Dolby Laboratories (DLB) Given Consensus Recommendation of “Hold” by Brokerages
Dolby Laboratories (NYSE:DLB) has earned a consensus recommendation of “Hold” from the seven analysts that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $56.88.
Several brokerages have recently issued reports on DLB. Zacks Investment Research cut Dolby Laboratories from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. BidaskClub upgraded Dolby Laboratories from a “sell” rating to a “hold” rating in a research note on Saturday, July 8th. B. Riley upgraded Dolby Laboratories to a “buy” rating and set a $61.50 price objective for the company in a research note on Saturday, July 22nd. Piper Jaffray Companies reiterated a “hold” rating and issued a $52.00 price objective (up previously from $49.00) on shares of Dolby Laboratories in a research note on Wednesday. Finally, Dougherty & Co reiterated a “buy” rating and issued a $63.00 price objective on shares of Dolby Laboratories in a research note on Wednesday.
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Shares of Dolby Laboratories (NYSE:DLB) traded up 0.17% during trading on Friday, reaching $58.29. 611,570 shares of the company’s stock were exchanged. Dolby Laboratories has a 12-month low of $44.99 and a 12-month high of $59.79. The stock has a 50-day moving average price of $51.12 and a 200 day moving average price of $51.12. The company has a market capitalization of $5.98 billion, a P/E ratio of 29.82 and a beta of 0.81.
Dolby Laboratories (NYSE:DLB) last announced 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 company had revenue of $305.67 million during the quarter, compared to analysts’ expectations of $296.88 million. During the same period last year, the business posted $0.62 EPS. Dolby Laboratories’s revenue for the quarter was up 10.1% on a year-over-year basis. Equities analysts expect that Dolby Laboratories will post $1.99 EPS for the current fiscal year.
In other news, major shareholder Dagmar Dolby sold 100,000 shares of Dolby Laboratories stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $52.22, for a total value of $5,222,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark Andrew Sherman sold 14,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $56.25, for a total value of $787,500.00. The disclosure for this sale can be found here. Insiders sold a total of 1,419,000 shares of company stock valued at $71,701,100 in the last quarter. Company insiders own 43.80% of the company’s stock.
A number of hedge funds have recently bought and sold shares of DLB. Wells Fargo & Company MN lifted its stake in Dolby Laboratories by 9.0% during the first quarter. Wells Fargo & Company MN now owns 554,497 shares of the electronics maker’s stock worth $29,061,000 after purchasing an additional 45,554 shares during the last quarter. Spot Trading L.L.C. purchased a new stake in Dolby Laboratories during the first quarter worth approximately $660,000. First Trust Advisors LP lifted its stake in Dolby Laboratories by 66.9% during the first quarter. First Trust Advisors LP now owns 232,414 shares of the electronics maker’s stock worth $12,181,000 after purchasing an additional 93,191 shares during the last quarter. US Bancorp DE lifted its stake in Dolby Laboratories by 4.8% during the first 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. Finally, Bank of New York Mellon Corp lifted its stake in Dolby Laboratories by 19.6% during the first quarter. Bank of New York Mellon Corp now owns 572,823 shares of the electronics maker’s stock worth $30,022,000 after purchasing an additional 93,966 shares during the last quarter. Hedge funds and other institutional investors own 51.88% of the company’s stock.
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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