Dolby Laboratories (NYSE:DLB) Given “Outperform” Rating at Barrington Research

Barrington Research reiterated their outperform rating on shares of Dolby Laboratories (NYSE:DLB) in a research note released on Wednesday morning,Benzinga reports. Barrington Research currently has a $100.00 target price on the electronics maker’s stock.

DLB has been the topic of a number of other reports. Rosenblatt Securities increased their price objective on Dolby Laboratories from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday. StockNews.com raised shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Monday.

Dolby Laboratories Stock Performance

Dolby Laboratories stock opened at $82.02 on Wednesday. The stock has a 50-day simple moving average of $73.94 and a 200 day simple moving average of $76.05. Dolby Laboratories has a 52 week low of $66.35 and a 52 week high of $90.06. The stock has a market capitalization of $7.82 billion, a P/E ratio of 37.45 and a beta of 0.98.

Dolby Laboratories Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Tuesday, December 3rd will be issued a $0.33 dividend. The ex-dividend date is Tuesday, December 3rd. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.61%. This is a boost from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s dividend payout ratio is 54.79%.

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

Insider Activity at Dolby Laboratories

In other news, CEO Kevin J. Yeaman sold 28,512 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $74.12, for a total value of $2,113,309.44. Following the completion of the transaction, the chief executive officer now directly owns 83,721 shares in the company, valued at approximately $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 is accessible through this hyperlink. 39.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Dolby Laboratories

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Dolby Laboratories by 1.7% during the first quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock worth $544,711,000 after purchasing an additional 107,713 shares during the last quarter. Ninety One UK Ltd grew its holdings in Dolby Laboratories by 2.6% during the 2nd quarter. Ninety One UK Ltd now owns 2,344,963 shares of the electronics maker’s stock worth $185,791,000 after acquiring an additional 60,114 shares during the last quarter. State Street Corp increased its position in Dolby Laboratories by 1.5% in the 3rd quarter. State Street Corp now owns 1,931,586 shares of the electronics maker’s stock valued at $147,824,000 after acquiring an additional 29,289 shares during the period. Geode Capital Management LLC raised its stake in shares of Dolby Laboratories by 4.3% during the third quarter. Geode Capital Management LLC now owns 1,538,583 shares of the electronics maker’s stock valued at $117,767,000 after acquiring an additional 63,293 shares during the last quarter. Finally, Disciplined Growth Investors Inc. MN lifted its holdings in shares of Dolby Laboratories by 4.5% during the third quarter. Disciplined Growth Investors Inc. MN now owns 1,466,212 shares of the electronics maker’s stock worth $112,209,000 after purchasing an additional 63,589 shares during the period. 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.