Dolby Laboratories (NYSE:DLB) Updates Q3 Earnings Guidance

Dolby Laboratories (NYSE:DLB) updated its third quarter earnings guidance on Thursday. The company provided EPS guidance of $0.51-0.66 for the period, compared to the consensus EPS estimate of $0.58. The company issued revenue guidance of $270-300 million, compared to the consensus revenue estimate of $313.64 million. Dolby Laboratories also updated its FY24 guidance to $3.60-3.75 EPS.

Dolby Laboratories Stock Performance

DLB traded up $2.37 during trading on Friday, reaching $82.08. 730,646 shares of the company traded hands, compared to its average volume of 313,915. Dolby Laboratories has a 12-month low of $75.87 and a 12-month high of $91.01. The firm has a fifty day simple moving average of $81.65 and a 200 day simple moving average of $83.25. The company has a market cap of $7.85 billion, a P/E ratio of 41.88 and a beta of 0.98.

Dolby Laboratories (NYSE:DLB) last posted its earnings results on Thursday, February 1st. The electronics maker reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.14. The company had revenue of $315.57 million during the quarter, compared to analysts’ expectations of $310.98 million. Dolby Laboratories had a net margin of 15.00% and a return on equity of 10.22%. As a group, sell-side analysts expect that Dolby Laboratories will post 2.6 earnings per share for the current fiscal year.

Dolby Laboratories Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Tuesday, May 14th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, May 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.46%. Dolby Laboratories’s payout ratio is 61.22%.

Analyst Ratings Changes

A number of equities analysts recently commented on DLB shares. Rosenblatt Securities reissued a buy rating and set a $98.00 price target on shares of Dolby Laboratories in a research note on Monday, April 29th. StockNews.com downgraded Dolby Laboratories from a buy rating to a hold rating in a research report on Friday.

Insider Activity

In related news, SVP John D. Couling sold 33,560 shares of Dolby Laboratories stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $80.81, for a total value of $2,711,983.60. Following the completion of the transaction, the senior vice president now owns 108,519 shares in the company, valued at $8,769,420.39. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 39.54% of the company’s stock.

Dolby Laboratories Company Profile

Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment at the cinema, DTV transmissions and devices, mobile devices, OTT video and music services, home entertainment devices, and automobiles. 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, a digital audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for cinema and various media devices.