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

Dolby Laboratories (NYSE:DLB) had its target price boosted by Rosenblatt Securities from $98.00 to $100.00 in a research report released on Wednesday,Benzinga reports. Rosenblatt Securities currently has a buy rating on the electronics maker’s stock.

Several other research firms have also commented on DLB. Barrington Research restated an “outperform” rating and set a $100.00 price target 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 research note on Monday.

Dolby Laboratories Price Performance

Shares of NYSE DLB opened at $82.02 on Wednesday. The company has a market capitalization of $7.82 billion, a P/E ratio of 37.45 and a beta of 0.98. Dolby Laboratories has a 1 year low of $66.35 and a 1 year high of $90.06. The company has a 50 day simple moving average of $73.94 and a 200-day simple moving average of $76.05.

Dolby Laboratories Increases Dividend

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

Dolby Laboratories declared that its board has initiated a share repurchase program on Wednesday, August 7th that permits the company to buyback $350.00 million in outstanding shares. This buyback authorization permits the electronics maker to buy up to 5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Dolby Laboratories

In other news, CEO Kevin J. Yeaman sold 28,512 shares of the business’s 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 transaction, the chief executive officer now directly owns 83,721 shares in the company, valued at $6,205,400.52. The trade was a 25.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 39.54% of the company’s stock.

Institutional Trading of Dolby Laboratories

Several hedge funds and other institutional investors have recently made changes to their positions in DLB. First Affirmative Financial Network grew its holdings in Dolby Laboratories by 4.9% in the 2nd quarter. First Affirmative Financial Network now owns 2,766 shares of the electronics maker’s stock valued at $219,000 after buying an additional 129 shares during the period. LRI Investments LLC raised its stake in Dolby Laboratories by 6.0% during the second quarter. LRI Investments LLC now owns 2,293 shares of the electronics maker’s stock worth $182,000 after purchasing an additional 130 shares during the period. First Horizon Advisors Inc. raised its stake in Dolby Laboratories by 22.7% during the third quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock worth $60,000 after purchasing an additional 146 shares during the period. Signaturefd LLC grew its stake in shares of Dolby Laboratories by 5.1% during the 2nd quarter. Signaturefd LLC now owns 3,167 shares of the electronics maker’s stock valued at $251,000 after buying an additional 153 shares during the period. Finally, Mitchell & Pahl Private Wealth LLC increased its holdings in shares of Dolby Laboratories by 1.3% during the 2nd quarter. Mitchell & Pahl Private Wealth LLC now owns 13,817 shares of the electronics maker’s stock worth $1,095,000 after buying an additional 174 shares during the last quarter. Institutional investors and hedge funds own 58.56% of the company’s stock.

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.