Dolby Laboratories (NYSE:DLB) Receives Buy Rating from Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Dolby Laboratories (NYSE:DLB - Free Report) in a research report released on Friday morning,Benzinga reports. Rosenblatt Securities currently has a $95.00 price target on the electronics maker's stock.

Several other research firms have also weighed in on DLB. Barrington Research reiterated an "outperform" rating and issued a $100.00 price objective on shares of Dolby Laboratories in a research note on Friday, May 2nd. Tigress Financial started coverage on Dolby Laboratories in a research report on Thursday, May 15th. They issued a "buy" rating and a $112.00 price objective on the stock. Finally, Wall Street Zen upgraded Dolby Laboratories from a "hold" rating to a "buy" rating in a research note on Friday, May 30th.

Dolby Laboratories Price Performance

Shares of DLB stock traded down $1.26 during trading hours on Friday, hitting $73.97. 383,225 shares of the company's stock were exchanged, compared to its average volume of 452,445. The stock's 50-day moving average is $74.73 and its 200-day moving average is $78.49. Dolby Laboratories has a 52 week low of $66.35 and a 52 week high of $89.66. The stock has a market cap of $7.11 billion, a price-to-earnings ratio of 27.19 and a beta of 0.93.

Dolby Laboratories (NYSE:DLB - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The electronics maker reported $1.34 earnings per share for the quarter, topping analysts' consensus estimates of $1.29 by $0.05. The company had revenue of $369.56 million for the quarter, compared to analysts' expectations of $375.44 million. Dolby Laboratories had a net margin of 19.97% and a return on equity of 11.32%. The business's quarterly revenue was up 1.4% compared to the same quarter last year. During the same period last year, the firm posted $1.27 earnings per share. Equities research analysts forecast that Dolby Laboratories will post 2.94 earnings per share for the current fiscal year.

Dolby Laboratories Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Tuesday, May 13th were issued a dividend of $0.33 per share. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.78%. Dolby Laboratories's dividend payout ratio is presently 49.81%.

Insider Buying and Selling at Dolby Laboratories

In other news, CEO Kevin J. Yeaman sold 33,683 shares of the company's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $76.22, for a total transaction of $2,567,318.26. Following the transaction, the chief executive officer now directly owns 114,725 shares of the company's stock, valued at $8,744,339.50. This represents a 22.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Mark Andrew Sherman sold 15,000 shares of Dolby Laboratories stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $75.02, for a total value of $1,125,300.00. Following the transaction, the executive vice president now owns 62,397 shares in the company, valued at $4,681,022.94. This trade represents a 19.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,358 shares of company stock valued at $3,743,270. 38.39% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Dolby Laboratories

A number of institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp boosted its stake in shares of Dolby Laboratories by 64.2% during the fourth quarter. Bank of New York Mellon Corp now owns 4,826,477 shares of the electronics maker's stock valued at $376,948,000 after purchasing an additional 1,887,518 shares in the last quarter. Norges Bank acquired a new stake in Dolby Laboratories during the 4th quarter worth about $55,356,000. Vanguard Group Inc. lifted its stake in Dolby Laboratories by 7.1% during the 1st quarter. Vanguard Group Inc. now owns 7,535,722 shares of the electronics maker's stock valued at $605,194,000 after acquiring an additional 502,110 shares during the period. AQR Capital Management LLC lifted its position in Dolby Laboratories by 63.6% during the first quarter. AQR Capital Management LLC now owns 1,143,978 shares of the electronics maker's stock valued at $90,946,000 after purchasing an additional 444,718 shares during the period. Finally, Jones Financial Companies Lllp grew its holdings in Dolby Laboratories by 241,160.1% during the first quarter. Jones Financial Companies Lllp now owns 429,443 shares of the electronics maker's stock worth $36,975,000 after acquiring an additional 429,265 shares during the period. 58.56% of the stock is owned by institutional investors.

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.