Dolby Laboratories (NYSE:DLB) Upgraded to “Buy” by B. Riley

B. Riley upgraded shares of Dolby Laboratories (NYSE:DLB) from a neutral rating to a buy rating in a report published on Friday morning, Briefing.com Automated Import reports.

Separately, Zacks Investment Research upgraded Dolby Laboratories from a hold rating to a strong-buy rating and set a $74.00 target price on the stock in a research report on Friday, May 3rd. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Dolby Laboratories currently has a consensus rating of Buy and an average target price of $78.00.

DLB traded down $9.27 during trading on Friday, reaching $58.81. 2,620,957 shares of the stock were exchanged, compared to its average volume of 302,871. The stock’s 50 day moving average price is $64.92. The firm has a market capitalization of $5.98 billion, a P/E ratio of 24.50, a price-to-earnings-growth ratio of 2.20 and a beta of 0.84. Dolby Laboratories has a 1 year low of $58.17 and a 1 year high of $72.04.

Dolby Laboratories (NYSE:DLB) last posted its earnings results on Thursday, August 1st. The electronics maker reported $0.38 EPS for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.11). The firm had revenue of $302.16 million for the quarter, compared to analysts’ expectations of $305.29 million. Dolby Laboratories had a return on equity of 11.12% and a net margin of 24.93%. The firm’s revenue for the quarter was up 40.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.18 earnings per share. On average, equities analysts anticipate that Dolby Laboratories will post 2.38 EPS for the current fiscal year.

In other news, EVP Mark Andrew Sherman sold 57,500 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $67.53, for a total value of $3,882,975.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kevin J. Yeaman sold 25,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $67.50, for a total value of $1,687,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,227,730 shares of company stock worth $80,388,364. 40.23% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DLB. Dimensional Fund Advisors LP raised its holdings in shares of Dolby Laboratories by 4.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 543,749 shares of the electronics maker’s stock worth $33,623,000 after acquiring an additional 21,808 shares during the last quarter. MML Investors Services LLC raised its holdings in shares of Dolby Laboratories by 5.2% in the fourth quarter. MML Investors Services LLC now owns 6,054 shares of the electronics maker’s stock worth $374,000 after acquiring an additional 301 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Dolby Laboratories by 3.4% in the fourth quarter. Legal & General Group Plc now owns 37,365 shares of the electronics maker’s stock worth $2,311,000 after acquiring an additional 1,220 shares during the last quarter. First Allied Advisory Services Inc. raised its holdings in shares of Dolby Laboratories by 9.1% in the fourth quarter. First Allied Advisory Services Inc. now owns 3,311 shares of the electronics maker’s stock worth $200,000 after acquiring an additional 276 shares during the last quarter. Finally, Macquarie Group Ltd. raised its holdings in shares of Dolby Laboratories by 5,346.0% in the fourth quarter. Macquarie Group Ltd. now owns 54,460 shares of the electronics maker’s stock worth $3,368,000 after acquiring an additional 53,460 shares during the last quarter. 55.95% of the stock is owned by institutional investors.

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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