Dolby Laboratories Inc. (DLB) Hits New 1-Year High at $52.44
Dolby Laboratories Inc. (NYSE:DLB) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $52.44 and last traded at $52.32, with a volume of 276,694 shares traded. The stock had previously closed at $51.23.
Several brokerages have recently commented on DLB. B. Riley reaffirmed a “neutral” rating and set a $50.00 target price on shares of Dolby Laboratories in a report on Tuesday, August 2nd. Dougherty & Co raised their target price on shares of Dolby Laboratories from $54.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. Finally, Zacks Investment Research cut shares of Dolby Laboratories from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 28th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $49.00.
The stock has a 50 day moving average of $49.70 and a 200-day moving average of $46.52. The stock has a market cap of $5.36 billion, a price-to-earnings ratio of 25.47 and a beta of 0.77.
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Dolby Laboratories (NYSE:DLB) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.25. Dolby Laboratories had a net margin of 20.19% and a return on equity of 10.19%. The business had revenue of $277.60 million for the quarter, compared to analysts’ expectations of $268.04 million. During the same period in the previous year, the company earned $0.49 earnings per share. The firm’s revenue for the quarter was up 19.8% compared to the same quarter last year. Equities research analysts forecast that Dolby Laboratories Inc. will post $1.79 earnings per share for the current fiscal year.
In other Dolby Laboratories news, major shareholder Dagmar Dolby sold 50,000 shares of the business’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $48.53, for a total value of $2,426,500.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Lewis Chew sold 12,000 shares of the business’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $49.79, for a total transaction of $597,480.00. The disclosure for this sale can be found here. Corporate insiders own 45.16% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DLB. Walleye Trading LLC boosted its position in Dolby Laboratories by 155.8% in the second quarter. Walleye Trading LLC now owns 2,122 shares of the company’s stock worth $102,000 after buying an additional 5,922 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in Dolby Laboratories by 13.9% in the second quarter. BNP Paribas Arbitrage SA now owns 2,901 shares of the company’s stock worth $139,000 after buying an additional 353 shares during the last quarter. US Bancorp DE boosted its position in Dolby Laboratories by 17.2% in the second quarter. US Bancorp DE now owns 3,138 shares of the company’s stock worth $150,000 after buying an additional 460 shares during the last quarter. Jackson Grant Investment Advisers Inc. bought a new position in Dolby Laboratories during the second quarter worth $165,000. Finally, Advisor Group Inc. bought a new position in Dolby Laboratories during the second quarter worth $166,000. Hedge funds and other institutional investors own 49.40% of the company’s stock.
About Dolby Laboratories
Dolby Laboratories, Inc creates audio, imaging and communication technologies that transform entertainment and communications at the cinema, home, work and on mobile devices. The Company offers digital signal processing and compression technologies. Its technologies enable the development of the audio technologies for the cinema, home entertainment, mobile and gaming experiences.
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