Dolby Laboratories (NYSE:DLB) Downgraded by StockNews.com to “Hold”

StockNews.com cut shares of Dolby Laboratories (NYSE:DLB) from a buy rating to a hold rating in a report published on Friday.

Separately, Rosenblatt Securities reissued a buy rating and issued a $98.00 price objective on shares of Dolby Laboratories in a research report on Monday, April 29th.

Dolby Laboratories Price Performance

NYSE DLB opened at $81.99 on Friday. The company has a market cap of $7.84 billion, a P/E ratio of 41.83 and a beta of 0.98. Dolby Laboratories has a 12 month low of $75.87 and a 12 month high of $91.01. The company has a 50-day moving average of $81.67 and a 200-day moving average of $83.26.

Dolby Laboratories Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Investors of record on Tuesday, May 14th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date is Monday, May 13th. Dolby Laboratories’s payout ratio is 61.22%.

Insiders Place Their Bets

In related news, SVP John D. Couling sold 33,560 shares of the stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $80.81, for a total value of $2,711,983.60. Following the completion of the transaction, the senior vice president now owns 108,519 shares of the company’s stock, valued at $8,769,420.39. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 39.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. boosted its holdings in Dolby Laboratories by 9.2% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 2,708 shares of the electronics maker’s stock worth $215,000 after purchasing an additional 228 shares during the period. Xponance Inc. acquired a new position in shares of Dolby Laboratories in the 3rd quarter valued at about $612,000. Raymond James & Associates boosted its holdings in shares of Dolby Laboratories by 2.5% in the 3rd quarter. Raymond James & Associates now owns 497,472 shares of the electronics maker’s stock valued at $39,430,000 after buying an additional 12,090 shares during the period. Bank of New York Mellon Corp grew its position in shares of Dolby Laboratories by 12.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,884,088 shares of the electronics maker’s stock valued at $149,333,000 after buying an additional 209,369 shares during the last quarter. Finally, Telemus Capital LLC acquired a new stake in Dolby Laboratories during the third quarter worth about $923,000. Institutional investors and hedge funds own 58.56% of the company’s stock.

Dolby Laboratories Company Profile

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.