Rosenblatt Securities Issues Positive Forecast for Dolby Laboratories (NYSE:DLB) Stock Price

Dolby Laboratories (NYSE:DLB) had its price objective hoisted by Rosenblatt Securities from $98.00 to $100.00 in a report issued on Wednesday morning,Benzinga reports. They currently have a buy rating on the electronics maker’s stock.

Other equities research analysts have also issued research reports about the company. StockNews.com upgraded Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research note on Monday. Barrington Research reiterated an “outperform” rating and issued a $100.00 target price on shares of Dolby Laboratories in a research note on Friday, September 20th.

Dolby Laboratories Price Performance

Dolby Laboratories stock opened at $82.02 on Wednesday. Dolby Laboratories has a 1-year low of $66.35 and a 1-year high of $90.06. The business has a fifty day moving average price of $73.94 and a 200-day moving average price of $76.05. The stock has a market capitalization of $7.82 billion, a price-to-earnings ratio of 37.45 and a beta of 0.98.

Dolby Laboratories Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Tuesday, December 3rd will be issued a $0.33 dividend. The ex-dividend date of this dividend is Tuesday, December 3rd. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.61%. Dolby Laboratories’s dividend payout ratio is currently 54.79%.

Dolby Laboratories announced that its Board of Directors has approved a stock 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 purchase up to 5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In related news, CEO Kevin J. Yeaman sold 28,512 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $74.12, for a total transaction of $2,113,309.44. Following the completion of 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 document filed with the SEC, which is available at this hyperlink. Insiders own 39.54% of the company’s stock.

Hedge Funds Weigh In On Dolby Laboratories

A number of institutional investors have recently modified their holdings of DLB. Blue Trust Inc. boosted its position 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 purchased a new stake in shares of Dolby Laboratories in the second quarter valued at approximately $37,000. GAMMA Investing LLC lifted its holdings 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 purchasing an additional 192 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its stake in Dolby Laboratories by 192.4% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker’s stock valued at $46,000 after buying an additional 379 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its holdings in Dolby Laboratories by 22.7% in the 3rd quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock worth $60,000 after buying an additional 146 shares during the last quarter. Hedge funds and other institutional investors own 58.56% of the company’s stock.

About Dolby Laboratories

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.