Dolby Laboratories (NYSE:DLB) Stock Rating Lowered by ValuEngine

ValuEngine downgraded shares of Dolby Laboratories (NYSE:DLB) from a buy rating to a hold rating in a report published on Monday, April 1st, ValuEngine reports.

A number of other equities research analysts also recently issued reports on the stock. B. Riley set a $67.00 price objective on shares of Dolby Laboratories and gave the stock a hold rating in a research note on Tuesday, December 4th. Zacks Investment Research raised shares of Dolby Laboratories from a hold rating to a buy rating and set a $71.00 target price for the company in a report on Wednesday, January 16th. Finally, Barrington Research reissued a buy rating and issued a $85.00 target price on shares of Dolby Laboratories in a report on Thursday, January 31st. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $75.75.

Shares of DLB stock traded up $0.23 on Monday, hitting $64.38. The company’s stock had a trading volume of 232,218 shares, compared to its average volume of 448,368. Dolby Laboratories has a fifty-two week low of $58.17 and a fifty-two week high of $72.04. The company has a market capitalization of $6.58 billion, a PE ratio of 26.83, a price-to-earnings-growth ratio of 2.21 and a beta of 0.87.

Dolby Laboratories (NYSE:DLB) last released its quarterly earnings results on Wednesday, January 30th. The electronics maker reported $0.93 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.40. Dolby Laboratories had a net margin of 25.47% and a return on equity of 11.30%. The business had revenue of $302.40 million for the quarter, compared to the consensus estimate of $295.04 million. During the same period in the prior year, the company posted ($0.80) earnings per share. Dolby Laboratories’s revenue was up 1.0% compared to the same quarter last year. On average, equities research analysts anticipate that Dolby Laboratories will post 2.24 earnings per share for the current fiscal year.

In other news, major shareholder Dagmar Dolby sold 29,200 shares of the firm’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $65.01, for a total transaction of $1,898,292.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter C. Gotcher sold 3,920 shares of the firm’s stock in a transaction that occurred on Tuesday, February 5th. The stock was sold at an average price of $65.00, for a total transaction of $254,800.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 963,248 shares of company stock valued at $62,555,061. Company insiders own 40.23% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of DLB. Russell Investments Group Ltd. grew its position in Dolby Laboratories by 27.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 30,589 shares of the electronics maker’s stock valued at $2,140,000 after purchasing an additional 6,674 shares during the period. SG Americas Securities LLC acquired a new stake in Dolby Laboratories in the 3rd quarter valued at $699,000. JPMorgan Chase & Co. lifted its stake in Dolby Laboratories by 33.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 61,880 shares of the electronics maker’s stock valued at $4,329,000 after acquiring an additional 15,497 shares in the last quarter. MML Investors Services LLC lifted its stake in Dolby Laboratories by 43.1% during the 3rd quarter. MML Investors Services LLC now owns 5,753 shares of the electronics maker’s stock valued at $403,000 after acquiring an additional 1,733 shares in the last quarter. Finally, Commonwealth Bank of Australia bought a new position in Dolby Laboratories during the 3rd quarter valued at $209,000. 56.53% of the stock is owned by institutional investors and hedge funds.

Dolby Laboratories Company Profile

Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment and communications at the cinema, at home, at work, and on mobile devices. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for TVs, set-top boxes (STBs), personal computers (PCs), gaming consoles, mobile devices, and digital radio; AVC, a digital video codec with high bandwidth efficiency used in media devices; Dolby AC-4, an audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for home theaters, cinemas, device speakers, mobile devices, and headphones.

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