Dolby Laboratories (NYSE:DLB) Issues FY24 Earnings Guidance

Dolby Laboratories (NYSE:DLB) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $3.60-3.75 for the period, compared to the consensus earnings per share estimate of $2.77. The company issued revenue guidance of $1.3 billion, compared to the consensus revenue estimate of $1.30 billion. Dolby Laboratories also updated its Q3 guidance to $0.51-0.66 EPS.

Analyst Ratings Changes

DLB has been the subject of several analyst reports. StockNews.com cut shares of Dolby Laboratories from a buy rating to a hold rating in a research report on Friday. Rosenblatt Securities reaffirmed a buy rating and set a $98.00 target price on shares of Dolby Laboratories in a report on Monday, April 29th.

Dolby Laboratories Stock Performance

DLB traded up $2.37 during midday trading on Friday, reaching $82.08. 730,646 shares of the company were exchanged, compared to its average volume of 313,915. The stock has a market capitalization of $7.85 billion, a P/E ratio of 41.88 and a beta of 0.98. Dolby Laboratories has a one year low of $75.87 and a one year high of $91.01. The stock’s 50-day simple moving average is $81.65 and its 200 day simple moving average is $83.25.

Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings data on Thursday, February 1st. The electronics maker reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.14. Dolby Laboratories had a net margin of 15.00% and a return on equity of 10.22%. The firm had revenue of $315.57 million during the quarter, compared to analysts’ expectations of $310.98 million. On average, research analysts anticipate that Dolby Laboratories will post 2.6 earnings per share for the current year.

Dolby Laboratories Announces Dividend

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

Insider Buying and Selling at Dolby Laboratories

In other 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 transaction of $2,711,983.60. Following the transaction, the senior vice president now owns 108,519 shares in the company, valued at approximately $8,769,420.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 39.54% of the company’s stock.

About Dolby Laboratories

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.