Dolby Laboratories (NYSE:DLB - Get Free Report) was upgraded by analysts at StockNews.com from a "buy" rating to a "strong-buy" rating in a report released on Friday.
Separately, Barrington Research reaffirmed an "outperform" rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research note on Friday, September 20th.
Check Out Our Latest Stock Analysis on DLB
Dolby Laboratories Price Performance
DLB stock traded down $0.72 on Friday, hitting $75.14. 264,772 shares of the company were exchanged, compared to its average volume of 397,262. The stock has a market capitalization of $7.16 billion, a price-to-earnings ratio of 34.31 and a beta of 0.98. The business's fifty day moving average is $73.19 and its two-hundred day moving average is $76.40. Dolby Laboratories has a twelve month low of $66.35 and a twelve month high of $90.06.
Dolby Laboratories (NYSE:DLB - Get Free Report) last issued its earnings results on Wednesday, August 7th. The electronics maker reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.14. Dolby Laboratories had a return on equity of 10.66% and a net margin of 16.87%. The business had revenue of $288.82 million for the quarter, compared to analyst estimates of $286.26 million. Equities research analysts expect that Dolby Laboratories will post 2.71 earnings per share for the current year.
Dolby Laboratories announced that its Board of Directors has authorized a share repurchase program on Wednesday, August 7th that allows the company to buyback $350.00 million in shares. This buyback authorization allows the electronics maker to repurchase up to 5% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.
Insider Activity at Dolby Laboratories
In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 28,512 shares of the business's stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $74.12, for a total transaction of $2,113,309.44. Following the transaction, the chief executive officer now owns 83,721 shares in the company, valued at $6,205,400.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 39.54% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the company. Blue Trust Inc. lifted its holdings in Dolby Laboratories by 398.8% in the 2nd quarter. Blue Trust Inc. now owns 414 shares of the electronics maker's stock worth $35,000 after buying an additional 331 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Dolby Laboratories in the second quarter worth about $37,000. GAMMA Investing LLC boosted its holdings in Dolby Laboratories by 64.6% in the second quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker's stock valued at $39,000 after purchasing an additional 192 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in Dolby Laboratories by 192.4% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker's stock valued at $46,000 after purchasing an additional 379 shares in the last quarter. Finally, Headlands Technologies LLC increased its holdings in Dolby Laboratories by 693.3% during the 1st quarter. Headlands Technologies LLC now owns 595 shares of the electronics maker's stock worth $50,000 after purchasing an additional 520 shares during the last quarter. 58.56% of the stock is currently owned by hedge funds and other institutional investors.
Dolby Laboratories Company Profile
(
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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.
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