Dolby Laboratories (NYSE:DLB) was downgraded by investment analysts at B. Riley from a “buy” rating to a “neutral” rating in a report issued on Tuesday, January 16th, MarketBeat Ratings reports. They presently have a $63.00 target price on the electronics maker’s stock. B. Riley’s price objective would indicate a potential upside of 4.67% from the company’s current price. B. Riley also issued estimates for Dolby Laboratories’ Q1 2018 earnings at $0.42 EPS, Q2 2018 earnings at $0.61 EPS, Q3 2018 earnings at $0.91 EPS, Q4 2018 earnings at $0.37 EPS, FY2018 earnings at $2.31 EPS, Q1 2019 earnings at $0.48 EPS, Q2 2019 earnings at $0.75 EPS, Q3 2019 earnings at $1.09 EPS, Q4 2019 earnings at $0.43 EPS and FY2019 earnings at $2.75 EPS.
Separately, Zacks Investment Research lowered shares of Dolby Laboratories from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 31st. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. Dolby Laboratories presently has an average rating of “Hold” and an average price target of $62.00.
Dolby Laboratories (NYSE:DLB) traded up $0.21 on Tuesday, reaching $60.19. 579,102 shares of the company’s stock were exchanged, compared to its average volume of 488,621. Dolby Laboratories has a 12-month low of $47.41 and a 12-month high of $74.29. The firm has a market cap of $6,156.71, a price-to-earnings ratio of 95.54, a PEG ratio of 5.07 and a beta of 0.78.
Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings results on Wednesday, January 24th. The electronics maker reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.35. The company had revenue of $287.80 million during the quarter, compared to analyst estimates of $265.75 million. Dolby Laboratories had a net margin of 6.06% and a return on equity of 12.02%. The firm’s revenue was up 8.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.66 EPS. research analysts anticipate that Dolby Laboratories will post 0.99 earnings per share for the current year.
In other Dolby Laboratories news, SVP Bob Borchers sold 116,821 shares of the stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $61.15, for a total value of $7,143,604.15. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Peter C. Gotcher sold 5,233 shares of the stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $62.12, for a total transaction of $325,073.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 761,989 shares of company stock worth $47,521,183. 43.80% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Raymond James Financial Services Advisors Inc. boosted its position in shares of Dolby Laboratories by 1.2% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 7,769 shares of the electronics maker’s stock worth $380,000 after acquiring an additional 94 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Dolby Laboratories by 1.1% during the 2nd quarter. Legal & General Group Plc now owns 18,586 shares of the electronics maker’s stock worth $910,000 after acquiring an additional 199 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Dolby Laboratories by 9.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,331 shares of the electronics maker’s stock valued at $114,000 after purchasing an additional 209 shares during the last quarter. D.A. Davidson & CO. lifted its stake in Dolby Laboratories by 2.6% in the 2nd quarter. D.A. Davidson & CO. now owns 26,566 shares of the electronics maker’s stock valued at $1,300,000 after purchasing an additional 672 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Dolby Laboratories by 25.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,564 shares of the electronics maker’s stock valued at $174,000 after purchasing an additional 725 shares during the last quarter. Institutional investors and hedge funds own 53.01% of the company’s stock.
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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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