Dolby Laboratories (NYSE:DLB) has been assigned a $67.00 price target by stock analysts at B. Riley in a report issued on Thursday, TipRanks reports. The brokerage currently has a “hold” rating on the electronics maker’s stock. B. Riley’s price objective would indicate a potential upside of 6.98% from the company’s current price.
Other equities analysts have also issued research reports about the stock. Zacks Investment Research raised shares of Dolby Laboratories from a “sell” rating to a “hold” rating in a research report on Tuesday, April 2nd. ValuEngine lowered shares of Dolby Laboratories from a “buy” rating to a “hold” rating in a research report on Monday, April 1st. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Dolby Laboratories currently has a consensus rating of “Buy” and a consensus target price of $76.50.
Shares of DLB opened at $62.63 on Thursday. The company has a market cap of $6.37 billion, a P/E ratio of 26.10, a price-to-earnings-growth ratio of 2.03 and a beta of 0.84. Dolby Laboratories has a twelve month low of $58.17 and a twelve month high of $72.04.
Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings data on Wednesday, May 1st. The electronics maker reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.18. The firm had revenue of $338.26 million for the quarter, compared to analyst estimates of $337.45 million. Dolby Laboratories had a net margin of 24.93% and a return on equity of 11.12%. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.73 earnings per share. On average, equities analysts expect that Dolby Laboratories will post 2.38 EPS for the current year.
In related news, CEO Kevin J. Yeaman sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $64.80, for a total transaction of $3,240,000.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Lewis Chew sold 35,000 shares of Dolby Laboratories stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $63.41, for a total transaction of $2,219,350.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 699,582 shares of company stock worth $45,579,410. Insiders own 40.23% of the company’s stock.
Several large investors have recently added to or reduced their stakes in DLB. Norges Bank bought a new position in shares of Dolby Laboratories in the fourth quarter valued at approximately $44,767,000. Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of Dolby Laboratories in the first quarter valued at approximately $22,284,000. Renaissance Technologies LLC raised its position in shares of Dolby Laboratories by 12.6% in the first quarter. Renaissance Technologies LLC now owns 2,763,700 shares of the electronics maker’s stock valued at $174,030,000 after purchasing an additional 308,300 shares during the period. Vanguard Group Inc raised its position in shares of Dolby Laboratories by 4.0% in the third quarter. Vanguard Group Inc now owns 5,508,279 shares of the electronics maker’s stock valued at $385,415,000 after purchasing an additional 209,633 shares during the period. Finally, Thrivent Financial for Lutherans raised its position in shares of Dolby Laboratories by 17.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 1,154,500 shares of the electronics maker’s stock valued at $71,394,000 after purchasing an additional 168,214 shares during the period. 55.98% of the stock is currently owned by institutional investors.
About Dolby Laboratories
Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment and communications at the cinema, at home, at work, and on mobile devices. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for TVs, set-top boxes (STBs), personal computers (PCs), gaming consoles, mobile devices, and digital radio; AVC, a digital video codec with high bandwidth efficiency used in media devices; Dolby AC-4, an audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for home theaters, cinemas, device speakers, mobile devices, and headphones.
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