Dolby Laboratories (NYSE:DLB) Upgraded by StockNews.com to “Strong-Buy” Rating

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

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

Dolby Laboratories Price Performance

Dolby Laboratories stock opened at $71.32 on Monday. The firm has a market capitalization of $6.80 billion, a P/E ratio of 32.57 and a beta of 0.98. Dolby Laboratories has a one year low of $66.35 and a one year high of $90.06. The business has a fifty day moving average price of $73.66 and a 200-day moving average price of $76.09.

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

Insiders Place Their Bets

In other Dolby Laboratories news, CEO Kevin J. Yeaman sold 28,512 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $74.12, for a total value of $2,113,309.44. Following the completion of the transaction, the chief executive officer now owns 83,721 shares of the company’s stock, valued at $6,205,400.52. The trade was a 25.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 39.54% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DLB. Blue Trust Inc. lifted its stake in Dolby Laboratories by 398.8% during the second quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 331 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Dolby Laboratories during the 2nd quarter valued at about $37,000. GAMMA Investing LLC lifted its position 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 buying an additional 192 shares during the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in Dolby Laboratories by 192.4% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 576 shares of the electronics maker’s stock worth $46,000 after buying an additional 379 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its position in Dolby Laboratories by 22.7% during the third 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 hedge funds and other 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.