Dolby Laboratories (NYSE:DLB) posted its quarterly earnings results on Thursday. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.11), Morningstar.com reports. The business had revenue of $302.16 million for the quarter, compared to the consensus estimate of $305.29 million. Dolby Laboratories had a return on equity of 9.02% and a net margin of 21.64%. Dolby Laboratories’s quarterly revenue was up 40.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.18 earnings per share.
Shares of Dolby Laboratories stock traded down $9.27 on Friday, reaching $58.81. 2,620,957 shares of the company’s stock were exchanged, compared to its average volume of 343,664. The firm has a market cap of $6.92 billion, a P/E ratio of 24.50, a P/E/G ratio of 2.20 and a beta of 0.84. Dolby Laboratories has a 52 week low of $58.17 and a 52 week high of $72.04. The business has a 50-day moving average price of $64.92.
The firm also recently declared a dividend, which will be paid on Tuesday, August 20th. Shareholders of record on Monday, August 12th will be issued a dividend of $0.19 per share. The ex-dividend date is Friday, August 9th. Dolby Laboratories’s payout ratio is 31.67%.
A number of equities analysts have issued reports on DLB shares. Zacks Investment Research upgraded Dolby Laboratories from a “hold” rating to a “strong-buy” rating and set a $74.00 price target on the stock in a report on Friday, May 3rd. B. Riley upgraded Dolby Laboratories from a “neutral” rating to a “buy” rating in a report on Friday. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $78.00.
In related news, CFO Lewis Chew sold 35,000 shares of the stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $63.41, for a total value of $2,219,350.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Mark Andrew Sherman sold 57,500 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $67.53, for a total value of $3,882,975.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,227,730 shares of company stock worth $80,388,364 over the last 90 days. Company insiders own 40.23% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Swiss National Bank increased its position in shares of Dolby Laboratories by 2.7% during the 2nd quarter. Swiss National Bank now owns 119,800 shares of the electronics maker’s stock valued at $7,739,000 after purchasing an additional 3,100 shares during the last quarter. Eagle Ridge Investment Management increased its position in shares of Dolby Laboratories by 0.8% during the 2nd quarter. Eagle Ridge Investment Management now owns 116,236 shares of the electronics maker’s stock valued at $7,509,000 after purchasing an additional 866 shares during the last quarter. TRUE Private Wealth Advisors purchased a new stake in shares of Dolby Laboratories during the 2nd quarter valued at $84,000. Rice Hall James & Associates LLC increased its position in shares of Dolby Laboratories by 1.5% during the 2nd quarter. Rice Hall James & Associates LLC now owns 37,138 shares of the electronics maker’s stock valued at $2,399,000 after purchasing an additional 547 shares during the last quarter. Finally, Barbara Oil Co. increased its position in shares of Dolby Laboratories by 60.0% during the 2nd quarter. Barbara Oil Co. now owns 8,000 shares of the electronics maker’s stock valued at $517,000 after purchasing an additional 3,000 shares during the last quarter. Institutional investors own 55.95% of the company’s stock.
About Dolby Laboratories
Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment and communications at the cinema, at home, at work, and on mobile devices. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for TVs, set-top boxes (STBs), personal computers (PCs), gaming consoles, mobile devices, and digital radio; AVC, a digital video codec with high bandwidth efficiency used in media devices; Dolby AC-4, an audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for home theaters, cinemas, device speakers, mobile devices, and headphones.
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