Dolby Laboratories, Inc. (NYSE:DLB) has been assigned an average rating of “Buy” from the seven analysts that are presently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $72.75.
A number of research analysts have weighed in on DLB shares. ValuEngine lowered Dolby Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, July 11th. B. Riley lifted their target price on Dolby Laboratories from $61.00 to $69.00 and gave the company a “neutral” rating in a report on Thursday, July 26th. Barrington Research reaffirmed a “buy” rating and set a $78.00 target price on shares of Dolby Laboratories in a report on Thursday, July 26th. R. F. Lafferty started coverage on Dolby Laboratories in a report on Wednesday, September 5th. They set a “buy” rating and a $81.00 target price for the company. Finally, Tigress Financial reaffirmed a “buy” rating on shares of Dolby Laboratories in a report on Friday, September 7th.
Shares of DLB opened at $65.44 on Friday. Dolby Laboratories has a fifty-two week low of $56.50 and a fifty-two week high of $74.29. The stock has a market capitalization of $7.15 billion, a P/E ratio of 29.75, a PEG ratio of 2.18 and a beta of 0.78.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Monday, November 5th will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date is Friday, November 2nd. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.16. Dolby Laboratories’s payout ratio is presently 29.09%.
In other news, major shareholder Dagmar Dolby sold 22,642 shares of Dolby Laboratories stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $70.07, for a total transaction of $1,586,524.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Giles Baker sold 5,000 shares of Dolby Laboratories stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $70.00, for a total value of $350,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 99,642 shares of company stock valued at $6,816,715 in the last ninety days. Insiders own 43.74% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Eagle Ridge Investment Management boosted its position in shares of Dolby Laboratories by 0.8% during the 2nd quarter. Eagle Ridge Investment Management now owns 113,909 shares of the electronics maker’s stock valued at $7,027,000 after acquiring an additional 910 shares during the last quarter. Berkshire Asset Management LLC PA boosted its position in shares of Dolby Laboratories by 27.0% during the 3rd quarter. Berkshire Asset Management LLC PA now owns 4,418 shares of the electronics maker’s stock valued at $309,000 after acquiring an additional 940 shares during the last quarter. BlueSky Wealth Advisors LLC boosted its position in shares of Dolby Laboratories by 11.6% during the 3rd quarter. BlueSky Wealth Advisors LLC now owns 9,355 shares of the electronics maker’s stock valued at $645,000 after acquiring an additional 972 shares during the last quarter. Denali Advisors LLC boosted its position in shares of Dolby Laboratories by 2.7% during the 2nd quarter. Denali Advisors LLC now owns 41,700 shares of the electronics maker’s stock valued at $2,572,000 after acquiring an additional 1,100 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Dolby Laboratories by 29.2% during the 1st quarter. The Manufacturers Life Insurance Company now owns 5,219 shares of the electronics maker’s stock valued at $332,000 after acquiring an additional 1,181 shares during the last quarter. Hedge funds and other institutional investors own 56.21% of the company’s stock.
About Dolby Laboratories
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, including Dolby Digital Plus for digital television, mobile, and Internet-based services; Dolby Digital, a digital audio coding technology that provides multichannel sound in the home; and AAC & HE-AAC, an audio coding technologies used to broadcast, download, and streaming content.
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