Dolby Laboratories (NYSE:DLB) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Dolby Laboratories (NYSE:DLB - Free Report) from a hold rating to a buy rating in a report released on Friday.

A number of other research firms have also weighed in on DLB. Tigress Financial assumed coverage on shares of Dolby Laboratories in a research report on Thursday, May 15th. They issued a "buy" rating and a $112.00 price objective on the stock. Rosenblatt Securities cut their target price on Dolby Laboratories from $100.00 to $95.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Finally, Barrington Research reissued an "outperform" rating and set a $100.00 price target on shares of Dolby Laboratories in a research note on Friday, May 2nd.

Dolby Laboratories Price Performance

Shares of NYSE:DLB traded up $0.85 during trading on Friday, hitting $74.83. The company had a trading volume of 94,677 shares, compared to its average volume of 454,395. The stock has a market cap of $7.19 billion, a price-to-earnings ratio of 27.51 and a beta of 0.95. The company has a fifty day simple moving average of $75.17 and a two-hundred day simple moving average of $78.64. Dolby Laboratories has a one year low of $66.35 and a one year high of $89.66.

Dolby Laboratories (NYSE:DLB - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The electronics maker reported $1.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.29 by $0.05. Dolby Laboratories had a return on equity of 11.32% and a net margin of 19.97%. The company had revenue of $369.56 million during the quarter, compared to the consensus estimate of $375.44 million. During the same period last year, the company earned $1.27 earnings per share. Dolby Laboratories's revenue was up 1.4% on a year-over-year basis. On average, equities research analysts anticipate that Dolby Laboratories will post 2.94 earnings per share for the current year.

Dolby Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Tuesday, May 13th were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend was Tuesday, May 13th. Dolby Laboratories's dividend payout ratio is presently 49.81%.

Insider Activity at Dolby Laboratories

In other Dolby Laboratories news, SVP John D. Couling sold 675 shares of Dolby Laboratories stock in a transaction on Monday, May 5th. The stock was sold at an average price of $75.04, for a total transaction of $50,652.00. Following the completion of the sale, the senior vice president now directly owns 121,151 shares of the company's stock, valued at $9,091,171.04. The trade was a 0.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 38.39% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Dolby Laboratories

A number of hedge funds and other institutional investors have recently made changes to their positions in DLB. Savant Capital LLC raised its holdings in shares of Dolby Laboratories by 2.0% in the fourth quarter. Savant Capital LLC now owns 6,274 shares of the electronics maker's stock valued at $490,000 after acquiring an additional 125 shares in the last quarter. Orion Portfolio Solutions LLC increased its position in Dolby Laboratories by 0.7% during the 4th quarter. Orion Portfolio Solutions LLC now owns 19,522 shares of the electronics maker's stock valued at $1,525,000 after purchasing an additional 132 shares during the period. Securian Asset Management Inc. raised its holdings in shares of Dolby Laboratories by 3.0% in the 1st quarter. Securian Asset Management Inc. now owns 4,648 shares of the electronics maker's stock valued at $373,000 after purchasing an additional 137 shares in the last quarter. Mather Group LLC. lifted its position in shares of Dolby Laboratories by 36.8% in the 4th quarter. Mather Group LLC. now owns 528 shares of the electronics maker's stock worth $41,000 after purchasing an additional 142 shares during the period. Finally, Naples Global Advisors LLC boosted its stake in shares of Dolby Laboratories by 0.4% during the fourth quarter. Naples Global Advisors LLC now owns 35,730 shares of the electronics maker's stock valued at $2,791,000 after purchasing an additional 160 shares in the last quarter. Institutional investors own 58.56% of the company's stock.

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.