Dougherty & Co Reaffirms “Buy” Rating for Dolby Laboratories (DLB)

Dougherty & Co reissued their buy rating on shares of Dolby Laboratories (NYSE:DLB) in a research report sent to investors on Wednesday morning. They currently have a $63.00 price target on the electronics maker’s stock.

Other analysts have also issued reports about the company. B. Riley reissued a buy rating and issued a $61.50 price objective on shares of Dolby Laboratories in a report on Friday, July 28th. Piper Jaffray Companies reissued a hold rating and issued a $52.00 price objective (up from $49.00) on shares of Dolby Laboratories in a report on Wednesday. BidaskClub raised Dolby Laboratories from a sell rating to a hold rating in a report on Saturday, July 8th. Finally, Zacks Investment Research raised Dolby Laboratories from a sell rating to a hold rating in a report on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $57.30.

Shares of Dolby Laboratories (NYSE:DLB) opened at 58.29 on Wednesday. Dolby Laboratories has a one year low of $44.99 and a one year high of $59.79. The company’s 50 day moving average is $51.12 and its 200 day moving average is $51.12. The company has a market capitalization of $5.98 billion, a price-to-earnings ratio of 29.82 and a beta of 0.81.

Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings data on Tuesday, July 25th. The electronics maker reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.10. Dolby Laboratories had a return on equity of 10.25% and a net margin of 19.02%. The firm had revenue of $305.67 million during the quarter, compared to analysts’ expectations of $296.88 million. During the same period last year, the business posted $0.62 earnings per share. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year. Equities research analysts predict that Dolby Laboratories will post $1.99 earnings per share for the current year.

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In related news, insider Kevin J. Yeaman sold 45,000 shares of Dolby Laboratories stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $56.46, for a total transaction of $2,540,700.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Mark Andrew Sherman sold 14,000 shares of Dolby Laboratories stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $56.25, for a total value of $787,500.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,419,000 shares of company stock worth $71,701,100. 43.80% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the business. Watermark Asset Management Inc. purchased a new stake in Dolby Laboratories in the first quarter valued at $114,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Dolby Laboratories by 9.8% in the second 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 period. US Bancorp DE raised its position in Dolby Laboratories by 2.6% in the second quarter. US Bancorp DE now owns 3,029 shares of the electronics maker’s stock valued at $149,000 after purchasing an additional 78 shares during the period. The Manufacturers Life Insurance Company raised its position in Dolby Laboratories by 25.5% in the second 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 period. Finally, Teacher Retirement System of Texas raised its position in Dolby Laboratories by 4.6% in the second quarter. Teacher Retirement System of Texas now owns 4,637 shares of the electronics maker’s stock valued at $227,000 after purchasing an additional 205 shares during the period. 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.

Analyst Recommendations for Dolby Laboratories (NYSE:DLB)

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