Dolby Laboratories (DLB) Downgraded by B. Riley to Neutral

B. Riley cut shares of Dolby Laboratories (NYSE:DLB) from a buy rating to a neutral rating in a research report sent to investors on Tuesday, MarketBeat reports. The brokerage currently has $63.00 price target on the electronics maker’s stock. B. Riley also issued estimates for Dolby Laboratories’ Q1 2018 earnings at $0.42 EPS, Q1 2019 earnings at $0.48 EPS and Q4 2019 earnings at $0.43 EPS.

Separately, Zacks Investment Research lowered Dolby Laboratories from a strong-buy rating to a hold rating in a report on Tuesday, October 31st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $59.33.

Dolby Laboratories (NYSE DLB) traded up $0.95 during mid-day trading on Tuesday, hitting $64.06. The stock had a trading volume of 369,896 shares, compared to its average volume of 334,100. The company has a market capitalization of $6,580.00, a price-to-earnings ratio of 33.02, a PEG ratio of 2.43 and a beta of 0.85. Dolby Laboratories has a 52 week low of $47.19 and a 52 week high of $65.56.

Dolby Laboratories (NYSE:DLB) last released its earnings results on Wednesday, October 25th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.18. Dolby Laboratories had a return on equity of 10.62% and a net margin of 18.66%. The company had revenue of $242.05 million during the quarter, compared to analyst estimates of $244.80 million. During the same period in the prior year, the company posted $0.37 earnings per share. Dolby Laboratories’s quarterly revenue was up 3.9% on a year-over-year basis. research analysts forecast that Dolby Laboratories will post 2.24 EPS for the current year.

In other Dolby Laboratories news, CFO Lewis Chew sold 17,000 shares of the stock in a transaction on Friday, November 10th. The stock was sold at an average price of $59.55, for a total transaction of $1,012,350.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Kevin J. Yeaman sold 10,000 shares of the stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $58.38, for a total value of $583,800.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 508,099 shares of company stock valued at $31,240,895. 43.74% of the stock is owned by corporate insiders.

Large investors have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Dolby Laboratories by 9.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,331 shares of the electronics maker’s stock worth $114,000 after acquiring an additional 209 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Dolby Laboratories by 25.5% during the second quarter. The Manufacturers Life Insurance Company now owns 3,564 shares of the electronics maker’s stock worth $174,000 after acquiring an additional 725 shares in the last quarter. Berkshire Asset Management LLC PA purchased a new stake in shares of Dolby Laboratories during the third quarter worth $200,000. CIBC Asset Management Inc purchased a new stake in shares of Dolby Laboratories during the third quarter worth $204,000. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in shares of Dolby Laboratories during the third quarter worth $231,000. Hedge funds and other institutional investors own 52.53% of the company’s stock.

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Dolby Laboratories Company Profile

Dolby Laboratories, Inc designs and manufactures audio and imaging products for the cinema, television, broadcast and entertainment industries. Its products for cinema include Digital Cinema Servers and Cinema Audio Products, and broadcast and other include Dolby Conference Phone and Other Products. It offers services to support theatrical and television production for cinema exhibition, broadcast and home entertainment, including equipment training and maintenance, mixing room alignment and equalization, as well as audio, color and light image calibration.

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