Barrington Research Reaffirms Outperform Rating for Dolby Laboratories (NYSE:DLB)

Barrington Research reissued their outperform rating on shares of Dolby Laboratories (NYSE:DLB) in a research note issued to investors on Friday morning, Benzinga reports. They currently have a $100.00 price target on the electronics maker’s stock.

Separately, Rosenblatt Securities reiterated a buy rating and set a $98.00 price objective on shares of Dolby Laboratories in a report on Friday, June 7th.

Dolby Laboratories Stock Up 0.9 %

Shares of NYSE:DLB opened at $73.26 on Friday. The company’s fifty day moving average is $73.35 and its two-hundred day moving average is $78.25. Dolby Laboratories has a 12-month low of $66.35 and a 12-month high of $90.06. The company has a market cap of $7.02 billion, a P/E ratio of 37.38 and a beta of 0.97.

Dolby Laboratories (NYSE:DLB) last announced its earnings results on Wednesday, August 7th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.14. Dolby Laboratories had a net margin of 16.87% and a return on equity of 10.66%. The company had revenue of $288.82 million for the quarter, compared to the consensus estimate of $286.26 million. Equities research analysts anticipate that Dolby Laboratories will post 2.72 earnings per share for the current year.

Dolby Laboratories declared that its board has authorized a stock buyback plan on Wednesday, August 7th that authorizes the company to buyback $350.00 million in outstanding shares. This buyback authorization authorizes the electronics maker to repurchase up to 5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Dolby Laboratories Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $1.20 annualized dividend and a dividend yield of 1.64%. Dolby Laboratories’s dividend payout ratio is 61.22%.

Hedge Funds Weigh In On Dolby Laboratories

Several institutional investors have recently bought and sold shares of the stock. NEOS Investment Management LLC raised its holdings in Dolby Laboratories by 5.0% during the fourth quarter. NEOS Investment Management LLC now owns 2,709 shares of the electronics maker’s stock valued at $233,000 after buying an additional 129 shares in the last quarter. First Affirmative Financial Network raised its holdings in Dolby Laboratories by 4.9% during the second quarter. First Affirmative Financial Network now owns 2,766 shares of the electronics maker’s stock valued at $219,000 after buying an additional 129 shares in the last quarter. LRI Investments LLC raised its holdings in Dolby Laboratories by 6.0% during the second quarter. LRI Investments LLC now owns 2,293 shares of the electronics maker’s stock valued at $182,000 after buying an additional 130 shares in the last quarter. Signaturefd LLC raised its holdings in Dolby Laboratories by 5.1% during the second quarter. Signaturefd LLC now owns 3,167 shares of the electronics maker’s stock valued at $251,000 after buying an additional 153 shares in the last quarter. Finally, Mitchell & Pahl Private Wealth LLC raised its holdings in Dolby Laboratories by 1.3% during the second quarter. Mitchell & Pahl Private Wealth LLC now owns 13,817 shares of the electronics maker’s stock valued at $1,095,000 after buying an additional 174 shares in the last quarter. 58.56% of the stock is currently owned by institutional investors.

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.