Dolby Laboratories (NYSE:DLB) Announces Quarterly Earnings Results

Dolby Laboratories (NYSE:DLB – Get Rating) issued its earnings results on Thursday. The electronics maker reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.34, Briefing.com reports. The business had revenue of $334.37 million during the quarter, compared to analysts’ expectations of $332.51 million. Dolby Laboratories had a net margin of 20.52% and a return on equity of 9.86%. The business’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.73 earnings per share. Dolby Laboratories updated its Q3 guidance to $0.54-0.69 EPS and its FY22 guidance to $3.27-3.77 EPS.

DLB stock traded down $3.89 during midday trading on Friday, reaching $71.54. 1,474,785 shares of the company’s stock traded hands, compared to its average volume of 452,178. Dolby Laboratories has a 52-week low of $69.18 and a 52-week high of $104.25. The stock has a market cap of $7.28 billion, a P/E ratio of 34.56, a PEG ratio of 1.71 and a beta of 0.99. The stock’s 50-day moving average is $75.74 and its 200 day moving average is $83.19.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 25th. Shareholders of record on Tuesday, May 17th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, May 16th. This represents a $1.00 dividend on an annualized basis and a yield of 1.40%. Dolby Laboratories’s dividend payout ratio is currently 48.31%.

In other Dolby Laboratories news, EVP Mark Andrew Sherman sold 1,798 shares of the company’s stock in a transaction that occurred on Wednesday, February 9th. The shares were sold at an average price of $77.23, for a total value of $138,859.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Avadis Tevanian sold 1,331 shares of the company’s stock in a transaction that occurred on Monday, February 7th. The stock was sold at an average price of $75.31, for a total transaction of $100,237.61. The disclosure for this sale can be found here. 37.06% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Zullo Investment Group Inc. bought a new position in shares of Dolby Laboratories in the fourth quarter worth approximately $39,000. NEXT Financial Group Inc boosted its position in shares of Dolby Laboratories by 573.2% during the fourth quarter. NEXT Financial Group Inc now owns 929 shares of the electronics maker’s stock worth $88,000 after acquiring an additional 791 shares during the last quarter. Metropolitan Life Insurance Co NY bought a new position in shares of Dolby Laboratories during the fourth quarter worth $122,000. JustInvest LLC boosted its position in shares of Dolby Laboratories by 26.7% during the fourth quarter. JustInvest LLC now owns 3,120 shares of the electronics maker’s stock worth $297,000 after acquiring an additional 657 shares during the last quarter. Finally, Jane Street Group LLC boosted its position in shares of Dolby Laboratories by 44.0% during the third quarter. Jane Street Group LLC now owns 13,047 shares of the electronics maker’s stock worth $1,148,000 after acquiring an additional 3,989 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

Several research analysts have issued reports on the stock. Zacks Investment Research raised shares of Dolby Laboratories from a “sell” rating to a “hold” rating and set a $76.00 target price for the company in a report on Monday, March 7th. TheStreet raised shares of Dolby Laboratories from a “c+” rating to a “b-” rating in a report on Friday, April 22nd. Finally, StockNews.com raised shares of Dolby Laboratories from a “hold” rating to a “buy” rating in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Dolby Laboratories currently has a consensus rating of “Buy” and a consensus target price of $95.00.

About Dolby Laboratories (Get Rating)

Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment and communications at the cinema, DTV, transmissions and devices, mobile devices, OTT video and music services, and home entertainment devices. 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, an digital audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for cinema and a range of media devices.

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