Dolby Laboratories (NYSE:DLB) Releases FY 2022 Earnings Guidance

Dolby Laboratories (NYSE:DLBGet Rating) issued an update on its FY 2022 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $3.27-$3.77 for the period, compared to the consensus estimate of $3.80. The company issued revenue guidance of $1.30 billion-$1.35 billion, compared to the consensus revenue estimate of $1.37 billion.Dolby Laboratories also updated its Q3 2022 guidance to $0.54-$0.69 EPS.

Shares of Dolby Laboratories stock traded down $0.45 during trading on Monday, hitting $74.66. 1,672 shares of the stock traded hands, compared to its average volume of 547,073. The stock has a market cap of $7.53 billion, a P/E ratio of 36.29, a PEG ratio of 1.92 and a beta of 0.99. Dolby Laboratories has a twelve month low of $69.18 and a twelve month high of $104.25. The company has a fifty day moving average price of $76.24 and a two-hundred day moving average price of $82.05.

Dolby Laboratories (NYSE:DLBGet Rating) last announced its quarterly earnings results on Thursday, May 5th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.10. The business had revenue of $334.37 million during the quarter, compared to analyst estimates of $332.51 million. Dolby Laboratories had a return on equity of 9.72% and a net margin of 17.14%. The firm’s revenue was up 4.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.73 EPS. As a group, analysts forecast that Dolby Laboratories will post 2.46 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 25th. Investors of record on Tuesday, May 17th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date of this dividend is Monday, May 16th. Dolby Laboratories’s payout ratio is 48.31%.

A number of brokerages recently weighed in on DLB. Barrington Research cut their price objective on Dolby Laboratories from $115.00 to $90.00 in a research note on Thursday, May 12th. Zacks Investment Research raised Dolby Laboratories from a sell rating to a hold rating and set a $76.00 price objective on the stock in a research note on Monday, March 7th. TheStreet raised Dolby Laboratories from a c+ rating to a b- rating in a research note on Friday, April 22nd. Finally, StockNews.com downgraded Dolby Laboratories from a buy rating to a hold rating in a research note on Thursday, May 12th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Dolby Laboratories has an average rating of Buy and a consensus target price of $83.00.

In other news, SVP John D. Couling sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, May 11th. The stock was sold at an average price of $72.61, for a total transaction of $36,305.00. Following the sale, the senior vice president now directly owns 80,172 shares in the company, valued at $5,821,288.92. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CMO Todd Pendleton sold 45,800 shares of the business’s stock in a transaction that occurred on Wednesday, May 18th. The shares were sold at an average price of $75.39, for a total value of $3,452,862.00. Following the sale, the chief marketing officer now owns 37,788 shares in the company, valued at $2,848,837.32. The disclosure for this sale can be found here. Insiders own 37.06% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Bridgewater Associates LP acquired a new stake in Dolby Laboratories in the 1st quarter valued at $455,000. Signet Financial Management LLC acquired a new stake in Dolby Laboratories in the 1st quarter valued at $411,000. Great West Life Assurance Co. Can boosted its stake in Dolby Laboratories by 3.4% in the first quarter. Great West Life Assurance Co. Can now owns 4,954 shares of the electronics maker’s stock worth $409,000 after purchasing an additional 164 shares in the last quarter. Walleye Capital LLC acquired a new position in Dolby Laboratories in the first quarter worth $350,000. Finally, JustInvest LLC boosted its stake in Dolby Laboratories by 26.7% in the fourth quarter. JustInvest LLC now owns 3,120 shares of the electronics maker’s stock worth $297,000 after purchasing an additional 657 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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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