StockNews.com Lowers Dolby Laboratories (NYSE:DLB) to Hold

StockNews.com lowered shares of Dolby Laboratories (NYSE:DLB) from a buy rating to a hold rating in a research report sent to investors on Friday morning.

Separately, Rosenblatt Securities reiterated a buy rating and issued a $98.00 target price on shares of Dolby Laboratories in a report on Monday, April 29th.

Dolby Laboratories Stock Performance

NYSE:DLB opened at $81.99 on Friday. Dolby Laboratories has a 52 week low of $75.87 and a 52 week high of $91.01. The firm’s fifty day moving average is $81.67 and its 200-day moving average is $83.26. The firm has a market cap of $7.84 billion, a P/E ratio of 41.83 and a beta of 0.98.

Dolby Laboratories Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Tuesday, May 14th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.46%. The ex-dividend date of this dividend is Monday, May 13th. Dolby Laboratories’s payout ratio is presently 61.22%.

Insider Activity at Dolby Laboratories

In other news, SVP John D. Couling sold 33,560 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $80.81, for a total value of $2,711,983.60. Following the completion of the sale, the senior vice president now directly owns 108,519 shares of the company’s stock, valued at $8,769,420.39. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 39.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. increased its stake in Dolby Laboratories by 9.2% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 2,708 shares of the electronics maker’s stock valued at $215,000 after buying an additional 228 shares during the last quarter. Xponance Inc. bought a new position in shares of Dolby Laboratories in the third quarter valued at approximately $612,000. Raymond James & Associates increased its position in shares of Dolby Laboratories by 2.5% during the third quarter. Raymond James & Associates now owns 497,472 shares of the electronics maker’s stock valued at $39,430,000 after acquiring an additional 12,090 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Dolby Laboratories by 12.5% during the third quarter. Bank of New York Mellon Corp now owns 1,884,088 shares of the electronics maker’s stock worth $149,333,000 after acquiring an additional 209,369 shares during the period. Finally, Telemus Capital LLC purchased a new position in Dolby Laboratories in the third quarter worth $923,000. 58.56% of the stock is owned by institutional investors.

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.