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

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

A number of other research analysts have also recently commented on DLB. Rosenblatt Securities raised their price target on shares of Dolby Laboratories from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Barrington Research reaffirmed an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories in a research note on Wednesday, November 20th.

Dolby Laboratories Stock Down 0.3 %

Dolby Laboratories stock opened at $80.33 on Tuesday. The business has a 50 day moving average price of $74.50 and a two-hundred day moving average price of $75.96. Dolby Laboratories has a 12 month low of $66.35 and a 12 month high of $90.06. The stock has a market cap of $7.66 billion, a price-to-earnings ratio of 29.64 and a beta of 0.98.

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

Insiders Place Their Bets

In other news, Director Peter C. Gotcher sold 6,079 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $78.96, for a total value of $479,997.84. Following the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 transaction 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. Insiders own 39.54% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Affirmative Financial Network raised its position in shares of Dolby Laboratories by 4.9% during the second 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 during the period. LRI Investments LLC raised its holdings in Dolby Laboratories by 6.0% during the 2nd quarter. LRI Investments LLC now owns 2,293 shares of the electronics maker’s stock worth $182,000 after buying an additional 130 shares during the period. First Horizon Advisors Inc. lifted its stake in Dolby Laboratories by 22.7% in the third quarter. First Horizon Advisors Inc. now owns 790 shares of the electronics maker’s stock valued at $60,000 after buying an additional 146 shares in the last quarter. Signaturefd LLC boosted its holdings in shares of Dolby Laboratories by 5.1% in the second quarter. Signaturefd LLC now owns 3,167 shares of the electronics maker’s stock valued at $251,000 after buying an additional 153 shares during the period. Finally, Mitchell & Pahl Private Wealth LLC increased its position 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 worth $1,095,000 after acquiring an additional 174 shares in the last quarter. 58.56% of the stock is currently owned by institutional investors.

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.