Rosenblatt Securities Cuts Dolby Laboratories (NYSE:DLB) Price Target to $95.00

Dolby Laboratories (NYSE:DLB) had its price target cut by Rosenblatt Securities from $100.00 to $95.00 in a research note released on Friday,Benzinga reports. They currently have a buy rating on the electronics maker’s stock.

A number of other equities research analysts have also issued reports on the stock. Barrington Research reiterated an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a report on Thursday, February 13th. StockNews.com cut Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 31st.

Dolby Laboratories Stock Performance

Shares of DLB stock opened at $74.89 on Friday. Dolby Laboratories has a fifty-two week low of $66.35 and a fifty-two week high of $89.66. The firm has a market capitalization of $7.15 billion, a P/E ratio of 27.53 and a beta of 0.94. The stock’s fifty day moving average is $77.73 and its two-hundred day moving average is $78.37.

Dolby Laboratories (NYSE:DLB) last issued its earnings results on Thursday, May 1st. The electronics maker reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.05. Dolby Laboratories had a return on equity of 11.32% and a net margin of 19.97%. The business had revenue of $369.56 million during the quarter, compared to the consensus estimate of $375.44 million. During the same period last year, the company earned $1.27 EPS. The company’s revenue for the quarter was up 1.4% on a year-over-year basis. On average, equities analysts forecast that Dolby Laboratories will post 2.94 earnings per share for the current year.

Dolby Laboratories Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 21st. Shareholders of record on Tuesday, May 13th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Tuesday, May 13th. This represents a $1.32 dividend on an annualized basis and a yield of 1.76%. Dolby Laboratories’s dividend payout ratio is presently 48.53%.

Insider Activity at Dolby Laboratories

In related news, CMO Todd Pendleton sold 18,121 shares of Dolby Laboratories stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $83.75, for a total transaction of $1,517,633.75. Following the completion of the transaction, the chief marketing officer now directly owns 37,290 shares of the company’s stock, valued at approximately $3,123,037.50. The trade was a 32.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Ryan Nicholson sold 7,000 shares of the business’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $84.07, for a total transaction of $588,490.00. Following the completion of the sale, the chief accounting officer now owns 29,758 shares in the company, valued at $2,501,755.06. This represents a 19.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 38.39% of the stock is currently owned by insiders.

Institutional Trading of Dolby Laboratories

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Securian Asset Management Inc. increased its stake in shares of Dolby Laboratories by 3.0% during the 1st quarter. Securian Asset Management Inc. now owns 4,648 shares of the electronics maker’s stock valued at $373,000 after acquiring an additional 137 shares during the last quarter. CWM LLC increased its position in Dolby Laboratories by 269.5% during the first quarter. CWM LLC now owns 13,785 shares of the electronics maker’s stock worth $1,107,000 after purchasing an additional 10,054 shares during the last quarter. Louisiana State Employees Retirement System boosted its holdings in shares of Dolby Laboratories by 3.0% in the 1st quarter. Louisiana State Employees Retirement System now owns 17,100 shares of the electronics maker’s stock valued at $1,373,000 after purchasing an additional 500 shares during the last quarter. State of Michigan Retirement System boosted its holdings in shares of Dolby Laboratories by 3.5% in the 1st quarter. State of Michigan Retirement System now owns 14,600 shares of the electronics maker’s stock valued at $1,173,000 after purchasing an additional 500 shares during the last quarter. Finally, Cerity Partners LLC increased its holdings in shares of Dolby Laboratories by 48.6% during the 1st quarter. Cerity Partners LLC now owns 21,754 shares of the electronics maker’s stock worth $1,747,000 after buying an additional 7,111 shares during the last quarter. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Dolby Laboratories Company Profile

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.