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Dolby Laboratories (NYSE:DLB) Releases Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Financial News Live · Aug 10, 2022 13:41

Dolby Laboratories (NYSE:DLB – Get Rating) issued its quarterly earnings results on Tuesday. The electronics maker reported $0.68 EPS for the quarter, topping the consensus estimate of $0.60 by $0.08, Briefing.com reports. Dolby Laboratories had a net margin of 17.14% and a return on equity of 9.72%. The business had revenue of $289.60 million for the quarter, compared to analysts' expectations of $294.03 million. During the same quarter last year, the company posted $0.52 earnings per share. The company's quarterly revenue was up 1.0% compared to the same quarter last year.

Dolby Laboratories Stock Performance

Shares of DLB traded up $3.69 during mid-day trading on Wednesday, reaching $79.19. 18,805 shares of the company's stock traded hands, compared to its average volume of 520,754. The business's 50-day moving average price is $74.55 and its 200-day moving average price is $75.97. The stock has a market capitalization of $7.99 billion, a P/E ratio of 38.48, a price-to-earnings-growth ratio of 2.02 and a beta of 0.98. Dolby Laboratories has a 12 month low of $69.18 and a 12 month high of $104.25.

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Analysts Set New Price Targets

Several brokerages have recently commented on DLB. TheStreet cut shares of Dolby Laboratories from a "b-" rating to a "c+" rating in a research report on Friday, July 1st. StockNews.com raised shares of Dolby Laboratories from a "hold" rating to a "buy" rating in a report on Tuesday. Barrington Research cut their target price on shares of Dolby Laboratories from $115.00 to $90.00 in a report on Thursday, May 12th. Finally, Rosenblatt Securities began coverage on shares of Dolby Laboratories in a report on Monday, May 23rd. They issued a "buy" rating and a $90.00 target price on the stock. Four investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $90.00.

Insider Activity

In other news, CMO Todd Pendleton sold 45,800 shares of Dolby Laboratories stock in a transaction that occurred on Wednesday, May 18th. The stock was sold at an average price of $75.39, for a total transaction of $3,452,862.00. Following the sale, the chief marketing officer now owns 37,788 shares of the company's stock, valued at $2,848,837.32. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 37.06% of the company's stock.

Institutional Investors Weigh In On Dolby Laboratories

A number of hedge funds have recently made changes to their positions in the business. Walleye Capital LLC acquired a new position in shares of Dolby Laboratories during the first quarter valued at approximately $350,000. Neuberger Berman Group LLC increased its stake in shares of Dolby Laboratories by 138.9% during the first quarter. Neuberger Berman Group LLC now owns 21,600 shares of the electronics maker's stock valued at $1,690,000 after acquiring an additional 12,558 shares during the period. Quantbot Technologies LP acquired a new position in shares of Dolby Laboratories during the first quarter valued at approximately $209,000. Royal Bank of Canada increased its stake in shares of Dolby Laboratories by 38.7% during the first quarter. Royal Bank of Canada now owns 100,510 shares of the electronics maker's stock valued at $7,862,000 after acquiring an additional 28,034 shares during the period. Finally, Eaton Vance Management increased its stake in shares of Dolby Laboratories by 8,014.9% during the first quarter. Eaton Vance Management now owns 15,743 shares of the electronics maker's stock valued at $1,231,000 after acquiring an additional 15,549 shares during the period. Institutional investors own 59.34% of the company's stock.

About Dolby Laboratories

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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.