Dolby Laboratories (NYSE:DLB) Given “Buy” Rating at Rosenblatt Securities

Rosenblatt Securities reiterated their buy rating on shares of Dolby Laboratories (NYSE:DLB) in a research report report published on Thursday,Benzinga reports. Rosenblatt Securities currently has a $100.00 target price on the electronics maker’s stock.

A number of other research analysts also recently issued reports on the company. Barrington Research restated an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a research note on Wednesday, November 20th. StockNews.com raised shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 4th.

Dolby Laboratories Stock Down 0.7 %

DLB stock opened at $80.43 on Thursday. Dolby Laboratories has a fifty-two week low of $66.35 and a fifty-two week high of $86.37. The business has a 50 day moving average price of $78.63 and a 200 day moving average price of $75.65. The stock has a market cap of $7.68 billion, a price-to-earnings ratio of 29.68 and a beta of 0.98.

Dolby Laboratories Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Tuesday, December 3rd were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Tuesday, December 3rd. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a yield of 1.64%. Dolby Laboratories’s dividend payout ratio is currently 48.71%.

Insider Buying and Selling at Dolby Laboratories

In other Dolby Laboratories news, Director Peter C. Gotcher sold 6,079 shares of the company’s 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 completion of the transaction, the director now owns 37,593 shares in the company, valued at approximately $2,968,343.28. This represents a 13.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Andrew Sherman sold 12,338 shares of Dolby Laboratories stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $78.08, for a total transaction of $963,351.04. Following the completion of the sale, the executive vice president now directly owns 62,397 shares in the company, valued at approximately $4,871,957.76. The trade was a 16.51 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 135,917 shares of company stock worth $10,877,739. 38.39% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Dolby Laboratories

A number of hedge funds have recently added to or reduced their stakes in the company. American Century Companies Inc. boosted its position in shares of Dolby Laboratories by 4.4% during the 2nd quarter. American Century Companies Inc. now owns 19,148 shares of the electronics maker’s stock worth $1,517,000 after purchasing an additional 800 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Dolby Laboratories by 27.0% during the second quarter. Dimensional Fund Advisors LP now owns 792,828 shares of the electronics maker’s stock worth $62,817,000 after buying an additional 168,744 shares in the last quarter. Pacer Advisors Inc. grew its position in Dolby Laboratories by 47.5% during the second quarter. Pacer Advisors Inc. now owns 23,320 shares of the electronics maker’s stock worth $1,848,000 after buying an additional 7,509 shares during the period. Bank of Montreal Can increased its holdings in Dolby Laboratories by 45.0% in the second quarter. Bank of Montreal Can now owns 30,788 shares of the electronics maker’s stock valued at $2,465,000 after buying an additional 9,558 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Dolby Laboratories during the 2nd quarter valued at approximately $6,131,000. 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.