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

StockNews.com upgraded shares of Dolby Laboratories (NYSE:DLB) from a buy rating to a strong-buy rating in a research note released on Monday.

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

Dolby Laboratories Price Performance

Shares of NYSE DLB opened at $80.31 on Monday. The company has a 50-day moving average price of $74.15 and a 200-day moving average price of $76.08. The stock has a market capitalization of $7.66 billion, a P/E ratio of 29.63 and a beta of 0.98. Dolby Laboratories has a 1 year low of $66.35 and a 1 year high of $90.06.

Dolby Laboratories Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Tuesday, December 3rd will be issued a $0.33 dividend. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.32 annualized dividend and a dividend yield of 1.64%. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s dividend payout ratio is currently 44.28%.

Dolby Laboratories announced that its Board of Directors has approved a share buyback plan on Wednesday, August 7th that allows the company to buyback $350.00 million in shares. This buyback authorization allows the electronics maker to repurchase up to 5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity at Dolby Laboratories

In other news, CEO Kevin J. Yeaman sold 28,512 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer now owns 83,721 shares in the company, valued at approximately $6,205,400.52. This represents a 25.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 39.54% of the stock is owned by company insiders.

Institutional Trading of Dolby Laboratories

A number of hedge funds and other institutional investors have recently made changes to their positions in DLB. Blue Trust Inc. grew its position in shares of Dolby Laboratories by 398.8% during the 2nd quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 331 shares in the last quarter. Point72 Hong Kong Ltd bought a new position in Dolby Laboratories in the 2nd quarter worth about $37,000. GAMMA Investing LLC increased its stake in Dolby Laboratories by 64.6% in the 2nd quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker’s stock worth $39,000 after acquiring an additional 192 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Dolby Laboratories by 192.4% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker’s stock valued at $46,000 after acquiring an additional 379 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its position in shares of 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 acquiring an additional 146 shares during the last quarter. 58.56% of the stock is currently owned by institutional investors.

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.