Dolby Laboratories (NYSE:DLB) Stock Rating Lowered by StockNews.com

Dolby Laboratories (NYSE:DLB) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Friday.

Separately, Rosenblatt Securities reissued a “buy” rating and set a $98.00 price target on shares of Dolby Laboratories in a research report on Monday.

Dolby Laboratories Stock Up 3.0 %

Dolby Laboratories stock traded up $2.37 during mid-day trading on Friday, hitting $82.08. The company had a trading volume of 730,540 shares, compared to its average volume of 370,535. The business has a fifty day moving average of $81.61 and a 200 day moving average of $83.22. Dolby Laboratories has a 1 year low of $75.87 and a 1 year high of $91.01. The stock has a market cap of $7.85 billion, a price-to-earnings ratio of 42.53 and a beta of 0.98.

Dolby Laboratories (NYSE:DLB) last announced its earnings results on Thursday, February 1st. The electronics maker reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.14. Dolby Laboratories had a net margin of 14.70% and a return on equity of 10.21%. The business had revenue of $315.57 million during the quarter, compared to the consensus estimate of $310.98 million. Equities analysts anticipate that Dolby Laboratories will post 2.6 earnings per share for the current year.

Insider Activity at Dolby Laboratories

In related news, SVP John D. Couling sold 33,560 shares of the firm’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $80.81, for a total transaction of $2,711,983.60. Following the completion of the sale, the senior vice president now directly owns 108,519 shares of the company’s stock, valued at approximately $8,769,420.39. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 39.54% of the company’s stock.

Institutional Trading of Dolby Laboratories

A number of hedge funds and other institutional investors have recently made changes to their positions in DLB. Ninety One UK Ltd lifted its holdings in Dolby Laboratories by 29.0% during the 4th quarter. Ninety One UK Ltd now owns 2,572,346 shares of the electronics maker’s stock worth $221,685,000 after buying an additional 578,239 shares during the last quarter. Morgan Stanley grew its position in shares of Dolby Laboratories by 11.9% during the 3rd quarter. Morgan Stanley now owns 4,902,295 shares of the electronics maker’s stock valued at $388,556,000 after buying an additional 523,250 shares during the last quarter. Norges Bank bought a new position in Dolby Laboratories in the fourth quarter worth about $42,067,000. Kayne Anderson Rudnick Investment Management LLC boosted its stake in Dolby Laboratories by 4.8% in the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 5,246,122 shares of the electronics maker’s stock valued at $415,808,000 after acquiring an additional 239,578 shares during the period. Finally, Lord Abbett & CO. LLC bought a new position in Dolby Laboratories during the 3rd quarter worth $18,702,000. 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.