Rosenblatt Securities restated their buy rating on shares of Dolby Laboratories (NYSE:DLB – Free Report) in a research note issued to investors on Friday morning,Benzinga reports. They currently have a $95.00 target price on the electronics maker’s stock.
DLB has been the subject of a number of other reports. Wall Street Zen upgraded Dolby Laboratories from a “hold” rating to a “buy” rating in a report on Friday, May 30th. Tigress Financial initiated coverage on Dolby Laboratories in a research report on Thursday, May 15th. They set a “buy” rating and a $112.00 price target for the company. Finally, Barrington Research reiterated an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a report on Friday, May 2nd.
Check Out Our Latest Analysis on DLB
Dolby Laboratories Stock Performance
Dolby Laboratories (NYSE:DLB – Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The electronics maker reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.29 by $0.05. The business had revenue of $369.56 million for the quarter, compared to analyst estimates of $375.44 million. Dolby Laboratories had a net margin of 19.97% and a return on equity of 11.32%. The firm’s quarterly revenue was up 1.4% on a year-over-year basis. During the same period last year, the business posted $1.27 earnings per share. Analysts forecast that Dolby Laboratories will post 2.94 earnings per share for the current year.
Dolby Laboratories Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Tuesday, May 13th were given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date of this dividend was Tuesday, May 13th. Dolby Laboratories’s dividend payout ratio is currently 49.81%.
Insider Buying and Selling
In other news, SVP John D. Couling sold 675 shares of the firm’s stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $75.04, for a total value of $50,652.00. Following the completion of the sale, the senior vice president now directly owns 121,151 shares of the company’s stock, valued at $9,091,171.04. This trade represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Kevin J. Yeaman sold 33,683 shares of the business’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $76.22, for a total value of $2,567,318.26. Following the transaction, the chief executive officer now directly owns 114,725 shares in the company, valued at $8,744,339.50. The trade was a 22.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 49,358 shares of company stock worth $3,743,270. Corporate insiders own 38.39% of the company’s stock.
Hedge Funds Weigh In On Dolby Laboratories
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DLB. Alpine Bank Wealth Management acquired a new stake in shares of Dolby Laboratories during the 1st quarter worth about $25,000. Cheviot Value Management LLC bought a new position in Dolby Laboratories in the 1st quarter valued at about $27,000. MAI Capital Management lifted its position in Dolby Laboratories by 87.1% during the first quarter. MAI Capital Management now owns 348 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 162 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Dolby Laboratories during the first quarter worth approximately $29,000. Finally, Global X Japan Co. Ltd. acquired a new position in shares of Dolby Laboratories in the first quarter valued at approximately $51,000. 58.56% of the stock is owned by institutional investors.
Dolby Laboratories Company Profile
Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment at the cinema, DTV transmissions and devices, mobile devices, OTT video and music services, home entertainment devices, and automobiles. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for a range of media applications; AVC, a digital video codec with high bandwidth efficiency used in various media devices; Dolby AC-4, a digital audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for cinema and various media devices.
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