StockNews.com Downgrades Dolby Laboratories (NYSE:DLB) to Hold

Dolby Laboratories (NYSE:DLB) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.

Separately, Rosenblatt Securities restated a “buy” rating and issued a $98.00 target price on shares of Dolby Laboratories in a report on Monday, April 29th.

Dolby Laboratories Trading Up 3.0 %

Shares of NYSE DLB traded up $2.37 during midday trading on Friday, reaching $82.08. 730,646 shares of the stock were exchanged, compared to its average volume of 313,915. The stock has a 50 day moving average price of $81.65 and a 200-day moving average price of $83.23. The company has a market capitalization of $7.85 billion, a P/E ratio of 41.88 and a beta of 0.98. Dolby Laboratories has a 52-week low of $75.87 and a 52-week high of $91.01.

Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings results on Thursday, February 1st. The electronics maker reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.14. Dolby Laboratories had a return on equity of 10.22% and a net margin of 15.00%. The firm had revenue of $315.57 million for the quarter, compared to analyst estimates of $310.98 million. On average, analysts forecast that Dolby Laboratories will post 2.6 earnings per share for the current year.

Insider Buying and Selling at Dolby Laboratories

In other news, SVP John D. Couling sold 33,560 shares of the firm’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $80.81, for a total value of $2,711,983.60. Following the transaction, the senior vice president now directly owns 108,519 shares in the company, valued at approximately $8,769,420.39. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 39.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Dolby Laboratories

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Dolby Laboratories by 3.3% in the third quarter. Vanguard Group Inc. now owns 6,389,084 shares of the electronics maker’s stock valued at $506,399,000 after buying an additional 205,319 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its stake in Dolby Laboratories by 4.8% during the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 5,246,122 shares of the electronics maker’s stock worth $415,808,000 after buying an additional 239,578 shares during the period. Morgan Stanley lifted its holdings in Dolby Laboratories by 11.9% in the 3rd quarter. Morgan Stanley now owns 4,902,295 shares of the electronics maker’s stock worth $388,556,000 after buying an additional 523,250 shares in the last quarter. Ninety One UK Ltd boosted its position in Dolby Laboratories by 29.0% in the 4th quarter. Ninety One UK Ltd now owns 2,572,346 shares of the electronics maker’s stock valued at $221,685,000 after buying an additional 578,239 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Dolby Laboratories by 11.2% during the first quarter. Bank of New York Mellon Corp now owns 2,324,244 shares of the electronics maker’s stock worth $194,702,000 after acquiring an additional 233,958 shares during the last quarter. Hedge funds and other institutional investors own 58.56% of the company’s stock.

About Dolby Laboratories

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.