Dolby Laboratories (NYSE:DLB) Earns Outperform Rating from Barrington Research

Dolby Laboratories (NYSE:DLB)‘s stock had its “outperform” rating restated by research analysts at Barrington Research in a note issued to investors on Wednesday,Benzinga reports. They currently have a $100.00 target price on the electronics maker’s stock. Barrington Research’s price objective points to a potential upside of 24.53% from the stock’s previous close.

Several other research firms have also commented on DLB. StockNews.com upgraded shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Monday. Rosenblatt Securities upped their price target on shares of Dolby Laboratories from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday.

Dolby Laboratories Stock Down 2.0 %

DLB opened at $80.31 on Wednesday. The firm has a 50-day simple moving average of $74.15 and a two-hundred day simple moving average of $76.08. Dolby Laboratories has a 52 week low of $66.35 and a 52 week high of $90.06. The company has a market capitalization of $7.66 billion, a PE ratio of 29.63 and a beta of 0.98.

Dolby Laboratories declared that its Board of Directors has initiated a share 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 reacquire up to 5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Dolby Laboratories

In related news, CEO Kevin J. Yeaman sold 28,512 shares of Dolby Laboratories stock in a transaction that occurred on 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 sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 39.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Dolby Laboratories

Several hedge funds have recently made changes to their positions in DLB. First Affirmative Financial Network boosted its position in Dolby Laboratories by 4.9% in the 2nd 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 in the last quarter. LRI Investments LLC lifted 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 in the last quarter. First Horizon Advisors Inc. boosted 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 buying an additional 146 shares during the last quarter. Signaturefd LLC increased its stake 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 buying an additional 153 shares in the last quarter. Finally, Mitchell & Pahl Private Wealth LLC raised its holdings in shares of 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 last quarter. 58.56% of the stock is owned by institutional investors and hedge funds.

About Dolby Laboratories

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.