Dolby Laboratories (NYSE:DLB) released its earnings results on Wednesday, October 25th. The electronics maker reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.18, Bloomberg Earnings reports. The firm had revenue of $242.05 million for the quarter, compared to analysts’ expectations of $244.80 million. Dolby Laboratories had a return on equity of 10.73% and a net margin of 18.66%. The company’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.37 earnings per share. Dolby Laboratories updated its Q1 guidance to $0.55 to $0.61 EPS.
Shares of Dolby Laboratories (DLB) traded up $1.01 on Friday, reaching $60.65. The company’s stock had a trading volume of 350,100 shares, compared to its average volume of 386,958. The firm has a market cap of $6,085.49, a P/E ratio of 28.67, a P/E/G ratio of 2.24 and a beta of 0.83. Dolby Laboratories has a 12 month low of $44.98 and a 12 month high of $61.45.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Monday, November 6th will be given a dividend of $0.16 per share. This is an increase from Dolby Laboratories’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend is Friday, November 3rd. Dolby Laboratories’s dividend payout ratio (DPR) is currently 32.99%.
A number of brokerages recently issued reports on DLB. B. Riley set a $66.00 price target on Dolby Laboratories and gave the company a “buy” rating in a report on Thursday, October 19th. Dougherty & Co restated a “buy” rating and set a $63.00 target price on shares of Dolby Laboratories in a report on Wednesday, September 13th. Zacks Investment Research lowered Dolby Laboratories from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 31st. Piper Jaffray Companies reiterated a “hold” rating and set a $52.00 price objective (up previously from $49.00) on shares of Dolby Laboratories in a report on Wednesday, September 13th. Finally, BidaskClub lowered Dolby Laboratories from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $60.17.
In other news, SVP Steven E. Forshay sold 30,069 shares of the firm’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $59.00, for a total transaction of $1,774,071.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Kevin J. Yeaman sold 10,000 shares of the firm’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $58.38, for a total transaction of $583,800.00. The disclosure for this sale can be found here. Insiders have sold a total of 904,734 shares of company stock worth $46,002,951 over the last 90 days. Insiders own 43.80% of the company’s stock.
A hedge fund recently raised its stake in Dolby Laboratories stock. The Manufacturers Life Insurance Company grew its holdings in Dolby Laboratories (NYSE:DLB) by 25.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,564 shares of the electronics maker’s stock after purchasing an additional 725 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in Dolby Laboratories were worth $174,000 as of its most recent SEC filing. 51.61% of the stock is owned by institutional investors.
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About Dolby Laboratories
Dolby Laboratories, Inc designs and manufactures audio and imaging products for the cinema, television, broadcast and entertainment industries. Its products for cinema include Digital Cinema Servers and Cinema Audio Products, and broadcast and other include Dolby Conference Phone and Other Products. It offers services to support theatrical and television production for cinema exhibition, broadcast and home entertainment, including equipment training and maintenance, mixing room alignment and equalization, as well as audio, color and light image calibration.
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