Dolby Laboratories (DLB) Given Consensus Recommendation of “Hold” by Brokerages
Shares of Dolby Laboratories (NYSE:DLB) have been given a consensus recommendation of “Hold” by the six analysts that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $58.83.
Several equities analysts have issued reports on the stock. B. Riley reaffirmed a “buy” rating and set a $61.50 price objective on shares of Dolby Laboratories in a report on Friday, July 28th. BidaskClub downgraded shares of Dolby Laboratories from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Dougherty & Co reaffirmed a “buy” rating and set a $63.00 price objective on shares of Dolby Laboratories in a report on Wednesday, September 13th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $52.00 price objective (up from $49.00) on shares of Dolby Laboratories in a report on Wednesday, September 13th.
Shares of Dolby Laboratories (NYSE:DLB) traded up 0.31% during mid-day trading on Wednesday, reaching $57.98. 12,692 shares of the company’s stock were exchanged. The stock has a market capitalization of $3.36 billion, a PE ratio of 31.51 and a beta of 0.85. The company’s 50 day moving average is $54.70 and its 200 day moving average is $52.01. Dolby Laboratories has a 1-year low of $44.99 and a 1-year high of $59.79.
Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings data on Tuesday, July 25th. The electronics maker reported $0.75 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.10. The business had revenue of $305.67 million for the quarter, compared to the consensus estimate of $296.88 million. Dolby Laboratories had a net margin of 19.02% and a return on equity of 10.25%. The company’s revenue was up 10.1% compared to the same quarter last year. During the same period last year, the firm posted $0.62 earnings per share. Equities research analysts anticipate that Dolby Laboratories will post $1.99 EPS for the current fiscal year.
In other news, insider Kevin J. Yeaman sold 45,000 shares of the stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $56.46, for a total value of $2,540,700.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Dagmar Dolby sold 100,000 shares of the stock in a transaction dated Monday, July 31st. The shares were 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 1,419,000 shares of company stock valued at $71,701,100 over the last quarter. Company insiders own 43.80% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Schwab Charles Investment Management Inc. raised its position in shares of Dolby Laboratories by 4.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 310,210 shares of the electronics maker’s stock valued at $15,188,000 after buying an additional 12,045 shares during the last quarter. Mackenzie Financial Corp increased its position in Dolby Laboratories by 21.2% during the first quarter. Mackenzie Financial Corp now owns 167,750 shares of the electronics maker’s stock worth $8,792,000 after purchasing an additional 29,300 shares during the last quarter. Skylands Capital LLC acquired a new stake in Dolby Laboratories during the second quarter worth about $759,000. Victory Capital Management Inc. increased its position in Dolby Laboratories by 21.3% during the second quarter. Victory Capital Management Inc. now owns 42,488 shares of the electronics maker’s stock worth $2,080,000 after purchasing an additional 7,447 shares during the last quarter. Finally, Clinton Group Inc. acquired a new stake in Dolby Laboratories during the second quarter worth about $2,867,000. Institutional investors and hedge funds own 51.87% 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.
Receive News & Ratings for Dolby Laboratories Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Dolby Laboratories and related companies with MarketBeat.com's FREE daily email newsletter.