Tigress Financial Boosts Dolby Laboratories (NYSE:DLB) Price Target to $114.00

Key Points

• Tigress Financial raised its price target for Dolby Laboratories from $112.00 to $114.00, suggesting a potential upside of 56.96% from the stock's previous close.
• Dolby reported $0.78 earnings per share for the last quarter, exceeding analysts' expectations, with revenue of $315.55 million reflecting a 9.2% year-over-year increase.
• Insiders sold over 141,000 shares of Dolby stock in the past ninety days, indicating a decrease in ownership among company executives.

Dolby Laboratories (NYSE:DLB - Free Report) had its price target increased by Tigress Financial from $112.00 to $114.00 in a research report released on Friday,Benzinga reports. They currently have a buy rating on the electronics maker's stock.

Other equities research analysts also recently issued research reports about the stock. Wall Street Zen downgraded shares of Dolby Laboratories from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $95.00 price target on shares of Dolby Laboratories in a research note on Friday, August 1st. Finally, Barrington Research restated an "outperform" rating and set a $100.00 price target on shares of Dolby Laboratories in a report on Friday, May 2nd.

Dolby Laboratories Stock Up 0.5%

DLB traded up $0.39 during trading on Friday, reaching $74.19. The company's stock had a trading volume of 14,095 shares, compared to its average volume of 425,750. Dolby Laboratories has a 1 year low of $68.24 and a 1 year high of $89.66. The firm has a fifty day simple moving average of $74.43 and a two-hundred day simple moving average of $76.85. The company has a market cap of $7.11 billion, a price-to-earnings ratio of 27.20 and a beta of 0.91.

Dolby Laboratories (NYSE:DLB - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The electronics maker reported $0.78 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.06. Dolby Laboratories had a net margin of 19.62% and a return on equity of 11.52%. The company had revenue of $315.55 million for the quarter, compared to analyst estimates of $305.23 million. During the same period in the previous year, the business posted $0.71 earnings per share. Dolby Laboratories's quarterly revenue was up 9.2% on a year-over-year basis. As a group, equities analysts forecast that Dolby Laboratories will post 2.94 EPS for the current fiscal year.

Dolby Laboratories Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Tuesday, August 12th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Tuesday, August 12th. This represents a $1.32 annualized dividend and a dividend yield of 1.8%. Dolby Laboratories's payout ratio is 48.35%.

Insiders Place Their Bets

In related news, 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 directly owned 62,397 shares of the company's stock, valued at $4,681,022.94. The trade was a 19.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Kevin J. Yeaman sold 39,875 shares of the business's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $74.82, for a total transaction of $2,983,447.50. Following the sale, the chief executive officer owned 114,725 shares in the company, valued at approximately $8,583,724.50. This trade represents a 25.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 141,049 shares of company stock valued at $10,521,141 in the last three months. 38.39% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC increased its position in shares of Dolby Laboratories by 114.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 12,141 shares of the electronics maker's stock valued at $975,000 after buying an additional 6,484 shares in the last quarter. Park Avenue Securities LLC acquired a new position in Dolby Laboratories during the first quarter worth approximately $222,000. Fiera Capital Corp increased its holdings in shares of Dolby Laboratories by 19.0% in the first quarter. Fiera Capital Corp now owns 639,404 shares of the electronics maker's stock valued at $51,351,000 after purchasing an additional 102,028 shares during the period. Vise Technologies Inc. acquired a new stake in Dolby Laboratories in the fourth quarter valued at $308,000. Finally, Principal Financial Group Inc. lifted its position in shares of Dolby Laboratories by 3.0% in the first quarter. Principal Financial Group Inc. now owns 140,806 shares of the electronics maker's stock valued at $11,308,000 after acquiring an additional 4,121 shares in the last quarter. 58.56% of the stock is currently 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.