Dolby Laboratories (NYSE:DLB) Price Target Raised to $100.00

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

Several other equities analysts have also commented on the stock. Barrington Research reaffirmed an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a research report on Friday, September 20th. StockNews.com raised shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 18th.

Dolby Laboratories Price Performance

DLB opened at $80.55 on Wednesday. Dolby Laboratories has a 12 month low of $66.35 and a 12 month high of $90.06. The business has a 50-day moving average of $74.33 and a two-hundred day moving average of $76.02. The stock has a market capitalization of $7.68 billion, a price-to-earnings ratio of 29.72 and a beta of 0.98.

Dolby Laboratories Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Tuesday, December 3rd will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date is Tuesday, December 3rd. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s dividend payout ratio is 44.28%.

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

Insider Buying and Selling at Dolby Laboratories

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 28,512 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $6,205,400.52. This represents a 25.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Peter C. Gotcher sold 6,079 shares of Dolby Laboratories stock in a transaction dated 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 approximately $2,968,343.28. The trade was a 13.92 % 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 corporate insiders.

Institutional Trading of Dolby Laboratories

A number of hedge funds have recently made changes to their positions in DLB. Blue Trust Inc. lifted its holdings in Dolby Laboratories by 398.8% during the 2nd quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock worth $35,000 after buying an additional 331 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in Dolby Laboratories during the second quarter worth $37,000. GAMMA Investing LLC lifted its stake in Dolby Laboratories by 64.6% during the second quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker’s stock worth $39,000 after purchasing an additional 192 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its stake in Dolby Laboratories by 192.4% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker’s stock valued at $46,000 after purchasing an additional 379 shares during the last quarter. Finally, First Horizon Advisors Inc. increased its stake in Dolby Laboratories by 22.7% during the third quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock valued at $60,000 after purchasing an additional 146 shares during the last quarter. Institutional investors and hedge funds own 58.56% of the company’s stock.

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.