Dolby Laboratories (NYSE:DLB) Raised to Buy at B. Riley
Dolby Laboratories (NYSE:DLB) was upgraded by equities research analysts at B. Riley to a “buy” rating in a note issued to investors on Monday. The brokerage presently has a $61.50 price target on the electronics maker’s stock. B. Riley’s target price indicates a potential upside of 19.74% from the stock’s previous close.
A number of other analysts have also recently weighed in on the stock. Zacks Investment Research raised shares of Dolby Laboratories from a “sell” rating to a “hold” rating in a report on Thursday, April 6th. BidaskClub cut shares of Dolby Laboratories from a “hold” rating to a “sell” rating in a report on Saturday, June 10th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $54.90.
Shares of Dolby Laboratories (NYSE:DLB) opened at 51.36 on Monday. The firm’s 50-day moving average is $50.48 and its 200-day moving average is $49.82. Dolby Laboratories has a one year low of $44.99 and a one year high of $55.02. The company has a market cap of $5.27 billion, a PE ratio of 27.90 and a beta of 0.77.
Dolby Laboratories (NYSE:DLB) last released its quarterly earnings data on Wednesday, April 26th. The electronics maker reported $0.47 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.47. Dolby Laboratories had a net margin of 18.34% and a return on equity of 9.91%. The company had revenue of $267.50 million for the quarter, compared to analysts’ expectations of $273.84 million. During the same quarter last year, the company earned $0.82 earnings per share. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, equities analysts anticipate that Dolby Laboratories will post $1.97 EPS for the current year.
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In other news, Director Nicholas Donatiello, Jr. sold 2,000 shares of Dolby Laboratories stock in a transaction on Monday, May 8th. The shares were sold at an average price of $51.75, for a total value of $103,500.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Lewis Chew sold 14,300 shares of Dolby Laboratories stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $50.34, for a total transaction of $719,862.00. The disclosure for this sale can be found here. Insiders sold a total of 26,300 shares of company stock worth $1,336,662 over the last ninety days. Corporate insiders own 43.80% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Eqis Capital Management Inc. boosted its position in shares of Dolby Laboratories by 14.3% in the second quarter. Eqis Capital Management Inc. now owns 5,441 shares of the electronics maker’s stock worth $266,000 after buying an additional 682 shares during the last quarter. Clearbridge Investments LLC boosted its position in shares of Dolby Laboratories by 8.8% in the first quarter. Clearbridge Investments LLC now owns 6,181,361 shares of the electronics maker’s stock worth $323,965,000 after buying an additional 497,767 shares during the last quarter. Watermark Asset Management Inc. acquired a new position in shares of Dolby Laboratories during the first quarter worth approximately $114,000. HighTower Advisors LLC boosted its position in shares of Dolby Laboratories by 29.1% in the first quarter. HighTower Advisors LLC now owns 8,811 shares of the electronics maker’s stock worth $465,000 after buying an additional 1,987 shares during the last quarter. Finally, Jane Street Group LLC acquired a new position in shares of Dolby Laboratories during the first quarter worth approximately $13,887,000. 50.60% of the stock is currently owned by institutional investors and hedge funds.
Dolby Laboratories Company Profile
Dolby Laboratories, Inc designs and manufactures audio and imaging products for the cinema, television, broadcast and entertainment industries. Its products for cinema include Digital Cinema Servers and Cinema Audio Products, and broadcast and other include Dolby Conference Phone and Other Products. It offers services to support theatrical and television production for cinema exhibition, broadcast and home entertainment, including equipment training and maintenance, mixing room alignment and equalization, as well as audio, color and light image calibration.
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