Dolby Laboratories (NYSE:DLB) Receives Outperform Rating from Barrington Research

Barrington Research reaffirmed their outperform rating on shares of Dolby Laboratories (NYSE:DLB) in a research report report published on Friday morning, Benzinga reports. Barrington Research currently has a $100.00 price objective on the electronics maker’s stock.

Separately, Rosenblatt Securities reissued a buy rating and issued a $98.00 price target on shares of Dolby Laboratories in a research report on Friday, June 7th.

Dolby Laboratories Price Performance

DLB stock opened at $73.32 on Friday. The company has a market capitalization of $7.03 billion, a PE ratio of 37.41 and a beta of 0.97. Dolby Laboratories has a 12 month low of $66.35 and a 12 month high of $90.06. The firm’s 50-day moving average is $73.35 and its 200 day moving average is $78.29.

Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings results on Wednesday, August 7th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.14. The firm had revenue of $288.82 million during the quarter, compared to the consensus estimate of $286.26 million. Dolby Laboratories had a net margin of 16.87% and a return on equity of 10.66%. Sell-side analysts forecast that Dolby Laboratories will post 2.72 EPS for the current fiscal year.

Dolby Laboratories Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend was Monday, August 19th. Dolby Laboratories’s dividend payout ratio is currently 61.22%.

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

Institutional Trading of Dolby Laboratories

A number of institutional investors have recently made changes to their positions in DLB. Vanguard Group Inc. boosted its holdings 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 worth $544,711,000 after acquiring an additional 107,713 shares in the last quarter. Ninety One UK Ltd grew its position in Dolby Laboratories by 2.6% during the 2nd quarter. Ninety One UK Ltd now owns 2,344,963 shares of the electronics maker’s stock worth $185,791,000 after purchasing an additional 60,114 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Dolby Laboratories by 11.2% during the 1st quarter. Bank of New York Mellon Corp now owns 2,324,244 shares of the electronics maker’s stock valued at $194,702,000 after purchasing an additional 233,958 shares in the last quarter. Disciplined Growth Investors Inc. MN raised its holdings in shares of Dolby Laboratories by 0.8% in the second quarter. Disciplined Growth Investors Inc. MN now owns 1,402,623 shares of the electronics maker’s stock worth $111,130,000 after buying an additional 10,852 shares during the last quarter. Finally, Mackenzie Financial Corp raised its holdings in shares of Dolby Laboratories by 3.5% in the second quarter. Mackenzie Financial Corp now owns 1,010,230 shares of the electronics maker’s stock worth $80,041,000 after buying an additional 33,848 shares during 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.