StockNews.com Downgrades Dolby Laboratories (NYSE:DLB) to Buy

Dolby Laboratories (NYSE:DLB) was downgraded by StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued on Tuesday.

Several other analysts have also recently weighed in on DLB. Rosenblatt Securities raised their price target on Dolby Laboratories from $98.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Barrington Research reaffirmed an “outperform” rating and issued a $100.00 target price on shares of Dolby Laboratories in a research note on Wednesday, November 20th.

Dolby Laboratories Stock Performance

Dolby Laboratories stock opened at $78.20 on Tuesday. The stock has a market cap of $7.46 billion, a P/E ratio of 29.07 and a beta of 0.98. Dolby Laboratories has a fifty-two week low of $66.35 and a fifty-two week high of $90.06. The firm’s fifty day moving average price is $74.67 and its 200-day moving average price is $75.94.

Dolby Laboratories declared that its Board of Directors has authorized a share buyback plan on Wednesday, August 7th that permits the company to buyback $350.00 million in outstanding shares. This buyback authorization permits the electronics maker to repurchase up to 5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, CAO Ryan Nicholson sold 10,500 shares of Dolby Laboratories stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $80.18, for a total value of $841,890.00. Following the transaction, the chief accounting officer now owns 24,364 shares in the company, valued at $1,953,505.52. This trade represents a 30.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John D. Couling sold 7,000 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $80.50, for a total transaction of $563,500.00. Following the sale, the senior vice president now owns 106,806 shares of the company’s stock, valued at approximately $8,597,883. The trade was a 6.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 152,091 shares of company stock worth $12,027,697 in the last quarter. 39.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Dolby Laboratories

A number of large investors have recently bought and sold shares of DLB. Blue Trust Inc. boosted its stake in shares of Dolby Laboratories by 398.8% during the second quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 331 shares during the period. Point72 Hong Kong Ltd purchased a new stake in Dolby Laboratories during the 2nd quarter valued at $37,000. GAMMA Investing LLC grew its holdings in Dolby Laboratories by 64.6% in the 2nd quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker’s stock worth $39,000 after acquiring an additional 192 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its position in shares of Dolby Laboratories by 192.4% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker’s stock valued at $46,000 after acquiring an additional 379 shares during the period. Finally, First Horizon Advisors Inc. raised its stake in shares of 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 acquiring an additional 146 shares during the last quarter. 58.56% of the stock is owned by hedge funds and other 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.