B. Riley reiterated their buy rating on shares of Dolby Laboratories (NYSE:DLB) in a research note published on Thursday morning. The brokerage currently has a $61.50 price target on the electronics maker’s stock.
A number of other equities analysts also recently weighed in on DLB. BidaskClub downgraded shares of Dolby Laboratories from a hold rating to a sell rating in a report on Saturday, June 10th. Zacks Investment Research downgraded shares of Dolby Laboratories from a hold rating to a sell rating in a report on Tuesday, June 27th. Finally, Piper Jaffray Companies reaffirmed a hold rating and set a $52.00 price objective (up from $49.00) on shares of Dolby Laboratories in a report on Wednesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $57.30.
Shares of Dolby Laboratories (NYSE:DLB) traded up 0.17% during trading on Thursday, hitting $58.29. 611,570 shares of the stock traded hands. The stock has a 50 day moving average price of $51.12 and a 200-day moving average price of $51.12. Dolby Laboratories has a 1-year low of $44.99 and a 1-year high of $59.79. The stock has a market cap of $5.98 billion, a price-to-earnings ratio of 29.82 and a beta of 0.81.
Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings results on Tuesday, July 25th. The electronics maker reported $0.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.10. The company had revenue of $305.67 million for the quarter, compared to the consensus estimate of $296.88 million. Dolby Laboratories had a net margin of 19.02% and a return on equity of 10.25%. The firm’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.62 EPS. Equities analysts forecast that Dolby Laboratories will post $1.99 EPS for the current year.
In other news, insider Kevin J. Yeaman sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $51.79, for a total transaction of $517,900.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Dagmar Dolby sold 100,000 shares of the company’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $52.22, for a total value of $5,222,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,419,000 shares of company stock worth $71,701,100. Company insiders own 43.80% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Intl Fcstone Inc. bought a new stake in shares of Dolby Laboratories during the second quarter valued at about $345,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Dolby Laboratories in the second quarter worth approximately $323,000. Public Employees Retirement System of Ohio increased its position 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 worth $4,895,000 after purchasing an additional 4,473 shares during the last quarter. Verition Fund Management LLC bought a new position in shares of Dolby Laboratories in the second quarter worth approximately $273,000. Finally, Timucuan Asset Management Inc. FL increased its position 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 worth $57,394,000 after purchasing an additional 445,411 shares during the last quarter. Hedge funds and other institutional investors own 51.88% of the company’s stock.
Dolby Laboratories Company Profile
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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