Dolby Laboratories (NYSE:DLB) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Dolby Laboratories (NYSE:DLB) have been assigned an average rating of “Moderate Buy” from the five brokerages that are currently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $90.75.

Several equities analysts recently weighed in on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $85.00 target price on shares of Dolby Laboratories in a research note on Friday. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Dolby Laboratories in a report on Monday, December 29th. Wall Street Zen lowered Dolby Laboratories from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Barrington Research reduced their price objective on Dolby Laboratories from $95.00 to $90.00 and set an “outperform” rating on the stock in a research note on Monday, January 26th.

Dolby Laboratories Stock Up 0.5%

Shares of Dolby Laboratories stock opened at $64.50 on Tuesday. The company has a market capitalization of $6.16 billion, a price-to-earnings ratio of 26.01 and a beta of 0.86. The stock’s 50-day simple moving average is $65.03 and its 200-day simple moving average is $68.72. Dolby Laboratories has a 52 week low of $60.14 and a 52 week high of $85.45.

Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings data on Thursday, January 29th. The electronics maker reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.07. The business had revenue of $346.71 million during the quarter, compared to analyst estimates of $341.26 million. Dolby Laboratories had a net margin of 17.97% and a return on equity of 11.50%. The company’s revenue was down 2.8% on a year-over-year basis. During the same period last year, the firm posted $1.14 EPS. On average, equities analysts expect that Dolby Laboratories will post 2.94 earnings per share for the current year.

Dolby Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 18th. Investors of record on Tuesday, February 10th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Tuesday, February 10th. This represents a $1.44 dividend on an annualized basis and a yield of 2.2%. Dolby Laboratories’s dividend payout ratio is presently 58.06%.

Insider Buying and Selling at Dolby Laboratories

In related news, SVP Shriram Revankar sold 3,000 shares of Dolby Laboratories stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $65.55, for a total value of $196,650.00. Following the completion of the transaction, the senior vice president owned 67,435 shares in the company, valued at approximately $4,420,364.25. This trade represents a 4.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Kevin J. Yeaman sold 36,699 shares of the business’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $66.91, for a total value of $2,455,530.09. Following the sale, the chief executive officer directly owned 114,725 shares in the company, valued at $7,676,249.75. The trade was a 24.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 137,120 shares of company stock valued at $9,184,809. Corporate insiders own 37.93% of the company’s stock.

Hedge Funds Weigh In On Dolby Laboratories

A number of institutional investors and hedge funds have recently modified their holdings of DLB. Fifth Third Bancorp increased its position in shares of Dolby Laboratories by 34.7% during the 4th quarter. Fifth Third Bancorp now owns 746 shares of the electronics maker’s stock valued at $48,000 after purchasing an additional 192 shares during the last quarter. Oppenheimer & Co. Inc. bought a new position in Dolby Laboratories during the fourth quarter valued at $244,000. New York State Teachers Retirement System raised its stake in shares of Dolby Laboratories by 16.8% in the fourth quarter. New York State Teachers Retirement System now owns 14,817 shares of the electronics maker’s stock valued at $952,000 after acquiring an additional 2,129 shares during the period. State of New Jersey Common Pension Fund D lifted its holdings in shares of Dolby Laboratories by 13.7% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 33,203 shares of the electronics maker’s stock worth $2,132,000 after acquiring an additional 4,001 shares during the last quarter. Finally, Cardinal Capital Management lifted its holdings in shares of Dolby Laboratories by 1.6% in the 4th quarter. Cardinal Capital Management now owns 45,658 shares of the electronics maker’s stock worth $2,932,000 after acquiring an additional 715 shares during the last quarter. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Dolby Laboratories Company Profile

Dolby Laboratories, Inc is a global leader in audio and imaging technologies, specializing in the development, licensing and deployment of solutions that enhance entertainment and communications experiences. The company’s core business revolves around creating advanced audio codecs, noise reduction systems and spatial sound technologies for a wide range of applications, including cinema, broadcast, gaming, streaming and personal devices. Dolby’s licensing model enables consumer electronics manufacturers, content creators and service providers to integrate its technologies into products such as televisions, smartphones, home theater systems and set-top boxes.

Among its flagship innovations are Dolby Atmos, an immersive audio format that delivers three-dimensional soundscapes for theaters and home systems; Dolby Digital and Dolby Digital Plus, widely adopted audio compression formats for broadcast and streaming; and Dolby Vision, a high-dynamic-range imaging technology that expands color, contrast and brightness in displays.