Dolby Laboratories (NYSE:DLB) Issues Q3 2024 Earnings Guidance

Dolby Laboratories (NYSE:DLB - Get Free Report) updated its third quarter 2024 earnings guidance on Friday. The company provided earnings per share guidance of 0.510-0.660 for the period, compared to the consensus earnings per share estimate of 0.770. The company issued revenue guidance of $270.0 million-$300.0 million, compared to the consensus revenue estimate of $313.6 million. Dolby Laboratories also updated its FY 2024 guidance to 3.600-3.750 EPS.

Dolby Laboratories Stock Performance

Shares of NYSE DLB traded up $2.37 during trading on Friday, hitting $82.08. The company had a trading volume of 730,540 shares, compared to its average volume of 370,535. The stock has a 50 day simple moving average of $81.61 and a 200 day simple moving average of $83.22. The firm has a market capitalization of $7.85 billion, a P/E ratio of 42.53 and a beta of 0.98. Dolby Laboratories has a 12 month low of $75.87 and a 12 month high of $91.01.

Dolby Laboratories (NYSE:DLB - Get Free Report) last announced its quarterly earnings data on Thursday, February 1st. The electronics maker reported $0.76 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.14. Dolby Laboratories had a net margin of 14.70% and a return on equity of 10.21%. The firm had revenue of $315.57 million during the quarter, compared to analysts' expectations of $310.98 million. As a group, analysts predict that Dolby Laboratories will post 2.6 EPS for the current 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 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 62.18%.

Wall Street Analyst Weigh In

DLB has been the topic of a number of research reports. StockNews.com raised Dolby Laboratories from a hold rating to a buy rating in a research note on Friday, February 2nd. Rosenblatt Securities reissued a buy rating and issued a $98.00 target price on shares of Dolby Laboratories in a report on Monday.

Insider Activity at Dolby Laboratories

In other news, SVP John D. Couling sold 33,560 shares of the stock in a transaction on Friday, February 9th. The shares were sold at an average price of $80.81, for a total value of $2,711,983.60. Following the sale, the senior vice president now owns 108,519 shares of the company's stock, valued at $8,769,420.39. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 39.54% of the stock is 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.