Dolby Laboratories (DLB) Given Buy Rating at B. Riley
B. Riley reaffirmed their buy rating on shares of Dolby Laboratories (NYSE:DLB) in a report published on Thursday morning. The brokerage currently has a $61.50 price objective on the electronics maker’s stock.
DLB has been the subject of a number of other research reports. BidaskClub cut Dolby Laboratories from a hold rating to a sell rating in a report on Saturday, June 10th. Piper Jaffray Companies reiterated a hold rating and set a $52.00 target price (up previously from $49.00) on shares of Dolby Laboratories in a report on Wednesday. Finally, Zacks Investment Research upgraded Dolby Laboratories from a sell rating to a hold rating in a report on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $57.30.
Shares of Dolby Laboratories (NYSE DLB) traded up 0.17% during mid-day trading on Thursday, hitting $58.29. 611,477 shares of the stock traded hands. Dolby Laboratories has a one year low of $44.99 and a one year high of $59.79. The company has a market cap of $5.98 billion, a P/E ratio of 29.82 and a beta of 0.81. The stock has a 50 day moving average price of $50.98 and a 200-day moving average price of $51.06.
Dolby Laboratories (NYSE:DLB) last issued its earnings results on Tuesday, July 25th. The electronics maker reported $0.75 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.10. Dolby Laboratories had a return on equity of 10.25% and a net margin of 19.02%. The business had revenue of $305.67 million during the quarter, compared to analysts’ expectations of $296.88 million. During the same quarter in the previous year, the business earned $0.62 EPS. The company’s revenue for the quarter was up 10.1% on a year-over-year basis. On average, analysts forecast that Dolby Laboratories will post $1.99 earnings per share for the current fiscal year.
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In other news, major shareholder Dagmar Dolby sold 100,000 shares of the stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $49.51, for a total value of $4,951,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kevin J. Yeaman sold 10,000 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $51.79, for a total value of $517,900.00. The disclosure for this sale can be found here. In the last three months, insiders sold 1,360,000 shares of company stock valued at $68,372,900. Company insiders own 43.80% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Intl Fcstone Inc. acquired a new stake in shares of Dolby Laboratories in the second quarter valued at $345,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Dolby Laboratories in the second quarter valued at $323,000. Public Employees Retirement System of Ohio lifted its holdings in shares of Dolby Laboratories by 4.7% in the second quarter. Public Employees Retirement System of Ohio now owns 99,972 shares of the electronics maker’s stock valued at $4,895,000 after buying an additional 4,473 shares during the period. Verition Fund Management LLC acquired a new stake in shares of Dolby Laboratories in the second quarter valued at $273,000. Finally, Timucuan Asset Management Inc. FL lifted its holdings in shares of Dolby Laboratories by 61.3% in the second quarter. Timucuan Asset Management Inc. FL now owns 1,172,271 shares of the electronics maker’s stock valued at $57,394,000 after buying an additional 445,411 shares during the period. 51.88% of the stock is owned by institutional investors.
About Dolby Laboratories
Dolby Laboratories, Inc designs and manufactures audio and imaging products for the cinema, television, broadcast and entertainment industries. Its products for cinema include Digital Cinema Servers and Cinema Audio Products, and broadcast and other include Dolby Conference Phone and Other Products. It offers services to support theatrical and television production for cinema exhibition, broadcast and home entertainment, including equipment training and maintenance, mixing room alignment and equalization, as well as audio, color and light image calibration.
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