Dolby Laboratories (NYSE:DLB) Upgraded at StockNews.com

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

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

Dolby Laboratories Stock Down 0.6 %

NYSE:DLB opened at $70.93 on Monday. Dolby Laboratories has a 52 week low of $66.35 and a 52 week high of $90.06. The stock has a market cap of $6.76 billion, a price-to-earnings ratio of 32.39 and a beta of 0.98. The company’s 50 day moving average price is $73.69 and its 200-day moving average price is $76.01.

Dolby Laboratories announced that its Board of Directors has approved a share repurchase program on Wednesday, August 7th that authorizes the company to repurchase $350.00 million in shares. This repurchase authorization authorizes the electronics maker to repurchase up to 5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 28,512 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 83,721 shares in the company, valued at $6,205,400.52. The trade was a 25.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 39.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Dolby Laboratories

A number of institutional investors and hedge funds have recently made changes to their positions in the business. First Affirmative Financial Network boosted its stake in shares of Dolby Laboratories by 4.9% during the 2nd quarter. First Affirmative Financial Network now owns 2,766 shares of the electronics maker’s stock worth $219,000 after acquiring an additional 129 shares during the last quarter. LRI Investments LLC increased its stake in shares of Dolby Laboratories by 6.0% in the 2nd quarter. LRI Investments LLC now owns 2,293 shares of the electronics maker’s stock worth $182,000 after purchasing an additional 130 shares in the last quarter. First Horizon Advisors Inc. raised 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 purchasing an additional 146 shares during the period. Signaturefd LLC grew its holdings in Dolby Laboratories by 5.1% during the second quarter. Signaturefd LLC now owns 3,167 shares of the electronics maker’s stock valued at $251,000 after purchasing an additional 153 shares during the period. Finally, Mitchell & Pahl Private Wealth LLC increased its position in Dolby Laboratories by 1.3% in the second quarter. Mitchell & Pahl Private Wealth LLC now owns 13,817 shares of the electronics maker’s stock worth $1,095,000 after buying an additional 174 shares in the last quarter. Hedge funds and other institutional investors 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.