Dolby Laboratories (NYSE:DLB) Rating 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 report issued 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.”

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

Dolby Laboratories (NYSE:DLB) opened at $60.65 on Tuesday. The firm has a market capitalization of $6,188.54, a P/E ratio of 29.16, a PEG ratio of 2.28 and a beta of 0.83. Dolby Laboratories has a 12-month low of $44.98 and a 12-month high of $61.45.

Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings data on Wednesday, October 25th. The electronics maker reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.18. The firm had revenue of $242.05 million during the quarter, compared to analysts’ expectations of $244.80 million. Dolby Laboratories had a return on equity of 10.73% and a net margin of 18.66%. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.37 EPS. equities analysts anticipate that Dolby Laboratories will post 2.22 earnings per share for the current year.

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In other news, Director Peter C. Gotcher sold 9,310 shares of the company’s stock in a transaction dated Wednesday, October 18th. The stock was sold at an average price of $60.00, for a total transaction of $558,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kevin J. Yeaman sold 10,000 shares of the business’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $58.38, for a total value of $583,800.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 804,734 shares of company stock worth $40,983,951. 43.80% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of DLB. BlackRock Inc. raised its stake in Dolby Laboratories by 13,583.7% during the 1st quarter. BlackRock Inc. now owns 2,431,722 shares of the electronics maker’s stock valued at $127,449,000 after acquiring an additional 2,413,951 shares during the last quarter. Schroder Investment Management Group acquired a new position in Dolby Laboratories during the 3rd quarter worth approximately $35,761,000. Alliancebernstein L.P. increased its position in Dolby Laboratories by 157.2% during the 2nd quarter. Alliancebernstein L.P. now owns 907,989 shares of the electronics maker’s stock worth $44,455,000 after purchasing an additional 555,020 shares during the period. Timucuan Asset Management Inc. FL increased its position in Dolby Laboratories by 61.3% during the 2nd quarter. Timucuan Asset Management Inc. FL now owns 1,172,271 shares of the electronics maker’s stock worth $57,394,000 after purchasing an additional 445,411 shares during the period. Finally, Vanguard Group Inc. increased its position in Dolby Laboratories by 8.4% during the 1st quarter. Vanguard Group Inc. now owns 4,621,794 shares of the electronics maker’s stock worth $242,228,000 after purchasing an additional 359,509 shares during the period. 51.71% of the stock is owned by hedge funds and other institutional investors.

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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