Dolby Laboratories (NYSE:DLB) Given “Outperform” Rating at Barrington Research

Barrington Research reiterated their outperform rating on shares of Dolby Laboratories (NYSE:DLB) in a research note published on Friday morning, Benzinga reports. The brokerage currently has a $100.00 price objective on the electronics maker’s stock.

Separately, Rosenblatt Securities restated a buy rating and issued a $98.00 price objective on shares of Dolby Laboratories in a report on Friday, June 7th.

Dolby Laboratories Stock Down 0.6 %

NYSE:DLB opened at $72.85 on Friday. The stock has a market capitalization of $6.98 billion, a PE ratio of 37.17 and a beta of 0.97. The stock’s 50-day moving average price is $73.22 and its 200-day moving average price is $78.18. Dolby Laboratories has a 52 week low of $66.35 and a 52 week high of $90.06.

Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings data on Wednesday, August 7th. The electronics maker reported $0.47 EPS for the quarter, topping the consensus estimate of $0.33 by $0.14. The company had revenue of $288.82 million during the quarter, compared to analyst estimates of $286.26 million. Dolby Laboratories had a return on equity of 10.66% and a net margin of 16.87%. Sell-side analysts expect that Dolby Laboratories will post 2.72 earnings per share for the current fiscal year.

Dolby Laboratories declared that its Board of Directors has initiated a share repurchase program on Wednesday, August 7th that permits the company to repurchase $350.00 million in shares. This repurchase authorization permits the electronics maker to reacquire up to 5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Dolby Laboratories Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were paid a $0.30 dividend. The ex-dividend date was Monday, August 19th. This represents a $1.20 annualized dividend and a dividend yield of 1.65%. Dolby Laboratories’s dividend payout ratio (DPR) is 61.22%.

Institutional Trading of Dolby Laboratories

Institutional investors have recently bought and sold shares of the business. Principal Securities Inc. purchased a new position in shares of Dolby Laboratories during the fourth quarter worth approximately $53,000. Quadrant Capital Group LLC lifted its stake in shares of Dolby Laboratories by 65.0% in the 4th quarter. Quadrant Capital Group LLC now owns 505 shares of the electronics maker’s stock worth $44,000 after acquiring an additional 199 shares during the period. Norges Bank purchased a new stake in shares of Dolby Laboratories in the fourth quarter valued at about $42,067,000. PNC Financial Services Group Inc. raised its stake in shares of Dolby Laboratories by 2.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 13,677 shares of the electronics maker’s stock worth $1,179,000 after buying an additional 379 shares in the last quarter. Finally, Corient Private Wealth LLC lifted its holdings in Dolby Laboratories by 4.2% in the fourth quarter. Corient Private Wealth LLC now owns 6,589 shares of the electronics maker’s stock valued at $568,000 after acquiring an additional 268 shares during the period. 58.56% of the stock is owned by hedge funds and other institutional investors.

Dolby Laboratories Company Profile

Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment at the cinema, DTV transmissions and devices, mobile devices, OTT video and music services, home entertainment devices, and automobiles. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for a range of media applications; AVC, a digital video codec with high bandwidth efficiency used in various media devices; Dolby AC-4, a digital audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for cinema and various media devices.