Dolby Laboratories (DLB) PT Set at $66.00 by B. Riley
Dolby Laboratories (NYSE:DLB) has been assigned a $66.00 price objective by equities research analysts at B. Riley in a note issued to investors on Thursday. The brokerage presently has a “buy” rating on the electronics maker’s stock. B. Riley’s price objective would suggest a potential upside of 10.42% from the stock’s current price.
Other research analysts have also issued reports about the company. Dougherty & Co reiterated a “buy” rating and set a $63.00 price target on shares of Dolby Laboratories in a report on Wednesday, September 13th. BidaskClub upgraded Dolby Laboratories from a “sell” rating to a “hold” rating in a report on Saturday, July 8th. Zacks Investment Research upgraded Dolby Laboratories from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. Finally, Piper Jaffray Companies reiterated a “hold” rating and set a $52.00 price target (up from $49.00) on shares of Dolby Laboratories in a report on Wednesday, September 13th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. Dolby Laboratories presently has an average rating of “Hold” and an average price target of $60.33.
Dolby Laboratories (NYSE DLB) traded up 0.39% during mid-day trading on Thursday, hitting $59.77. 382,490 shares of the stock were exchanged. The stock has a market cap of $3.47 billion, a price-to-earnings ratio of 32.48 and a beta of 0.85. Dolby Laboratories has a 52 week low of $44.99 and a 52 week high of $60.49. The company has a 50 day moving average price of $56.92 and a 200 day moving average price of $52.44.
Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings results on Tuesday, July 25th. The electronics maker reported $0.75 EPS for the quarter, topping 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 analyst estimates of $296.88 million. During the same period in the previous year, the company earned $0.62 earnings per share. The company’s quarterly revenue was up 10.1% compared to the same quarter last year. Analysts expect that Dolby Laboratories will post $1.99 EPS for the current fiscal year.
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In related news, major shareholder Dagmar Dolby sold 100,000 shares of the company’s stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $48.28, for a total value of $4,828,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kevin J. Yeaman sold 30,000 shares of the company’s stock in a transaction on Wednesday, October 18th. The shares were sold at an average price of $60.00, for a total value of $1,800,000.00. The disclosure for this sale can be found here. Insiders sold 1,465,310 shares of company stock valued at $74,479,700 over the last 90 days. 43.80% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of DLB. Watermark Asset Management Inc. acquired a new position in shares of Dolby Laboratories in the first quarter valued at $114,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Dolby Laboratories by 9.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,331 shares of the electronics maker’s stock valued at $114,000 after purchasing an additional 209 shares in the last quarter. US Bancorp DE raised its stake in shares of Dolby Laboratories by 2.6% in the second quarter. US Bancorp DE now owns 3,029 shares of the electronics maker’s stock valued at $149,000 after purchasing an additional 78 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Dolby Laboratories by 25.5% in the second quarter. The Manufacturers Life Insurance Company now owns 3,564 shares of the electronics maker’s stock valued at $174,000 after purchasing an additional 725 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its stake in shares of Dolby Laboratories by 4.6% in the second quarter. Teacher Retirement System of Texas now owns 4,637 shares of the electronics maker’s stock valued at $227,000 after purchasing an additional 205 shares in the last quarter. Institutional investors and hedge funds own 51.87% 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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