Dolby Laboratories’ (DLB) Buy Rating Reiterated at Dougherty & Co
Dolby Laboratories (NYSE:DLB)‘s stock had its “buy” rating reaffirmed by investment analysts at Dougherty & Co in a research note issued on Wednesday. They currently have a $63.00 target price on the electronics maker’s stock. Dougherty & Co’s price objective would indicate a potential upside of 6.65% from the company’s previous close.
DLB has been the topic of a number of other research reports. BidaskClub downgraded Dolby Laboratories from a “hold” rating to a “sell” rating in a research note on Saturday, June 10th. B. Riley reiterated a “buy” rating and set a $61.50 price target on shares of Dolby Laboratories in a research note on Thursday. Piper Jaffray Companies reiterated a “hold” rating and set a $52.00 price target (up previously from $49.00) on shares of Dolby Laboratories in a research note on Wednesday. Finally, Zacks Investment Research upgraded Dolby Laboratories from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $57.30.
Dolby Laboratories (NYSE DLB) traded down 2.10% during trading on Wednesday, hitting $57.83. The stock had a trading volume of 665,060 shares. The firm has a market cap of $5.93 billion, a price-to-earnings ratio of 29.58 and a beta of 0.81. The firm’s 50 day moving average is $50.70 and its 200 day moving average is $50.95. Dolby Laboratories has a 1-year low of $44.99 and a 1-year high of $58.95.
Dolby Laboratories (NYSE:DLB) last issued its earnings results on Tuesday, July 25th. The electronics maker reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.10. Dolby Laboratories had a return on equity of 10.25% and a net margin of 19.02%. The firm had revenue of $305.67 million for the quarter, compared to the consensus estimate of $296.88 million. During the same quarter in the previous year, the company posted $0.62 earnings per share. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. On average, analysts anticipate that Dolby Laboratories will post $1.99 earnings per share for the current year.
In other news, major shareholder Dagmar Dolby sold 100,000 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $52.03, for a total transaction of $5,203,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kevin J. Yeaman sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $51.79, for a total value of $517,900.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,360,000 shares of company stock valued at $68,372,900. 43.80% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Watermark Asset Management Inc. acquired a new position in shares of Dolby Laboratories during the 1st quarter worth about $114,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Dolby Laboratories by 9.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,331 shares of the electronics maker’s stock worth $114,000 after purchasing an additional 209 shares during the last quarter. US Bancorp DE lifted its position in shares of Dolby Laboratories by 4.8% during the 1st quarter. US Bancorp DE now owns 2,951 shares of the electronics maker’s stock worth $155,000 after purchasing an additional 135 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Dolby Laboratories by 25.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,564 shares of the electronics maker’s stock worth $174,000 after purchasing an additional 725 shares during the last quarter. Finally, Teacher Retirement System of Texas lifted its position in shares of Dolby Laboratories by 4.6% during the 2nd quarter. Teacher Retirement System of Texas now owns 4,637 shares of the electronics maker’s stock worth $227,000 after purchasing an additional 205 shares during the last quarter. 51.88% of the stock is owned by institutional investors and hedge funds.
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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