Zacks Investment Research Lowers Dolby Laboratories (DLB) to Hold

Zacks Investment Research lowered shares of Dolby Laboratories (NYSE:DLB) from a strong-buy rating to a hold rating in a research report report published on Tuesday morning.

According to Zacks, “Dolby’s fourth-quarter fiscal 2017 adjusted earnings trumped the Zacks Consensus Estimate by 15%, backed by top-line growth and higher interest income. In the last six months, Dolby's shares have fared better than the industry average. Impressive market traction of offerings under three of its new businesses—Dolby Voice, Dolby Vision and Dolby Cinema—are likely to fortify its market footprint, going forward. The company’s mobile devices unit is expected to benefit from audio and consumer imaging programs, and also higher recoveries. However, on the negative side, stiff competition, price-sensitive nature of the entertainment industry and fluctuations of cinema product sales pose as significant headwinds to the company’s margins.  Also, fluctuations in cinema product sales and maturity of the digital cinema market might hurt the company’s profitability.”

A number of other research analysts also recently issued reports on the company. B. Riley reaffirmed a buy rating and set a $65.50 price target on shares of Dolby Laboratories in a report on Thursday, October 26th. Dougherty & Co reaffirmed a buy rating and set a $63.00 price target on shares of Dolby Laboratories in a report on Wednesday, September 13th. Piper Jaffray Companies reaffirmed a hold rating and set a $52.00 price target (up from $49.00) on shares of Dolby Laboratories in a report on Wednesday, September 13th. Finally, BidaskClub downgraded Dolby Laboratories from a sell rating to a strong sell rating in a report on Tuesday, August 22nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $60.17.

Shares of Dolby Laboratories (NYSE DLB) opened at $58.98 on Tuesday. The firm has a market capitalization of $5.98 billion, a P/E ratio of 28.20, a price-to-earnings-growth ratio of 2.20 and a beta of 0.83.

Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings results on Wednesday, October 25th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.18. The firm had revenue of $242.05 million for the quarter, compared to the consensus estimate of $244.80 million. Dolby Laboratories had a return on equity of 10.73% and a net margin of 18.66%. The company’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.37 earnings per share. equities research analysts forecast that Dolby Laboratories will post 2.22 EPS for the current fiscal year.

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The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Monday, November 6th will be issued a $0.16 dividend. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.14. The ex-dividend date is Friday, November 3rd. This represents a $0.64 dividend on an annualized basis and a yield of 1.09%. Dolby Laboratories’s dividend payout ratio is currently 28.87%.

In other Dolby Laboratories news, Director Peter C. Gotcher sold 9,310 shares of the stock in a transaction dated Wednesday, October 18th. The stock was sold at an average price of $60.00, for a total value of $558,600.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Steven E. Forshay sold 9,355 shares of the stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $57.86, for a total value of $541,280.30. The disclosure for this sale can be found here. In the last three months, insiders sold 1,174,665 shares of company stock worth $59,548,880. 43.80% of the stock is owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of DLB. Spot Trading L.L.C. bought a new position in Dolby Laboratories in the first quarter valued at about $660,000. Ameriprise Financial Inc. lifted its holdings in Dolby Laboratories by 0.4% in the first quarter. Ameriprise Financial Inc. now owns 15,650 shares of the electronics maker’s stock valued at $821,000 after acquiring an additional 61 shares during the period. Wellington Management Group LLP lifted its holdings in Dolby Laboratories by 1.2% in the first quarter. Wellington Management Group LLP now owns 19,240 shares of the electronics maker’s stock valued at $1,008,000 after acquiring an additional 219 shares during the period. Teachers Advisors LLC lifted its holdings in Dolby Laboratories by 5.5% in the first quarter. Teachers Advisors LLC now owns 138,445 shares of the electronics maker’s stock valued at $7,256,000 after acquiring an additional 7,209 shares during the period. Finally, Legal & General Group Plc lifted its holdings in Dolby Laboratories by 129.3% in the first quarter. Legal & General Group Plc now owns 18,387 shares of the electronics maker’s stock valued at $964,000 after acquiring an additional 10,368 shares during the period. 51.83% of the stock is currently owned by institutional investors.

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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