Dolby Laboratories (NYSE:DLB) Lowered to “Buy” Rating by StockNews.com

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

A number of other research analysts also recently weighed in on the company. Rosenblatt Securities lifted 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 set a $100.00 target price on shares of Dolby Laboratories in a research note on Wednesday, November 20th.

Dolby Laboratories Stock Performance

Shares of NYSE:DLB opened at $80.33 on Tuesday. The firm has a 50 day simple moving average of $74.50 and a 200 day simple moving average of $75.96. Dolby Laboratories has a 52 week low of $66.35 and a 52 week high of $90.06. The company has a market cap of $7.66 billion, a PE ratio of 29.64 and a beta of 0.98.

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

Insider Transactions at Dolby Laboratories

In other news, Director Peter C. Gotcher sold 6,079 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $78.96, for a total transaction of $479,997.84. Following the transaction, the director now owns 37,593 shares in the company, valued at $2,968,343.28. This represents a 13.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Kevin J. Yeaman sold 28,512 shares of Dolby Laboratories stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $74.12, for a total transaction of $2,113,309.44. Following the completion of 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 disclosure for this sale can be found here. Company insiders own 39.54% of the company’s stock.

Institutional Investors Weigh In On Dolby Laboratories

A number of large investors have recently added to or reduced their stakes in the stock. First Affirmative Financial Network raised its position in shares of Dolby Laboratories by 4.9% in the second quarter. First Affirmative Financial Network now owns 2,766 shares of the electronics maker’s stock valued at $219,000 after purchasing an additional 129 shares during the period. LRI Investments LLC grew its stake in 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 during the last quarter. First Horizon Advisors Inc. raised its holdings in Dolby Laboratories by 22.7% in the 3rd quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock worth $60,000 after acquiring an additional 146 shares during the period. Signaturefd LLC lifted its position in Dolby Laboratories by 5.1% during the 2nd quarter. Signaturefd LLC now owns 3,167 shares of the electronics maker’s stock worth $251,000 after acquiring an additional 153 shares during the last quarter. Finally, Mitchell & Pahl Private Wealth LLC boosted its holdings 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 acquiring an additional 174 shares during the period. 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.