Dolby Laboratories (NYSE:DLB – Get Rating) updated its fourth quarter 2022 earnings guidance on Tuesday. The company provided earnings per share guidance of $0.68-$0.83 for the period, compared to the consensus earnings per share estimate of $0.87. The company issued revenue guidance of $295.00 million-$325.00 million, compared to the consensus revenue estimate of $326.80 million. Dolby Laboratories also updated its FY 2022 guidance to $3.22-$3.37 EPS.
Wall Street Analyst Weigh In
Several equities research analysts have issued reports on the company. Barrington Research dropped their price target on Dolby Laboratories from $115.00 to $90.00 in a research note on Thursday, May 12th. StockNews.com raised Dolby Laboratories from a hold rating to a buy rating in a research note on Tuesday. Rosenblatt Securities began coverage on Dolby Laboratories in a research note on Monday, May 23rd. They set a buy rating and a $90.00 price target for the company. Finally, TheStreet lowered Dolby Laboratories from a b- rating to a c+ rating in a research note on Friday, July 1st. Four research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Dolby Laboratories currently has a consensus rating of Buy and an average price target of $90.00.
Get Dolby Laboratories alerts:Dolby Laboratories Stock Up 0.6 %
Shares of NYSE DLB traded up $0.47 during midday trading on Thursday, reaching $79.56. The company had a trading volume of 12,279 shares, compared to its average volume of 464,703. Dolby Laboratories has a one year low of $69.18 and a one year high of $104.25. The firm's fifty day moving average price is $74.58 and its 200-day moving average price is $75.99. The stock has a market cap of $8.03 billion, a PE ratio of 40.77, a price-to-earnings-growth ratio of 1.94 and a beta of 0.98.
Dolby Laboratories (NYSE:DLB – Get Rating) last released its earnings results on Tuesday, August 9th. The electronics maker reported $0.68 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.08. Dolby Laboratories had a return on equity of 9.24% and a net margin of 15.91%. The company had revenue of $289.60 million during the quarter, compared to analyst estimates of $294.03 million. During the same quarter in the previous year, the company posted $0.52 EPS. Dolby Laboratories's revenue for the quarter was up 1.0% on a year-over-year basis. As a group, equities research analysts expect that Dolby Laboratories will post 2.43 EPS for the current year.Dolby Laboratories Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 31st. Shareholders of record on Tuesday, August 23rd will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date is Monday, August 22nd. Dolby Laboratories's payout ratio is 51.55%.
Insider Buying and Selling at Dolby Laboratories
In other Dolby Laboratories news, CMO Todd Pendleton sold 45,800 shares of the company's 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 completion of the transaction, the chief marketing officer now owns 37,788 shares of the company's stock, valued at approximately $2,848,837.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 37.06% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Dolby Laboratories by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 6,257,157 shares of the electronics maker's stock worth $489,435,000 after acquiring an additional 99,453 shares during the period. First Trust Advisors LP grew its stake in shares of Dolby Laboratories by 320.2% in the 1st quarter. First Trust Advisors LP now owns 1,081,747 shares of the electronics maker's stock worth $84,614,000 after buying an additional 824,296 shares during the last quarter. State Street Corp grew its stake in shares of Dolby Laboratories by 3.6% in the 1st quarter. State Street Corp now owns 1,065,998 shares of the electronics maker's stock worth $83,382,000 after buying an additional 36,881 shares during the last quarter. Lazard Asset Management LLC lifted its position in Dolby Laboratories by 7.4% in the 1st quarter. Lazard Asset Management LLC now owns 748,067 shares of the electronics maker's stock valued at $58,513,000 after acquiring an additional 51,779 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Dolby Laboratories by 5.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 630,290 shares of the electronics maker's stock valued at $49,302,000 after acquiring an additional 32,160 shares in the last quarter. Hedge funds and other 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.
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