Zacks Research Comments on Dolby Laboratories, Inc.’s Q3 2023 Earnings (NYSE:DLB)

Dolby Laboratories, Inc. (NYSE:DLB – Get Rating) – Analysts at Zacks Research reduced their Q3 2023 earnings per share (EPS) estimates for shares of Dolby Laboratories in a research report issued to clients and investors on Monday, May 22nd. Zacks Research analyst V. Doshi now anticipates that the electronics maker will earn $0.32 per share for the quarter, down from their prior forecast of $0.53. The consensus estimate for Dolby Laboratories’ current full-year earnings is $2.47 per share. Zacks Research also issued estimates for Dolby Laboratories’ Q4 2023 earnings at $0.31 EPS, Q1 2024 earnings at $0.76 EPS, Q3 2024 earnings at $0.60 EPS, Q4 2024 earnings at $0.64 EPS, FY2024 earnings at $2.71 EPS, Q1 2025 earnings at $0.75 EPS and FY2025 earnings at $2.94 EPS.

A number of other research firms have also weighed in on DLB. TheStreet raised Dolby Laboratories from a “c” rating to a “b” rating in a report on Friday, February 3rd. StockNews.com started coverage on Dolby Laboratories in a report on Thursday, May 18th. They issued a “buy” rating on the stock. Tigress Financial reaffirmed a “buy” rating and issued a $116.00 price objective on shares of Dolby Laboratories in a report on Friday, April 14th. Finally, Rosenblatt Securities upped their price objective on Dolby Laboratories from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, February 3rd. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $103.00.

Dolby Laboratories Trading Up 0.4 %

DLB stock opened at $82.19 on Thursday. The firm has a market capitalization of $7.85 billion, a PE ratio of 33.28, a PEG ratio of 2.09 and a beta of 1.00. Dolby Laboratories has a 1-year low of $61.55 and a 1-year high of $88.06. The business’s 50 day simple moving average is $83.78 and its 200 day simple moving average is $78.79.

Dolby Laboratories Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 23rd. Stockholders of record on Tuesday, May 16th were issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 1.31%. The ex-dividend date was Monday, May 15th. Dolby Laboratories’s dividend payout ratio (DPR) is currently 43.72%.

Insider Transactions at Dolby Laboratories

In related news, CEO Kevin J. Yeaman sold 9,030 shares of the company’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $83.65, for a total transaction of $755,359.50. Following the completion of the sale, the chief executive officer now directly owns 51,879 shares in the company, valued at approximately $4,339,678.35. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Kevin J. Yeaman sold 9,030 shares of the company’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $83.65, for a total transaction of $755,359.50. Following the completion of the sale, the chief executive officer now directly owns 51,879 shares in the company, valued at approximately $4,339,678.35. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Emily Rollins sold 1,000 shares of the company’s stock in a transaction on Monday, May 8th. The stock was sold at an average price of $84.70, for a total value of $84,700.00. Following the sale, the director now owns 5,541 shares of the company’s stock, valued at $469,322.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,087 shares of company stock valued at $4,716,204. 39.25% of the stock is owned by corporate insiders.

Institutional Trading of Dolby Laboratories

Several institutional investors and hedge funds have recently modified their holdings of the business. Principal Financial Group Inc. raised its position in Dolby Laboratories by 2.2% in the first quarter. Principal Financial Group Inc. now owns 5,970 shares of the electronics maker’s stock valued at $510,000 after purchasing an additional 128 shares during the last quarter. Signet Financial Management LLC increased its stake in shares of Dolby Laboratories by 2.2% in the first quarter. Signet Financial Management LLC now owns 5,879 shares of the electronics maker’s stock valued at $502,000 after buying an additional 129 shares during the period. Quilter Plc increased its stake in shares of Dolby Laboratories by 0.3% in the fourth quarter. Quilter Plc now owns 42,297 shares of the electronics maker’s stock valued at $2,984,000 after buying an additional 137 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of Dolby Laboratories by 52.7% in the first quarter. Tower Research Capital LLC TRC now owns 400 shares of the electronics maker’s stock valued at $34,000 after buying an additional 138 shares during the period. Finally, Summit Global Investments increased its stake in shares of Dolby Laboratories by 0.4% in the third quarter. Summit Global Investments now owns 40,397 shares of the electronics maker’s stock valued at $2,632,000 after buying an additional 146 shares during the period. 82.30% of the stock is currently owned by institutional investors.

About Dolby Laboratories

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Dolby Laboratories, Inc engages in the provision of audio and imaging technologies. It transforms entertainment and communications for content playback in movies, television, music, and gaming. Its products include Cinema Imaging Products, Cinema Audio Products, and other products such as 3-D kits, broadcast hardware and software, monitors, and solutions for hearing impaired consumers.