Dolby Laboratories (NYSE:DLB) Given a $67.00 Price Target at B. Riley

B. Riley set a $67.00 price objective on Dolby Laboratories (NYSE:DLB) in a report released on Thursday morning, TipRanks reports. The brokerage currently has a hold rating on the electronics maker’s stock.

Several other research firms have also recently commented on DLB. Zacks Investment Research upgraded Dolby Laboratories from a hold rating to a strong-buy rating and set a $74.00 price target for the company in a research note on Friday, May 3rd. ValuEngine cut Dolby Laboratories from a buy rating to a hold rating in a research note on Monday, April 1st. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of Buy and an average price target of $76.50.

DLB stock opened at $62.50 on Thursday. The company has a market capitalization of $6.37 billion, a PE ratio of 26.04, a PEG ratio of 2.03 and a beta of 0.84. Dolby Laboratories has a twelve month low of $58.17 and a twelve month high of $72.04.

Dolby Laboratories (NYSE:DLB) last released its quarterly earnings results on Wednesday, May 1st. The electronics maker reported $0.70 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.18. Dolby Laboratories had a return on equity of 11.12% and a net margin of 24.93%. The business had revenue of $338.26 million during the quarter, compared to analysts’ expectations of $337.45 million. During the same quarter in the prior year, the business earned $0.73 earnings per share. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. Sell-side analysts predict that Dolby Laboratories will post 2.38 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 22nd. Stockholders of record on Tuesday, May 14th were paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend was Monday, May 13th. Dolby Laboratories’s dividend payout ratio (DPR) is presently 31.67%.

In other Dolby Laboratories news, CFO Lewis Chew sold 35,000 shares of the stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $63.41, for a total value of $2,219,350.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Dagmar Dolby sold 50,000 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $65.06, for a total value of $3,253,000.00. The disclosure for this sale can be found here. Insiders have sold 699,582 shares of company stock valued at $45,579,410 in the last 90 days. Company insiders own 40.23% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Marshall Wace LLP purchased a new position in Dolby Laboratories in the first quarter worth $2,230,000. BlueMountain Capital Management LLC raised its position in Dolby Laboratories by 1,277.4% in the first quarter. BlueMountain Capital Management LLC now owns 53,018 shares of the electronics maker’s stock worth $3,339,000 after acquiring an additional 49,169 shares in the last quarter. BlueCrest Capital Management Ltd purchased a new position in Dolby Laboratories in the first quarter worth $381,000. HighTower Advisors LLC raised its position in Dolby Laboratories by 3.5% in the first quarter. HighTower Advisors LLC now owns 6,781 shares of the electronics maker’s stock worth $426,000 after acquiring an additional 230 shares in the last quarter. Finally, Park West Asset Management LLC acquired a new stake in Dolby Laboratories in the first quarter valued at $3,149,000. Hedge funds and other institutional investors own 55.98% of the company’s stock.

Dolby Laboratories Company Profile

Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment and communications at the cinema, at home, at work, and on mobile devices. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for TVs, set-top boxes (STBs), personal computers (PCs), gaming consoles, mobile devices, and digital radio; AVC, a digital video codec with high bandwidth efficiency used in media devices; Dolby AC-4, an audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for home theaters, cinemas, device speakers, mobile devices, and headphones.

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