Dolby Laboratories (NYSE:DLB) Raised to “Strong-Buy” at StockNews.com

Dolby Laboratories (NYSE:DLB) was upgraded by StockNews.com from a “buy” rating to a “strong-buy” rating in a report released on Monday.

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

Dolby Laboratories Trading Down 0.6 %

DLB opened at $70.93 on Monday. Dolby Laboratories has a 12 month low of $66.35 and a 12 month high of $90.06. The business’s 50-day moving average price is $73.69 and its 200-day moving average price is $76.01. The company has a market cap of $6.76 billion, a P/E ratio of 32.39 and a beta of 0.98.

Dolby Laboratories announced that its board has authorized a stock repurchase program on Wednesday, August 7th that allows the company to repurchase $350.00 million in shares. This repurchase authorization allows the electronics maker to reacquire up to 5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 28,512 shares of Dolby Laboratories stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $74.12, for a total transaction of $2,113,309.44. Following the sale, the chief executive officer now directly owns 83,721 shares of the company’s stock, valued at approximately $6,205,400.52. The trade was a 25.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 39.54% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. First Affirmative Financial Network grew its holdings in Dolby Laboratories by 4.9% in the second quarter. First Affirmative Financial Network now owns 2,766 shares of the electronics maker’s stock worth $219,000 after purchasing an additional 129 shares during the period. 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 worth $182,000 after buying an additional 130 shares during the last quarter. First Horizon Advisors Inc. increased its position in Dolby Laboratories by 22.7% during the 3rd quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock valued at $60,000 after buying an additional 146 shares in the last quarter. Signaturefd LLC raised its stake in Dolby Laboratories by 5.1% during the second quarter. Signaturefd LLC now owns 3,167 shares of the electronics maker’s stock valued at $251,000 after buying an additional 153 shares during the last quarter. Finally, Mitchell & Pahl Private Wealth LLC raised its stake in Dolby Laboratories by 1.3% during the second quarter. Mitchell & Pahl Private Wealth LLC now owns 13,817 shares of the electronics maker’s stock valued at $1,095,000 after buying an additional 174 shares during the last quarter. Hedge funds and other institutional investors own 58.56% of the company’s stock.

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.