Dolby Laboratories (NYSE:DLB) Upgraded to “Strong-Buy” at StockNews.com

StockNews.com upgraded shares of Dolby Laboratories (NYSE:DLB) from a buy rating to a strong-buy rating in a research report sent to investors on Friday.

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

Dolby Laboratories Stock Performance

NYSE:DLB traded down $0.71 during trading hours on Friday, reaching $75.15. The company’s stock had a trading volume of 264,772 shares, compared to its average volume of 249,223. The firm has a 50-day simple moving average of $73.26 and a 200-day simple moving average of $76.37. Dolby Laboratories has a 1 year low of $66.35 and a 1 year high of $90.06. The firm has a market capitalization of $7.17 billion, a price-to-earnings ratio of 34.32 and a beta of 0.98.

Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings results on Wednesday, August 7th. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.14. The company had revenue of $288.82 million during the quarter, compared to analyst estimates of $286.26 million. Dolby Laboratories had a net margin of 16.87% and a return on equity of 10.66%. Equities analysts anticipate that Dolby Laboratories will post 2.71 earnings per share for the current fiscal year.

Dolby Laboratories declared that its Board of Directors has approved a stock repurchase plan on Wednesday, August 7th that permits the company to buyback $350.00 million in shares. This buyback authorization permits the electronics maker to reacquire up to 5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity

In related news, CEO Kevin J. Yeaman sold 28,512 shares of Dolby Laboratories 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 transaction, the chief executive officer now directly owns 83,721 shares of the company’s stock, valued at $6,205,400.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 39.54% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in DLB. Blue Trust Inc. raised its position in shares of 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 purchasing an additional 331 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in Dolby Laboratories in the second quarter worth about $37,000. GAMMA Investing LLC lifted its stake in shares of Dolby Laboratories by 64.6% in the second quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker’s stock worth $39,000 after buying an additional 192 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its holdings in shares of 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 valued at $46,000 after buying an additional 379 shares during the last quarter. Finally, Headlands Technologies LLC increased its position in shares of Dolby Laboratories by 693.3% during the first quarter. Headlands Technologies LLC now owns 595 shares of the electronics maker’s stock valued at $50,000 after acquiring an additional 520 shares in the last quarter. Hedge funds and other institutional investors own 58.56% of the company’s stock.

About Dolby Laboratories

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.