Dolby Laboratories (NYSE:DLB) Price Target Raised to $100.00

Dolby Laboratories (NYSE:DLB) had its price objective upped by Rosenblatt Securities from $98.00 to $100.00 in a research report report published on Wednesday,Benzinga reports. Rosenblatt Securities currently has a buy rating on the electronics maker’s stock.

Several other research firms have also recently weighed in on DLB. StockNews.com raised shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 18th. Barrington Research reaffirmed an “outperform” rating and set a $100.00 price objective on shares of Dolby Laboratories in a research report on Friday, September 20th.

Dolby Laboratories Trading Up 0.4 %

NYSE:DLB opened at $80.57 on Wednesday. Dolby Laboratories has a 1-year low of $66.35 and a 1-year high of $90.06. The firm has a fifty day simple moving average of $74.33 and a 200 day simple moving average of $76.07. The stock has a market capitalization of $7.68 billion, a PE ratio of 29.73 and a beta of 0.98.

Dolby Laboratories declared that its board has approved a share buyback program on Wednesday, August 7th that authorizes the company to buyback $350.00 million in shares. This buyback authorization authorizes the electronics maker to purchase up to 5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Dolby Laboratories Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.64%. This is a boost from Dolby Laboratories’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, December 3rd. Dolby Laboratories’s payout ratio is 44.28%.

Insiders Place Their Bets

In other news, Director Peter C. Gotcher sold 6,079 shares of Dolby Laboratories stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $78.96, for a total transaction of $479,997.84. Following the completion of the sale, the director now owns 37,593 shares of the company’s stock, valued at approximately $2,968,343.28. This trade represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 stock was sold at an average price of $74.12, for a total value 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 $6,205,400.52. This represents 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 Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Dolby Laboratories by 1.7% in the first quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock valued at $544,711,000 after purchasing an additional 107,713 shares in the last quarter. Ninety One UK Ltd raised its stake in Dolby Laboratories by 2.6% in the second quarter. Ninety One UK Ltd now owns 2,344,963 shares of the electronics maker’s stock valued at $185,791,000 after purchasing an additional 60,114 shares in the last quarter. State Street Corp raised its stake in Dolby Laboratories by 1.5% in the third quarter. State Street Corp now owns 1,931,586 shares of the electronics maker’s stock valued at $147,824,000 after purchasing an additional 29,289 shares in the last quarter. Geode Capital Management LLC raised its stake in Dolby Laboratories by 4.3% in the third quarter. Geode Capital Management LLC now owns 1,538,583 shares of the electronics maker’s stock valued at $117,767,000 after purchasing an additional 63,293 shares in the last quarter. Finally, Disciplined Growth Investors Inc. MN raised its stake in Dolby Laboratories by 4.5% during the third quarter. Disciplined Growth Investors Inc. MN now owns 1,466,212 shares of the electronics maker’s stock worth $112,209,000 after acquiring an additional 63,589 shares in the last quarter. Institutional investors and hedge funds own 58.56% of the company’s stock.

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.