Dolby Laboratories (NYSE:DLB) Rating Increased to Strong-Buy at StockNews.com

Dolby Laboratories (NYSE:DLB) was upgraded by StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Friday.

Separately, Barrington Research reiterated an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a report on Friday, September 20th.

Dolby Laboratories Price Performance

Shares of Dolby Laboratories stock opened at $75.15 on Friday. Dolby Laboratories has a 1 year low of $66.35 and a 1 year high of $90.06. The firm’s 50-day moving average is $73.26 and its two-hundred day moving average is $76.35. The stock has a market cap of $7.17 billion, a price-to-earnings ratio of 34.32 and a beta of 0.98.

Dolby Laboratories (NYSE:DLB) last issued its earnings results on Wednesday, August 7th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.14. Dolby Laboratories had a net margin of 16.87% and a return on equity of 10.66%. The company had revenue of $288.82 million for the quarter, compared to analysts’ expectations of $286.26 million. On average, equities analysts expect that Dolby Laboratories will post 2.71 earnings per share for the current year.

Dolby Laboratories announced that its board has approved a stock buyback plan on Wednesday, August 7th that permits the company to buyback $350.00 million in shares. This buyback authorization permits the electronics maker to purchase up to 5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is 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 completion of the sale, the chief executive officer now directly owns 83,721 shares of the company’s stock, valued at approximately $6,205,400.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 39.54% of the company’s stock.

Hedge Funds Weigh In On Dolby Laboratories

Several hedge funds and other institutional investors have recently modified their holdings of DLB. Boston Trust Walden Corp raised its position in shares of Dolby Laboratories by 185.3% in the 3rd quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker’s stock valued at $82,276,000 after purchasing an additional 698,283 shares during the last quarter. Acadian Asset Management LLC raised its position in shares of Dolby Laboratories by 39.8% in the 2nd quarter. Acadian Asset Management LLC now owns 652,651 shares of the electronics maker’s stock valued at $51,698,000 after purchasing an additional 185,884 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Dolby Laboratories by 27.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 792,828 shares of the electronics maker’s stock valued at $62,817,000 after purchasing an additional 168,744 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Dolby Laboratories by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock valued at $544,711,000 after purchasing an additional 107,713 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Dolby Laboratories by 16.2% in the 2nd quarter. AQR Capital Management LLC now owns 627,160 shares of the electronics maker’s stock valued at $49,690,000 after purchasing an additional 87,298 shares during the last quarter. 58.56% of the stock is owned by hedge funds and other institutional investors.

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.