Dolby Laboratories (NYSE:DLB) Lowered to Hold at Zacks Investment Research

Dolby Laboratories (NYSE:DLB) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday, October 31st.

According to Zacks, “Dolby’s fourth-quarter fiscal 2017 adjusted earnings trumped the Zacks Consensus Estimate by 15%, backed by top-line growth and higher interest income. In the last six months, Dolby's shares have fared better than the industry average. Impressive market traction of offerings under three of its new businesses—Dolby Voice, Dolby Vision and Dolby Cinema—are likely to fortify its market footprint, going forward. The company’s mobile devices unit is expected to benefit from audio and consumer imaging programs, and also higher recoveries. However, on the negative side, stiff competition, price-sensitive nature of the entertainment industry and fluctuations of cinema product sales pose as significant headwinds to the company’s margins.  Also, fluctuations in cinema product sales and maturity of the digital cinema market might hurt the company’s profitability.”

Several other equities analysts have also recently commented on the stock. B. Riley reaffirmed a “buy” rating and set a $65.50 price target on shares of Dolby Laboratories in a research report on Thursday, October 26th. BidaskClub cut shares of Dolby Laboratories from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 22nd. Dougherty & Co reissued a “buy” rating and set a $63.00 target price on shares of Dolby Laboratories in a research note on Wednesday, September 13th. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $52.00 target price (up previously from $49.00) on shares of Dolby Laboratories in a research note on Wednesday, September 13th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $60.17.

Shares of Dolby Laboratories (DLB) traded up $0.54 during midday trading on Tuesday, reaching $61.49. The company had a trading volume of 351,419 shares, compared to its average volume of 389,858. The firm has a market cap of $6,274.25, a P/E ratio of 29.56, a P/E/G ratio of 2.28 and a beta of 0.83. Dolby Laboratories has a 52-week low of $44.98 and a 52-week high of $61.59.

Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings data on Wednesday, October 25th. The electronics maker reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.18. The company had revenue of $242.05 million during the quarter, compared to analysts’ expectations of $244.80 million. Dolby Laboratories had a net margin of 18.66% and a return on equity of 10.62%. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.37 EPS. analysts predict that Dolby Laboratories will post 2.24 EPS for the current year.

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In other Dolby Laboratories news, EVP Mark Andrew Sherman sold 7,000 shares of the business’s stock in a transaction dated Wednesday, October 18th. The shares were sold at an average price of $60.00, for a total value of $420,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Dagmar Dolby sold 100,000 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $48.28, for a total transaction of $4,828,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 788,555 shares of company stock worth $42,336,905. 43.80% of the stock is owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the business. Schwab Charles Investment Management Inc. raised its stake in shares of Dolby Laboratories by 4.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 310,210 shares of the electronics maker’s stock worth $15,188,000 after acquiring an additional 12,045 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Dolby Laboratories by 11.7% in the second quarter. Principal Financial Group Inc. now owns 32,427 shares of the electronics maker’s stock worth $1,588,000 after acquiring an additional 3,396 shares during the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of Dolby Laboratories by 3.8% in the second quarter. UBS Asset Management Americas Inc. now owns 154,119 shares of the electronics maker’s stock worth $7,546,000 after acquiring an additional 5,696 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Dolby Laboratories by 2.2% in the second quarter. Vanguard Group Inc. now owns 4,725,496 shares of the electronics maker’s stock worth $231,360,000 after acquiring an additional 103,702 shares during the last quarter. Finally, Intl Fcstone Inc. bought a new position in shares of Dolby Laboratories in the second quarter worth about $345,000. Hedge funds and other institutional investors own 52.45% of the company’s stock.

Dolby Laboratories Company Profile

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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