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

Dolby Laboratories (NYSE:DLB)‘s stock had its “outperform” rating restated by equities research analysts at Barrington Research in a report released on Wednesday,Benzinga reports. They currently have a $100.00 price target on the electronics maker’s stock. Barrington Research’s target price points to a potential upside of 24.53% from the company’s current price.

Other research analysts also recently issued reports about the company. StockNews.com upgraded Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Monday. Rosenblatt Securities increased their price target on shares of Dolby Laboratories from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday.

Dolby Laboratories Stock Down 2.0 %

Shares of DLB stock opened at $80.31 on Wednesday. Dolby Laboratories has a fifty-two week low of $66.35 and a fifty-two week high of $90.06. The business has a fifty day simple moving average of $74.15 and a 200-day simple moving average of $76.08. The stock has a market cap of $7.66 billion, a P/E ratio of 29.63 and a beta of 0.98.

Dolby Laboratories announced that its Board of Directors has authorized a share 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 reacquire up to 5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, CEO Kevin J. Yeaman sold 28,512 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $74.12, for a total value of $2,113,309.44. Following the completion of the sale, the chief executive officer now directly owns 83,721 shares of the company’s stock, valued at $6,205,400.52. The trade was a 25.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 39.54% of the company’s stock.

Hedge Funds Weigh In On Dolby Laboratories

Institutional investors have recently made changes to their positions in the stock. First Affirmative Financial Network boosted its holdings in shares of 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 acquiring an additional 129 shares during the period. LRI Investments LLC boosted its stake in Dolby Laboratories by 6.0% during the 2nd quarter. LRI Investments LLC now owns 2,293 shares of the electronics maker’s stock valued at $182,000 after purchasing an additional 130 shares in the last quarter. First Horizon Advisors Inc. raised its stake in shares of 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 in the last quarter. Signaturefd LLC lifted its holdings in Dolby Laboratories by 5.1% in the 2nd quarter. Signaturefd LLC now owns 3,167 shares of the electronics maker’s stock valued at $251,000 after acquiring an additional 153 shares during the last quarter. Finally, Mitchell & Pahl Private Wealth LLC boosted 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 worth $1,095,000 after buying an additional 174 shares in the last quarter. 58.56% of the stock is 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.