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

StockNews.com lowered shares of Dolby Laboratories (NYSE:DLB) from a buy rating to a hold rating in a research note issued to investors on Friday.

Separately, Rosenblatt Securities reiterated a buy rating and set a $98.00 target price on shares of Dolby Laboratories in a research report on Monday, April 29th.

Dolby Laboratories Price Performance

Dolby Laboratories stock opened at $82.08 on Friday. The firm’s 50-day moving average is $81.65 and its two-hundred day moving average is $83.25. The stock has a market capitalization of $7.85 billion, a P/E ratio of 41.88 and a beta of 0.98. Dolby Laboratories has a 12-month low of $75.87 and a 12-month high of $91.01.

Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings results on Thursday, February 1st. The electronics maker reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.14. Dolby Laboratories had a return on equity of 10.15% and a net margin of 15.00%. The company had revenue of $315.57 million during the quarter, compared to the consensus estimate of $310.98 million. As a group, analysts forecast that Dolby Laboratories will post 2.6 EPS for the current year.

Dolby Laboratories Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Shareholders of record on Tuesday, May 14th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date of this dividend is Monday, May 13th. Dolby Laboratories’s dividend payout ratio is currently 61.22%.

Insider Activity

In other Dolby Laboratories news, SVP John D. Couling sold 33,560 shares of the company’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $80.81, for a total transaction of $2,711,983.60. Following the completion of the sale, the senior vice president now directly owns 108,519 shares in the company, valued at $8,769,420.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 39.54% of the company’s stock.

Institutional Investors Weigh In On Dolby Laboratories

Several hedge funds have recently modified their holdings of DLB. Blue Trust Inc. raised its stake in shares of Dolby Laboratories by 75.7% during the fourth quarter. Blue Trust Inc. now owns 369 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 159 shares during the period. VisionPoint Advisory Group LLC increased its stake in Dolby Laboratories by 86.9% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 370 shares of the electronics maker’s stock worth $29,000 after buying an additional 172 shares during the period. Mather Group LLC. acquired a new position in Dolby Laboratories in the 1st quarter worth $33,000. Quarry LP acquired a new position in Dolby Laboratories in the 4th quarter worth $37,000. Finally, Fifth Third Bancorp boosted its position in Dolby Laboratories by 175.3% in the 3rd quarter. Fifth Third Bancorp now owns 446 shares of the electronics maker’s stock valued at $35,000 after buying an additional 284 shares during the last quarter. 58.56% of the stock is currently 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.