Dolby Laboratories (NYSE:DLB) Updates Q3 2022 Earnings Guidance

Dolby Laboratories (NYSE:DLBGet Rating) updated its third quarter 2022 earnings guidance on Monday. The company provided earnings per share guidance of $0.54-$0.69 for the period, compared to the consensus earnings per share estimate of $1.02. The company issued revenue guidance of $285.00 million-$310.00 million, compared to the consensus revenue estimate of $340.25 million.Dolby Laboratories also updated its FY 2022 guidance to $3.27-$3.77 EPS.

DLB has been the subject of a number of research reports. Zacks Investment Research raised shares of Dolby Laboratories from a sell rating to a hold rating and set a $76.00 price objective for the company in a research note on Monday, March 7th. Barrington Research cut their price objective on shares of Dolby Laboratories from $115.00 to $90.00 in a research note on Thursday. TheStreet raised shares of Dolby Laboratories from a c+ rating to a b- rating in a research report on Friday, April 22nd. Finally, StockNews.com cut shares of Dolby Laboratories from a buy rating to a hold rating in a research report on Thursday. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Buy and a consensus target price of $83.00.

NYSE DLB traded down $0.18 during trading on Monday, hitting $75.06. The company had a trading volume of 1,437 shares, compared to its average volume of 551,526. The company’s fifty day moving average is $75.78 and its 200-day moving average is $82.55. The company has a market cap of $7.64 billion, a price-to-earnings ratio of 36.26, a price-to-earnings-growth ratio of 1.80 and a beta of 0.99. Dolby Laboratories has a one year low of $69.18 and a one year high of $104.25.

Dolby Laboratories (NYSE:DLBGet Rating) last issued its quarterly earnings results on Thursday, May 5th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.10. The company had revenue of $334.37 million during the quarter, compared to analyst estimates of $332.51 million. Dolby Laboratories had a net margin of 17.14% and a return on equity of 9.72%. Dolby Laboratories’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same period last year, the business earned $0.73 EPS. As a group, equities research analysts expect that Dolby Laboratories will post 2.62 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 25th. Shareholders of record on Tuesday, May 17th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, May 16th. This represents a $1.00 dividend on an annualized basis and a yield of 1.33%. Dolby Laboratories’s dividend payout ratio is currently 48.31%.

In other Dolby Laboratories news, SVP John D. Couling sold 500 shares of the firm’s stock in a transaction dated Wednesday, May 11th. The shares were sold at an average price of $72.61, for a total transaction of $36,305.00. Following the completion of the sale, the senior vice president now directly owns 80,172 shares in the company, valued at approximately $5,821,288.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 37.06% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. First Trust Advisors LP lifted its holdings in Dolby Laboratories by 320.2% during the first quarter. First Trust Advisors LP now owns 1,081,747 shares of the electronics maker’s stock valued at $84,614,000 after purchasing an additional 824,296 shares in the last quarter. UBS Group AG raised its position in shares of Dolby Laboratories by 55.0% during the first quarter. UBS Group AG now owns 339,670 shares of the electronics maker’s stock valued at $26,569,000 after buying an additional 120,496 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Dolby Laboratories by 1.6% during the first quarter. Vanguard Group Inc. now owns 6,257,157 shares of the electronics maker’s stock valued at $489,435,000 after buying an additional 99,453 shares during the last quarter. Lazard Asset Management LLC raised its position in shares of Dolby Laboratories by 7.4% during the first quarter. Lazard Asset Management LLC now owns 748,067 shares of the electronics maker’s stock valued at $58,513,000 after buying an additional 51,779 shares during the last quarter. Finally, Parametric Portfolio Associates LLC raised its position in shares of Dolby Laboratories by 12.5% during the fourth quarter. Parametric Portfolio Associates LLC now owns 298,353 shares of the electronics maker’s stock valued at $28,409,000 after buying an additional 33,096 shares during the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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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Earnings History and Estimates for Dolby Laboratories (NYSE:DLB)

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