Dolby Laboratories (NYSE:DLB) Lowered to “Buy” at StockNews.com

Posted by on Jun 26th, 2023

Dolby Laboratories (NYSE:DLB – Get Rating) was downgraded by StockNews.com from a “strong-buy” rating to a “buy” rating in a report issued on Monday.

Separately, Tigress Financial reissued a “buy” rating and set a $116.00 price objective on shares of Dolby Laboratories in a report on Friday, April 14th. One analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $103.00.

Dolby Laboratories Price Performance

Shares of Dolby Laboratories stock opened at $80.93 on Monday. The firm has a market capitalization of $7.73 billion, a PE ratio of 32.77 and a beta of 1.00. The company’s fifty day moving average price is $83.42 and its two-hundred day moving average price is $80.66. Dolby Laboratories has a 52-week low of $61.55 and a 52-week high of $88.06.

Dolby Laboratories (NYSE:DLB – Get Rating) last announced its quarterly earnings results on Thursday, May 4th. The electronics maker reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.30. The firm had revenue of $375.89 million for the quarter, compared to analyst estimates of $346.95 million. Dolby Laboratories had a net margin of 18.96% and a return on equity of 10.81%. Analysts predict that Dolby Laboratories will post 2.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Kevin J. Yeaman sold 27,090 shares of the stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $84.83, for a total transaction of $2,298,044.70. Following the completion of the sale, the chief executive officer now directly owns 51,879 shares of the company’s stock, valued at approximately $4,400,895.57. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Kevin J. Yeaman sold 27,090 shares of the firm’s stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $84.83, for a total transaction of $2,298,044.70. Following the completion of the transaction, the chief executive officer now directly owns 51,879 shares of the company’s stock, valued at approximately $4,400,895.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kevin J. Yeaman sold 9,030 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $83.65, for a total transaction of $755,359.50. Following the transaction, the chief executive officer now directly owns 51,879 shares of the company’s stock, valued at $4,339,678.35. The disclosure for this sale can be found here. In the last three months, insiders sold 83,177 shares of company stock valued at $7,014,249. 39.25% of the stock is owned by corporate insiders.

Institutional Trading of Dolby Laboratories

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System raised its stake in Dolby Laboratories by 19.2% in the first quarter. State Board of Administration of Florida Retirement System now owns 77,844 shares of the electronics maker’s stock valued at $6,649,000 after buying an additional 12,541 shares during the period. Berkshire Asset Management LLC PA acquired a new position in shares of Dolby Laboratories during the 1st quarter worth approximately $325,000. Prelude Capital Management LLC bought a new stake in Dolby Laboratories in the 1st quarter valued at $230,000. ProShare Advisors LLC lifted its holdings in Dolby Laboratories by 6.2% during the 1st quarter. ProShare Advisors LLC now owns 44,180 shares of the electronics maker’s stock valued at $3,774,000 after purchasing an additional 2,576 shares during the last quarter. Finally, Empower Advisory Group LLC bought a new position in Dolby Laboratories during the first quarter worth $741,000. 56.45% of the stock is owned by institutional investors.

Dolby Laboratories Company Profile

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Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment and communications at the cinema, DTV transmissions and devices, mobile devices, OTT video and music services, and home entertainment devices. 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.

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