Dolby Laboratories (NYSE:DLB) has been given a consensus rating of “Hold” by the six brokerages that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $56.25.
DLB has been the subject of several recent analyst reports. BidaskClub cut shares of Dolby Laboratories from a “hold” rating to a “sell” rating in a research report on Saturday, June 10th. Zacks Investment Research lowered shares of Dolby Laboratories from a “buy” rating to a “hold” rating in a research note on Monday, May 1st. Finally, B. Riley reaffirmed a “buy” rating and issued a $61.50 price target on shares of Dolby Laboratories in a research note on Friday, July 28th.
In related news, CFO Lewis Chew sold 14,300 shares of the stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $50.34, for a total transaction of $719,862.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Dagmar Dolby sold 100,000 shares of the stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $52.22, for a total transaction of $5,222,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 474,300 shares of company stock valued at $24,451,762. Company insiders own 43.80% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Watermark Asset Management Inc. acquired a new stake in Dolby Laboratories during the first quarter valued at approximately $114,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Dolby Laboratories by 9.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,331 shares of the electronics maker’s stock valued at $114,000 after buying an additional 209 shares in the last quarter. US Bancorp DE raised its stake in Dolby Laboratories by 2.6% in the second quarter. US Bancorp DE now owns 3,029 shares of the electronics maker’s stock valued at $149,000 after buying an additional 78 shares in the last quarter. James Investment Research Inc. acquired a new stake in Dolby Laboratories during the first quarter valued at approximately $155,000. Finally, Teacher Retirement System of Texas increased its stake in shares of Dolby Laboratories by 4.6% in the second quarter. Teacher Retirement System of Texas now owns 4,637 shares of the electronics maker’s stock valued at $227,000 after buying an additional 205 shares during the period. 50.46% of the stock is owned by institutional investors and hedge funds.
Shares of Dolby Laboratories (DLB) traded down 1.55% during midday trading on Friday, reaching $50.29. 203,069 shares of the company were exchanged. The stock has a market capitalization of $5.16 billion, a price-to-earnings ratio of 25.72 and a beta of 0.79. Dolby Laboratories has a 52-week low of $44.99 and a 52-week high of $55.02. The company’s 50-day moving average price is $51.26 and its 200 day moving average price is $50.73.
Dolby Laboratories (NYSE:DLB) last posted its earnings results on Tuesday, July 25th. The electronics maker reported $0.75 EPS for the quarter, topping the consensus estimate of $0.65 by $0.10. Dolby Laboratories had a net margin of 19.02% and a return on equity of 10.25%. The firm had revenue of $305.67 million during the quarter, compared to analysts’ expectations of $296.88 million. During the same quarter in the prior year, the firm earned $0.62 EPS. Dolby Laboratories’s quarterly revenue was up 10.1% on a year-over-year basis. On average, equities analysts predict that Dolby Laboratories will post $1.99 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, August 7th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend is Thursday, August 3rd. Dolby Laboratories’s dividend payout ratio is currently 28.57%.
About Dolby Laboratories
Dolby Laboratories, Inc designs and manufactures audio and imaging products for the cinema, television, broadcast and entertainment industries. Its products for cinema include Digital Cinema Servers and Cinema Audio Products, and broadcast and other include Dolby Conference Phone and Other Products. It offers services to support theatrical and television production for cinema exhibition, broadcast and home entertainment, including equipment training and maintenance, mixing room alignment and equalization, as well as audio, color and light image calibration.
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