Rosenblatt Securities Forecasts Strong Price Appreciation for Dolby Laboratories (NYSE:DLB) Stock

Dolby Laboratories (NYSE:DLB) had its target price increased by Rosenblatt Securities from $98.00 to $100.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the electronics maker’s stock.

Several other analysts have also recently weighed in on DLB. StockNews.com upgraded Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a report on Monday, November 18th. Barrington Research restated an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a report on Friday, September 20th.

Dolby Laboratories Trading Up 0.4 %

Shares of NYSE DLB opened at $80.57 on Wednesday. The company has a market cap of $7.68 billion, a price-to-earnings ratio of 29.73 and a beta of 0.98. Dolby Laboratories has a 12 month low of $66.35 and a 12 month high of $90.06. The stock has a 50-day moving average price of $74.33 and a two-hundred day moving average price of $76.07.

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

Dolby Laboratories Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Tuesday, December 3rd will be issued a $0.33 dividend. The ex-dividend date of this dividend is Tuesday, December 3rd. This is a boost from Dolby Laboratories’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a yield of 1.64%. Dolby Laboratories’s dividend payout ratio is presently 44.28%.

Insider Activity at Dolby Laboratories

In related news, Director Peter C. Gotcher sold 6,079 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $78.96, for a total value of $479,997.84. Following the sale, the director now directly owns 37,593 shares in the company, valued at $2,968,343.28. This represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Kevin J. Yeaman sold 28,512 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $74.12, for a total value of $2,113,309.44. Following the completion of the transaction, the chief executive officer now directly owns 83,721 shares in the company, valued at approximately $6,205,400.52. This trade represents a 25.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 39.54% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Dolby Laboratories

Several institutional investors have recently added to or reduced their stakes in DLB. Boston Trust Walden Corp lifted its stake in Dolby Laboratories by 185.3% in the third quarter. Boston Trust Walden Corp now owns 1,075,076 shares of the electronics maker’s stock valued at $82,276,000 after buying an additional 698,283 shares during the period. Clifford Capital Partners LLC lifted its stake in Dolby Laboratories by 3,114.7% in the third quarter. Clifford Capital Partners LLC now owns 270,579 shares of the electronics maker’s stock valued at $20,707,000 after buying an additional 262,162 shares during the period. Acadian Asset Management LLC lifted its stake in Dolby Laboratories by 39.8% in the second quarter. Acadian Asset Management LLC now owns 652,651 shares of the electronics maker’s stock valued at $51,698,000 after buying an additional 185,884 shares during the period. Dimensional Fund Advisors LP lifted its stake in Dolby Laboratories by 27.0% in the second quarter. Dimensional Fund Advisors LP now owns 792,828 shares of the electronics maker’s stock valued at $62,817,000 after buying an additional 168,744 shares during the period. Finally, Vanguard Group Inc. lifted its stake in Dolby Laboratories by 1.7% in the first quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock valued at $544,711,000 after buying an additional 107,713 shares during the period. 58.56% of the stock is owned by institutional investors and hedge funds.

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.