Dolby Laboratories (NYSE:DLB) Updates FY24 Earnings Guidance

Dolby Laboratories (NYSE:DLB) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $3.60-3.75 for the period, compared to the consensus 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 Upgrades and Downgrades

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

Dolby Laboratories Price Performance

Shares of DLB traded up $2.37 during trading hours on Friday, reaching $82.08. 730,646 shares of the company’s stock traded hands, compared to its average volume of 313,915. Dolby Laboratories has a twelve month low of $75.87 and a twelve month high of $91.01. The business’s fifty day simple moving average is $81.65 and its two-hundred day simple moving average is $83.25. The firm has a market capitalization of $7.85 billion, a price-to-earnings ratio of 41.88 and a beta of 0.98.

Dolby Laboratories (NYSE:DLB) last released its earnings results on Thursday, February 1st. The electronics maker reported $0.76 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $310.98 million. On average, equities research analysts expect that Dolby Laboratories will post 2.6 EPS for the current year.

Dolby Laboratories Announces Dividend

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

Insiders Place Their Bets

In other news, SVP John D. Couling sold 33,560 shares of Dolby Laboratories stock in a transaction on 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 directly owns 108,519 shares in the company, valued at approximately $8,769,420.39. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 39.54% of the stock is currently owned by insiders.

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.