Barrington Research Reaffirms “Outperform” Rating for Dolby Laboratories (NYSE:DLB)

Dolby Laboratories (NYSE:DLB)‘s stock had its “outperform” rating reaffirmed by research analysts at Barrington Research in a research report issued on Friday, Benzinga reports. They currently have a $100.00 price target on the electronics maker’s stock. Barrington Research’s price objective would suggest a potential upside of 36.50% from the stock’s current price.

Separately, Rosenblatt Securities reissued a “buy” rating and set a $98.00 price objective on shares of Dolby Laboratories in a report on Friday, June 7th.

Dolby Laboratories Trading Up 0.9 %

Shares of DLB stock opened at $73.26 on Friday. Dolby Laboratories has a twelve month low of $66.35 and a twelve month high of $90.06. The stock has a market capitalization of $7.02 billion, a price-to-earnings ratio of 37.38 and a beta of 0.97. The stock has a fifty day simple moving average of $73.35 and a two-hundred day simple moving average of $78.27.

Dolby Laboratories (NYSE:DLB) last released its quarterly earnings data on Wednesday, August 7th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.14. Dolby Laboratories had a net margin of 16.87% and a return on equity of 10.66%. The company had revenue of $288.82 million during the quarter, compared to analyst estimates of $286.26 million. Research analysts predict that Dolby Laboratories will post 2.72 EPS for the current fiscal year.

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.

Hedge Funds Weigh In On Dolby Laboratories

Hedge funds have recently modified their holdings of the stock. Mather Group LLC. acquired a new position in Dolby Laboratories in the 1st quarter worth approximately $33,000. Blue Trust Inc. increased its holdings in Dolby Laboratories by 398.8% in the second quarter. Blue Trust Inc. now owns 414 shares of the electronics maker’s stock valued at $35,000 after buying an additional 331 shares in the last quarter. Quarry LP acquired a new position in shares of Dolby Laboratories in the fourth quarter worth about $37,000. Point72 Hong Kong Ltd purchased a new stake in shares of Dolby Laboratories during the 2nd quarter worth about $37,000. Finally, GAMMA Investing LLC grew its position in shares of Dolby Laboratories by 64.6% during the 2nd quarter. GAMMA Investing LLC now owns 489 shares of the electronics maker’s stock valued at $39,000 after acquiring an additional 192 shares during the period. 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.