Barrington Research Reiterates Outperform Rating for Dolby Laboratories (NYSE:DLB)

Dolby Laboratories (NYSE:DLB)‘s stock had its “outperform” rating reissued by equities researchers at Barrington Research in a research report issued on Friday, Benzinga reports. They currently have a $100.00 target price on the electronics maker’s stock. Barrington Research’s price objective points to a potential upside of 36.50% from the company’s current price.

Separately, Rosenblatt Securities reaffirmed a “buy” rating and issued a $98.00 price target on shares of Dolby Laboratories in a report on Friday, June 7th.

Dolby Laboratories Price Performance

NYSE:DLB opened at $73.26 on Friday. The company has a market cap of $7.02 billion, a price-to-earnings ratio of 37.38 and a beta of 0.97. Dolby Laboratories has a 1 year low of $66.35 and a 1 year high of $90.06. The stock’s 50 day simple moving average is $73.35 and its two-hundred day simple moving average is $78.27.

Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings results on Wednesday, August 7th. The electronics maker reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.14. Dolby Laboratories had a net margin of 16.87% and a return on equity of 10.66%. The company had revenue of $288.82 million for the quarter, compared to analysts’ expectations of $286.26 million. As a group, analysts anticipate that Dolby Laboratories will post 2.72 EPS for the current year.

Dolby Laboratories announced that its board has initiated a stock buyback program on Wednesday, August 7th that permits the company to repurchase $350.00 million in shares. This repurchase authorization permits the electronics maker to buy up to 5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Dolby Laboratories

A number of large investors have recently made changes to their positions in DLB. Principal Securities Inc. purchased a new position in shares of Dolby Laboratories during the fourth quarter valued at approximately $53,000. Quadrant Capital Group LLC boosted its holdings in Dolby Laboratories by 65.0% during the 4th quarter. Quadrant Capital Group LLC now owns 505 shares of the electronics maker’s stock valued at $44,000 after acquiring an additional 199 shares during the period. Norges Bank bought a new position in Dolby Laboratories in the 4th quarter valued at $42,067,000. PNC Financial Services Group Inc. increased its stake in Dolby Laboratories by 2.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 13,677 shares of the electronics maker’s stock worth $1,179,000 after purchasing an additional 379 shares during the period. Finally, Corient Private Wealth LLC lifted its position in shares of Dolby Laboratories by 4.2% during the fourth quarter. Corient Private Wealth LLC now owns 6,589 shares of the electronics maker’s stock worth $568,000 after purchasing an additional 268 shares during the last quarter. 58.56% of the stock is owned by hedge funds and other institutional investors.

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.