Barrington Research Lowers Dolby Laboratories (NYSE:DLB) Price Target to $70.00

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Dolby Laboratories (NYSE:DLB) had its target price decreased by equities researchers at Barrington Research from $85.00 to $70.00 in a research note issued to investors on Thursday, The Fly reports. The brokerage presently has an “outperform” rating on the electronics maker’s stock. Barrington Research’s price objective points to a potential upside of 22.70% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. B. Riley raised shares of Dolby Laboratories from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $57.00 to $60.00 in a research report on Tuesday. Tigress Financial reissued a “buy” rating on shares of Dolby Laboratories in a research report on Monday, March 9th. ValuEngine lowered shares of Dolby Laboratories from a “buy” rating to a “hold” rating in a research report on Saturday, December 21st. Finally, JPMorgan Chase & Co. raised shares of Dolby Laboratories from a “neutral” rating to an “overweight” rating and set a $66.00 target price for the company in a research report on Friday, March 13th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $67.25.

Dolby Laboratories stock traded up $3.47 on Thursday, reaching $57.05. 35,554 shares of the stock were exchanged, compared to its average volume of 572,209. The stock has a market cap of $5.68 billion, a PE ratio of 28.79, a PEG ratio of 1.67 and a beta of 0.78. Dolby Laboratories has a twelve month low of $44.68 and a twelve month high of $73.20. The firm has a fifty day moving average price of $64.71 and a two-hundred day moving average price of $66.08.

Dolby Laboratories (NYSE:DLB) last released its earnings results on Wednesday, January 29th. The electronics maker reported $0.47 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.02). The firm had revenue of $291.88 million for the quarter, compared to analyst estimates of $285.81 million. Dolby Laboratories had a return on equity of 8.82% and a net margin of 16.71%. The firm’s revenue was down 3.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.74 EPS. Equities analysts anticipate that Dolby Laboratories will post 2.59 EPS for the current fiscal year.

In other news, CEO Kevin J. Yeaman sold 5,000 shares of the company’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $71.08, for a total transaction of $355,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Todd Pendleton sold 60,958 shares of the company’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $72.28, for a total transaction of $4,406,044.24. The disclosure for this sale can be found here. Insiders have sold 199,016 shares of company stock valued at $14,160,950 in the last ninety days. 38.17% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of DLB. Norges Bank bought a new stake in Dolby Laboratories in the fourth quarter valued at about $49,623,000. Disciplined Growth Investors Inc. MN increased its stake in Dolby Laboratories by 26.9% in the third quarter. Disciplined Growth Investors Inc. MN now owns 1,762,765 shares of the electronics maker’s stock valued at $113,945,000 after acquiring an additional 374,081 shares during the period. Trinity Street Asset Management LLP increased its stake in Dolby Laboratories by 163.7% in the fourth quarter. Trinity Street Asset Management LLP now owns 525,531 shares of the electronics maker’s stock valued at $36,156,000 after acquiring an additional 326,236 shares during the period. Ceredex Value Advisors LLC bought a new stake in Dolby Laboratories in the fourth quarter valued at about $16,640,000. Finally, Baird Financial Group Inc. increased its stake in Dolby Laboratories by 34.0% in the fourth quarter. Baird Financial Group Inc. now owns 853,764 shares of the electronics maker’s stock valued at $58,739,000 after acquiring an additional 216,538 shares during the period. 58.19% 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 and communications at the cinema, at home, at work, and on mobile devices. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for TVs, set-top boxes (STBs), personal computers (PCs), gaming consoles, mobile devices, and digital radio; AVC, a digital video codec with high bandwidth efficiency used in media devices; Dolby AC-4, an audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for home theaters, cinemas, device speakers, mobile devices, and headphones.

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Analyst Recommendations for Dolby Laboratories (NYSE:DLB)

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