Brokerages Set Dolby Laboratories (NYSE:DLB) Price Target at $90.75

by · The Cerbat Gem

Dolby Laboratories (NYSE:DLBGet Free Report) has received an average recommendation of “Moderate Buy” from the five ratings firms that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $90.75.

Several equities analysts have recently commented on the stock. Barrington Research lowered their target price on shares of Dolby Laboratories from $95.00 to $90.00 and set an “outperform” rating on the stock in a report on Monday, January 26th. Wall Street Zen downgraded shares of Dolby Laboratories from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Rosenblatt Securities reissued a “buy” rating and issued a $85.00 target price on shares of Dolby Laboratories in a report on Friday, January 30th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Dolby Laboratories in a report on Friday, March 27th.

Check Out Our Latest Stock Analysis on DLB

Insider Buying and Selling at Dolby Laboratories

In other news, CAO Ryan Nicholson sold 2,667 shares of the business’s stock in a transaction on Friday, February 13th. The shares were sold at an average price of $66.38, for a total value of $177,035.46. Following the transaction, the chief accounting officer owned 36,956 shares of the company’s stock, valued at approximately $2,453,139.28. The trade was a 6.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Shriram Revankar sold 3,000 shares of the business’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $66.14, for a total transaction of $198,420.00. Following the completion of the transaction, the senior vice president directly owned 83,218 shares in the company, valued at $5,504,038.52. This trade represents a 3.48% decrease in their position. The SEC filing for this sale provides additional information. 37.93% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Dolby Laboratories

Several hedge funds have recently modified their holdings of the stock. Boothbay Fund Management LLC raised its holdings in shares of Dolby Laboratories by 4.1% during the 2nd quarter. Boothbay Fund Management LLC now owns 4,020 shares of the electronics maker’s stock worth $299,000 after acquiring an additional 157 shares during the period. Covestor Ltd raised its holdings in shares of Dolby Laboratories by 6.0% during the 4th quarter. Covestor Ltd now owns 3,088 shares of the electronics maker’s stock worth $198,000 after acquiring an additional 175 shares during the period. Fifth Third Bancorp raised its holdings 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 worth $48,000 after acquiring an additional 192 shares during the period. Gabelli Funds LLC raised its holdings in shares of Dolby Laboratories by 0.4% during the 3rd quarter. Gabelli Funds LLC now owns 49,143 shares of the electronics maker’s stock worth $3,556,000 after acquiring an additional 202 shares during the period. Finally, Hantz Financial Services Inc. raised its holdings in shares of Dolby Laboratories by 166.7% during the 3rd quarter. Hantz Financial Services Inc. now owns 352 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 220 shares during the period. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Dolby Laboratories Price Performance

Shares of NYSE:DLB opened at $64.95 on Friday. Dolby Laboratories has a 1-year low of $57.62 and a 1-year high of $78.28. The company has a market capitalization of $6.21 billion, a P/E ratio of 26.19 and a beta of 0.86. The firm’s 50 day simple moving average is $62.87 and its two-hundred day simple moving average is $64.80.

Dolby Laboratories (NYSE:DLBGet Free Report) last issued its quarterly earnings results on Thursday, January 29th. The electronics maker reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.07. Dolby Laboratories had a net margin of 17.97% and a return on equity of 11.50%. The business had revenue of $346.71 million for the quarter, compared to the consensus estimate of $341.26 million. During the same quarter in the previous year, the firm earned $1.14 earnings per share. The company’s revenue for the quarter was down 2.8% on a year-over-year basis. On average, sell-side analysts anticipate that Dolby Laboratories will post 3.18 earnings per share for the current fiscal year.

Dolby Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 18th. Stockholders of record on Tuesday, February 10th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Tuesday, February 10th. Dolby Laboratories’s payout ratio is 58.06%.

About Dolby Laboratories

(Get Free Report)

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.

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