Dolby Laboratories’ (DLB) “Outperform” Rating Reaffirmed at Barrington Research

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

Several other brokerages have also issued reports on DLB. Rosenblatt Securities increased their target price on shares of Dolby Laboratories from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday. StockNews.com upgraded Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research note on Monday.

Dolby Laboratories Stock Performance

Shares of DLB opened at $82.02 on Wednesday. The firm has a market cap of $7.82 billion, a PE ratio of 37.45 and a beta of 0.98. Dolby Laboratories has a 52-week low of $66.35 and a 52-week high of $90.06. The business’s 50 day moving average price is $73.94 and its two-hundred day moving average price is $76.05.

Dolby Laboratories Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd will be issued a dividend of $0.33 per share. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, December 3rd. This represents a $1.32 annualized dividend and a yield of 1.61%. Dolby Laboratories’s dividend payout ratio is presently 54.79%.

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

Insider Buying and Selling at Dolby Laboratories

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 28,512 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $74.12, for a total value of $2,113,309.44. Following the transaction, the chief executive officer now directly owns 83,721 shares in the company, valued at $6,205,400.52. The trade was a 25.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 39.54% of the company’s stock.

Hedge Funds Weigh In On Dolby Laboratories

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

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.