Dolby Laboratories (NYSE:DLB) Downgraded by StockNews.com to Buy

StockNews.com cut shares of Dolby Laboratories (NYSE:DLB) from a strong-buy rating to a buy rating in a report published on Tuesday morning.

Other research analysts have also issued reports about the company. Barrington Research reaffirmed an “outperform” rating and issued a $100.00 price objective on shares of Dolby Laboratories in a report on Wednesday, November 20th. Rosenblatt Securities upped their price target on shares of Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th.

Dolby Laboratories Stock Up 0.0 %

Shares of NYSE:DLB opened at $80.33 on Tuesday. Dolby Laboratories has a 12-month low of $66.35 and a 12-month high of $90.06. The business has a 50 day moving average of $74.50 and a 200-day moving average of $75.96. The stock has a market cap of $7.66 billion, a PE ratio of 29.64 and a beta of 0.98.

Dolby Laboratories Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date is Tuesday, December 3rd. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s dividend payout ratio (DPR) is 48.71%.

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

Insider Activity

In other news, Director Peter C. Gotcher sold 6,079 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $78.96, for a total transaction of $479,997.84. Following the completion of the transaction, the director now directly owns 37,593 shares in the company, valued at approximately $2,968,343.28. This represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kevin J. Yeaman sold 28,512 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $74.12, for a total value of $2,113,309.44. Following the completion of the transaction, the chief executive officer now directly owns 83,721 shares of the company’s stock, valued at approximately $6,205,400.52. The trade was a 25.40 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 91,591 shares of company stock worth $7,158,807. 39.54% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Dolby Laboratories

Hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. lifted its holdings in Dolby Laboratories by 398.8% during the 2nd quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock worth $35,000 after buying an additional 331 shares during the period. Point72 Hong Kong Ltd bought a new position in shares of Dolby Laboratories during the second quarter worth about $37,000. GAMMA Investing LLC lifted its stake in shares of Dolby Laboratories by 64.6% in the second quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker’s stock worth $39,000 after acquiring an additional 192 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its holdings in Dolby Laboratories by 192.4% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker’s stock valued at $46,000 after acquiring an additional 379 shares during the last quarter. Finally, First Horizon Advisors Inc. increased its position in Dolby Laboratories by 22.7% during the 3rd quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock valued at $60,000 after purchasing an additional 146 shares during the period. 58.56% of the stock is currently owned by institutional investors and hedge funds.

About Dolby Laboratories

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.