Dolby Laboratories (NYSE:DLB) Upgraded by StockNews.com to “Strong-Buy” Rating

Dolby Laboratories (NYSE:DLB) was upgraded by equities research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report issued on Friday.

Separately, Barrington Research reissued an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a report on Friday, September 20th.

Dolby Laboratories Trading Down 0.9 %

NYSE DLB traded down $0.72 on Friday, hitting $75.14. 264,772 shares of the stock traded hands, compared to its average volume of 397,262. The company has a market capitalization of $7.16 billion, a P/E ratio of 34.31 and a beta of 0.98. The stock has a 50-day moving average of $73.19 and a 200 day moving average of $76.40. Dolby Laboratories has a twelve month low of $66.35 and a twelve month high of $90.06.

Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings results on Wednesday, August 7th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.14. The business had revenue of $288.82 million for the quarter, compared to analyst estimates of $286.26 million. Dolby Laboratories had a return on equity of 10.66% and a net margin of 16.87%. As a group, equities research analysts expect that Dolby Laboratories will post 2.71 earnings per share for the current year.

Dolby Laboratories announced that its Board of Directors has authorized a share repurchase program on Wednesday, August 7th that authorizes the company to buyback $350.00 million in outstanding shares. This buyback authorization authorizes the electronics maker to purchase up to 5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO Kevin J. Yeaman sold 28,512 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $74.12, for a total transaction of $2,113,309.44. Following the completion of the transaction, the chief executive officer now directly owns 83,721 shares in the company, valued at $6,205,400.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 39.54% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of DLB. First Horizon Advisors Inc. boosted its position in shares of Dolby Laboratories by 22.7% during the third quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock worth $60,000 after buying an additional 146 shares during the period. Advisors Asset Management Inc. boosted its position in Dolby Laboratories by 26.8% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,560 shares of the electronics maker’s stock worth $272,000 after acquiring an additional 753 shares during the period. Prospera Private Wealth LLC bought a new position in shares of Dolby Laboratories in the third quarter worth $93,000. Thrivent Financial for Lutherans increased its holdings in shares of Dolby Laboratories by 496.7% during the third quarter. Thrivent Financial for Lutherans now owns 102,223 shares of the electronics maker’s stock valued at $7,823,000 after purchasing an additional 85,093 shares during the period. Finally, Empowered Funds LLC raised its stake in shares of Dolby Laboratories by 21.8% during the third quarter. Empowered Funds LLC now owns 7,528 shares of the electronics maker’s stock valued at $576,000 after purchasing an additional 1,348 shares in the last quarter. Institutional investors own 58.56% of the company’s stock.

Dolby Laboratories Company Profile

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.