JPMorgan Chase & Co. began coverage on shares of Dolby Laboratories Inc. (NYSE:DLB) in a research note issued to investors on Tuesday morning. The firm issued a neutral rating and a $51.00 price objective on the stock.
A number of other research analysts have also weighed in on DLB. Zacks Investment Research lowered shares of Dolby Laboratories from a strong-buy rating to a hold rating in a research note on Tuesday, June 28th. B. Riley reaffirmed a neutral rating and issued a $46.00 price target on shares of Dolby Laboratories in a research note on Monday, July 25th. Finally, Dougherty & Co raised their price target on shares of Dolby Laboratories from $54.00 to $57.00 and gave the company a buy rating in a research note on Thursday, July 28th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Dolby Laboratories currently has an average rating of Hold and an average price target of $50.80.
Shares of Dolby Laboratories (NYSE:DLB) traded up 0.07% on Tuesday, hitting $55.00. The company’s stock had a trading volume of 60,159 shares. The firm has a market cap of $5.64 billion, a price-to-earnings ratio of 26.83 and a beta of 0.57. The stock has a 50-day moving average price of $51.37 and a 200 day moving average price of $47.72. Dolby Laboratories has a one year low of $30.38 and a one year high of $55.02.
Dolby Laboratories (NYSE:DLB) last posted its earnings results on Wednesday, July 27th. The company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.25. Dolby Laboratories had a net margin of 20.19% and a return on equity of 10.19%. The business had revenue of $277.60 million for the quarter, compared to analyst estimates of $268.04 million. The company’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.49 EPS. Equities research analysts predict that Dolby Laboratories will post $1.79 EPS for the current year.
In other Dolby Laboratories news, insider Kevin J. Yeaman sold 25,000 shares of the company’s stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $50.00, for a total value of $1,250,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Dagmar Dolby sold 100,000 shares of the company’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $50.04, for a total transaction of $5,004,000.00. The disclosure for this sale can be found here. Corporate insiders own 45.16% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. Jackson Grant Investment Advisers Inc. acquired a new stake in shares of Dolby Laboratories during the second quarter valued at about $165,000. Walleye Trading LLC increased its stake in shares of Dolby Laboratories by 155.8% in the second quarter. Walleye Trading LLC now owns 2,122 shares of the company’s stock valued at $102,000 after buying an additional 5,922 shares during the period. BNP Paribas Arbitrage SA increased its stake in shares of Dolby Laboratories by 13.9% in the second quarter. BNP Paribas Arbitrage SA now owns 2,901 shares of the company’s stock valued at $139,000 after buying an additional 353 shares during the period. US Bancorp DE increased its stake in shares of Dolby Laboratories by 17.2% in the second quarter. US Bancorp DE now owns 3,138 shares of the company’s stock valued at $150,000 after buying an additional 460 shares during the period. Finally, Advisor Group Inc. acquired a new stake in shares of Dolby Laboratories during the second quarter valued at about $166,000. 49.40% of the stock is currently owned by institutional investors.
Dolby Laboratories Company Profile
Dolby Laboratories, Inc creates audio, imaging and communication technologies that transform entertainment and communications at the cinema, home, work and on mobile devices. The Company offers digital signal processing and compression technologies. Its technologies enable the development of the audio technologies for the cinema, home entertainment, mobile and gaming experiences.
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