B. Riley Reiterates Buy Rating for Dolby Laboratories (DLB)
Dolby Laboratories (NYSE:DLB)‘s stock had its “buy” rating restated by research analysts at B. Riley in a research report issued on Thursday. They currently have a $61.50 price target on the electronics maker’s stock. B. Riley’s price target suggests a potential upside of 4.11% from the company’s current price.
DLB has been the topic of a number of other reports. BidaskClub lowered shares of Dolby Laboratories from a “hold” rating to a “sell” rating in a research note on Saturday, June 10th. Piper Jaffray Companies reiterated a “hold” rating and issued a $52.00 target price (up from $49.00) on shares of Dolby Laboratories in a research note on Wednesday. Finally, Zacks Investment Research upgraded shares of Dolby Laboratories from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $55.88.
Shares of Dolby Laboratories (NYSE DLB) traded down 1.98% during trading on Thursday, reaching $57.90. 404,994 shares of the company’s stock were exchanged. The company has a 50 day moving average of $50.70 and a 200 day moving average of $50.95. The firm has a market capitalization of $5.94 billion, a P/E ratio of 29.62 and a beta of 0.81. Dolby Laboratories has a 52-week low of $44.99 and a 52-week high of $58.95.
Dolby Laboratories (NYSE:DLB) last posted its earnings results on Tuesday, July 25th. The electronics maker reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.10. Dolby Laboratories had a net margin of 19.02% and a return on equity of 10.25%. The business had revenue of $305.67 million for the quarter, compared to analyst estimates of $296.88 million. During the same period last year, the business posted $0.62 EPS. Dolby Laboratories’s revenue was up 10.1% compared to the same quarter last year. Equities analysts anticipate that Dolby Laboratories will post $1.99 earnings per share for the current fiscal year.
In other Dolby Laboratories news, insider Kevin J. Yeaman sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $51.79, for a total value of $517,900.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Dagmar Dolby sold 100,000 shares of the firm’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $52.22, for a total transaction of $5,222,000.00. The disclosure for this sale can be found here. Insiders sold a total of 1,360,000 shares of company stock worth $68,372,900 over the last 90 days. Company insiders own 43.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Intl Fcstone Inc. acquired a new stake in Dolby Laboratories in the 2nd quarter worth $345,000. Dynamic Technology Lab Private Ltd acquired a new stake in Dolby Laboratories in the 2nd quarter worth $323,000. Public Employees Retirement System of Ohio grew its position in Dolby Laboratories by 4.7% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 99,972 shares of the electronics maker’s stock worth $4,895,000 after purchasing an additional 4,473 shares during the last quarter. Verition Fund Management LLC acquired a new stake in Dolby Laboratories in the 2nd quarter worth $273,000. Finally, Timucuan Asset Management Inc. FL grew its position in Dolby Laboratories by 61.3% in the 2nd quarter. Timucuan Asset Management Inc. FL now owns 1,172,271 shares of the electronics maker’s stock worth $57,394,000 after purchasing an additional 445,411 shares during the last quarter. Institutional investors own 51.88% of the company’s stock.
About Dolby Laboratories
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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