06. The company has a market cap of $7.82 billion, a PE ratio of 36.80 and a beta of 0.98.

Dolby Laboratories Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.61%. This is a positive change from Dolby Laboratories's previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, December 3rd. Dolby Laboratories's payout ratio is presently 54.79%.

Dolby Laboratories announced that its board has initiated a share buyback plan on Wednesday, August 7th that permits the company to buyback $350.00 million in outstanding shares. This buyback authorization permits the electronics maker to reacquire up to 5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Dolby Laboratories

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 28,512 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $74.12, for a total transaction of $2,113,309.44. Following the sale, the chief executive officer now owns 83,721 shares of the company's stock, valued at $6,205,400.52. This represents a 25.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 39.54% of the company's stock.

Institutional Trading of Dolby Laboratories

Hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. increased its holdings in Dolby Laboratories by 398.8% during the second quarter. Blue Trust Inc. now owns 414 shares of the electronics maker's stock worth $35,000 after buying an additional 331 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Dolby Laboratories in the second quarter valued at about $37,000. GAMMA Investing LLC lifted its position in Dolby Laboratories by 64.6% during the second quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker's stock worth $39,000 after purchasing an additional 192 shares during the period. Whittier Trust Co. of Nevada Inc. raised its stake in Dolby Laboratories by 192.4% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker's stock worth $46,000 after acquiring an additional 379 shares in the last quarter. Finally, First Horizon Advisors Inc. increased its stake in shares of Dolby Laboratories by 22.7% in the third quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker's stock valued at $60,000 after buying an additional 146 shares during the period. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Dolby Laboratories Company Profile

Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment at the cinema, DTV transmissions and devices, mobile devices, OTT video and music services, home entertainment devices, and automobiles. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for a range of media applications; AVC, a digital video codec with high bandwidth efficiency used in various media devices; Dolby AC-4, a digital audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for cinema and various media devices.