Dolby Laboratories, Inc. (NYSE:DLB – Get Rating) – Equities researchers at Zacks Research reduced their Q3 2023 earnings per share estimates for Dolby Laboratories in a note issued to 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 previous 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.
Several other analysts also recently issued reports on DLB. StockNews.com started coverage on Dolby Laboratories in a research report on Thursday, May 18th. They issued a “buy” rating on the stock. Tigress Financial reiterated a “buy” rating and set a $116.00 target price on shares of Dolby Laboratories in a research report on Friday, April 14th. Rosenblatt Securities increased their target price on Dolby Laboratories from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 3rd. Finally, TheStreet upgraded Dolby Laboratories from a “c” rating to a “b” rating in a research 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. Based on data from MarketBeat, Dolby Laboratories has a consensus rating of “Moderate Buy” and an average price target of $103.00.
Dolby Laboratories Stock Down 1.0 %
Dolby Laboratories Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 23rd. Stockholders of record on Tuesday, May 16th were issued a $0.27 dividend. The ex-dividend date of this dividend was Monday, May 15th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.32%. Dolby Laboratories’s dividend payout ratio (DPR) is 43.72%.
Insider Transactions at Dolby Laboratories
In other news, EVP Mark Andrew Sherman sold 15,000 shares of the firm’s stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $83.59, for a total value of $1,253,850.00. Following the transaction, the executive vice president now directly owns 56,374 shares in the company, valued at approximately $4,712,302.66. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Kevin J. Yeaman sold 9,030 shares of the stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $83.65, for a total value of $755,359.50. Following the completion of the sale, the chief executive officer now owns 51,879 shares in the company, valued at $4,339,678.35. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Mark Andrew Sherman sold 15,000 shares of the stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $83.59, for a total value of $1,253,850.00. Following the completion of the sale, the executive vice president now owns 56,374 shares of the company’s stock, valued at approximately $4,712,302.66. The disclosure for this sale can be found here. Insiders have sold a total of 64,960 shares of company stock worth $5,443,790 in the last three months. 39.25% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Dolby Laboratories
A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Dolby Laboratories by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 6,257,157 shares of the electronics maker’s stock valued at $489,435,000 after purchasing an additional 99,453 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC grew its stake in Dolby Laboratories by 3.0% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 5,265,758 shares of the electronics maker’s stock valued at $449,801,000 after purchasing an additional 154,954 shares in the last quarter. Morgan Stanley grew its stake in Dolby Laboratories by 577.7% during the 4th quarter. Morgan Stanley now owns 4,365,832 shares of the electronics maker’s stock valued at $307,966,000 after purchasing an additional 3,721,613 shares in the last quarter. Mackenzie Financial Corp grew its stake in Dolby Laboratories by 0.5% during the 1st quarter. Mackenzie Financial Corp now owns 1,497,869 shares of the electronics maker’s stock valued at $127,948,000 after purchasing an additional 7,286 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Dolby Laboratories by 4.5% during the 1st quarter. Bank of New York Mellon Corp now owns 1,465,511 shares of the electronics maker’s stock valued at $125,184,000 after purchasing an additional 63,225 shares in the last quarter. Institutional investors and hedge funds own 82.30% of the company’s stock.
About Dolby Laboratories
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.
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- Get a free copy of the StockNews.com research report on Dolby Laboratories (DLB)
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