Dolby Laboratories (NYSE:DLB) Receives Buy Rating from Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Dolby Laboratories (NYSE:DLB) in a report released on Thursday morning,Benzinga reports. They currently have a $100.00 price objective on the electronics maker’s stock.

Several other brokerages also recently issued reports on DLB. Barrington Research restated an “outperform” rating and set a $100.00 price objective on shares of Dolby Laboratories in a research report on Wednesday, November 20th. StockNews.com upgraded Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 4th.

Dolby Laboratories Trading Down 0.7 %

NYSE:DLB opened at $80.43 on Thursday. Dolby Laboratories has a twelve month low of $66.35 and a twelve month high of $86.37. The company has a market capitalization of $7.68 billion, a P/E ratio of 29.68 and a beta of 0.98. The firm has a 50-day moving average price of $78.63 and a two-hundred day moving average price of $75.65.

Dolby Laboratories Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Tuesday, December 3rd were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Tuesday, December 3rd. This represents a $1.32 dividend on an annualized basis and a yield of 1.64%. This is a positive change from Dolby Laboratories’s previous quarterly dividend of $0.30. Dolby Laboratories’s dividend payout ratio (DPR) is 48.71%.

Insiders Place Their Bets

In other news, EVP Mark Andrew Sherman sold 12,338 shares of Dolby Laboratories stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $78.08, for a total value of $963,351.04. Following the completion of the sale, the executive vice president now owns 62,397 shares of the company’s stock, valued at $4,871,957.76. The trade was a 16.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter C. Gotcher sold 6,079 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $78.96, for a total value of $479,997.84. Following the transaction, the director now owns 37,593 shares in the company, valued at $2,968,343.28. This trade represents a 13.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 135,917 shares of company stock valued at $10,877,739. Company insiders own 38.39% of the company’s stock.

Institutional Investors Weigh In On Dolby Laboratories

A number of institutional investors have recently bought and sold shares of the stock. Harbor Capital Advisors Inc. boosted its holdings in shares of Dolby Laboratories by 5.6% in the 4th quarter. Harbor Capital Advisors Inc. now owns 2,571 shares of the electronics maker’s stock valued at $201,000 after purchasing an additional 136 shares during the last quarter. 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 period. Fifth Third Bancorp increased its stake in Dolby Laboratories by 82.7% during the fourth quarter. Fifth Third Bancorp now owns 360 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 163 shares during the last quarter. Glenmede Trust Co. NA raised its holdings in shares of Dolby Laboratories by 3.5% in the 3rd quarter. Glenmede Trust Co. NA now owns 5,376 shares of the electronics maker’s stock worth $411,000 after purchasing an additional 182 shares during the period. Finally, Diversified Investment Strategies LLC lifted its stake in shares of Dolby Laboratories by 0.3% in the 4th quarter. Diversified Investment Strategies LLC now owns 59,395 shares of the electronics maker’s stock valued at $4,639,000 after purchasing an additional 195 shares in 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.