Dolby Laboratories (NYSE:DLB) Upgraded at StockNews.com

StockNews.com upgraded shares of Dolby Laboratories (NYSE:DLB) from a buy rating to a strong-buy rating in a research report released on Monday morning.

Separately, Barrington Research reiterated an “outperform” rating and issued a $100.00 target price on shares of Dolby Laboratories in a research note on Friday, September 20th.

Dolby Laboratories Trading Up 15.7 %

NYSE:DLB opened at $82.02 on Monday. The stock has a 50 day moving average of $73.94 and a 200-day moving average of $76.05. The firm has a market capitalization of $7.82 billion, a PE ratio of 37.45 and a beta of 0.98. Dolby Laboratories has a 52 week low of $66.35 and a 52 week high of $90.06.

Dolby Laboratories announced that its Board of Directors has approved a stock repurchase program on Wednesday, August 7th that allows the company to repurchase $350.00 million in outstanding shares. This repurchase authorization allows the electronics maker to repurchase up to 5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are 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 given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date is Tuesday, December 3rd. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s dividend payout ratio is currently 54.79%.

Insider Activity

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 28,512 shares of the firm’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 in the company, valued at $6,205,400.52. This trade represents a 25.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 39.54% of the company’s stock.

Institutional Trading of Dolby Laboratories

Several large investors have recently added to or reduced their stakes in DLB. First Affirmative Financial Network raised 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 worth $219,000 after acquiring an additional 129 shares in the last quarter. LRI Investments LLC grew its stake in shares of Dolby Laboratories by 6.0% in the 2nd 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. First Horizon Advisors Inc. raised its position 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 acquiring an additional 146 shares in the last quarter. Signaturefd LLC lifted its stake in Dolby Laboratories by 5.1% in the second 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 grew its position in Dolby Laboratories by 1.3% in the second quarter. Mitchell & Pahl Private Wealth LLC now owns 13,817 shares of the electronics maker’s stock worth $1,095,000 after acquiring an additional 174 shares in the last quarter. 58.56% of the stock is owned by institutional investors and hedge funds.

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.