Dolby Laboratories (DLB) Rating Lowered to Neutral at B. Riley

Dolby Laboratories (NYSE:DLB) was downgraded by B. Riley from a “buy” rating to a “neutral” rating in a research report issued on Tuesday. They presently have a $63.00 target price on the electronics maker’s stock. B. Riley’s target price would suggest a potential downside of 1.65% from the stock’s previous close. B. Riley also issued estimates for Dolby Laboratories’ Q1 2018 earnings at $0.42 EPS, Q2 2018 earnings at $0.61 EPS, Q3 2018 earnings at $0.91 EPS, Q4 2018 earnings at $0.37 EPS, FY2018 earnings at $2.31 EPS, Q1 2019 earnings at $0.48 EPS, Q2 2019 earnings at $0.75 EPS, Q3 2019 earnings at $1.09 EPS, Q4 2019 earnings at $0.43 EPS and FY2019 earnings at $2.75 EPS.

Separately, Zacks Investment Research downgraded shares of Dolby Laboratories from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 31st. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. Dolby Laboratories presently has a consensus rating of “Hold” and an average target price of $59.33.

Shares of Dolby Laboratories (NYSE:DLB) traded up $0.95 on Tuesday, reaching $64.06. 369,800 shares of the company traded hands, compared to its average volume of 334,100. The company has a market cap of $6,455.40, a P/E ratio of 33.02, a PEG ratio of 2.34 and a beta of 0.85. Dolby Laboratories has a 12-month low of $47.19 and a 12-month high of $65.56.

Dolby Laboratories (NYSE:DLB) last announced its earnings results on Wednesday, October 25th. The electronics maker reported $0.45 EPS for the quarter, topping the consensus estimate of $0.27 by $0.18. The firm had revenue of $242.05 million for the quarter, compared to the consensus estimate of $244.80 million. Dolby Laboratories had a net margin of 18.66% and a return on equity of 10.62%. The business’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.37 EPS. research analysts forecast that Dolby Laboratories will post 2.24 earnings per share for the current fiscal year.

In other news, SVP Bob Borchers sold 116,821 shares of the business’s stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $61.15, for a total transaction of $7,143,604.15. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Steven E. Forshay sold 9,355 shares of the business’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $57.86, for a total transaction of $541,280.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 508,099 shares of company stock worth $31,240,895. Insiders own 43.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. increased its stake in Dolby Laboratories by 4.0% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 345,058 shares of the electronics maker’s stock valued at $21,394,000 after acquiring an additional 13,149 shares during the period. Marathon Asset Management LLP increased its stake in Dolby Laboratories by 1.6% in the fourth quarter. Marathon Asset Management LLP now owns 565,109 shares of the electronics maker’s stock valued at $35,037,000 after acquiring an additional 8,877 shares during the period. Knowledge Leaders Capital LLC bought a new stake in Dolby Laboratories in the fourth quarter valued at about $2,461,000. California Public Employees Retirement System increased its stake in Dolby Laboratories by 5.9% in the third quarter. California Public Employees Retirement System now owns 189,521 shares of the electronics maker’s stock valued at $10,901,000 after acquiring an additional 10,521 shares during the period. Finally, Cubist Systematic Strategies LLC increased its stake in Dolby Laboratories by 24.3% in the third quarter. Cubist Systematic Strategies LLC now owns 20,883 shares of the electronics maker’s stock valued at $1,201,000 after acquiring an additional 4,076 shares during the period. 52.53% of the stock is currently owned by institutional investors and hedge funds.

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Dolby Laboratories Company Profile

Dolby Laboratories, Inc designs and manufactures audio and imaging products for the cinema, television, broadcast and entertainment industries. Its products for cinema include Digital Cinema Servers and Cinema Audio Products, and broadcast and other include Dolby Conference Phone and Other Products. It offers services to support theatrical and television production for cinema exhibition, broadcast and home entertainment, including equipment training and maintenance, mixing room alignment and equalization, as well as audio, color and light image calibration.

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