Centurylink Investment Management Co Lowers stake in Dolby Laboratories (DLB)

Dolby Laboratories (DLB) : Centurylink Investment Management Co reduced its stake in Dolby Laboratories by 6.82% during the most recent quarter end. The investment management company now holds a total of 30,473 shares of Dolby Laboratories which is valued at $1,627,258 after selling 2,232 shares in Dolby Laboratories , the firm said in a disclosure report filed with the SEC on Oct 12, 2016.Dolby Laboratories makes up approximately 0.56% of Centurylink Investment Management Co’s portfolio.

Other Hedge Funds, Including , Algert Global added DLB to its portfolio by purchasing 53,290 company shares during the most recent quarter which is valued at $2,845,686. Dolby Laboratories makes up approx 0.83% of Algert Global’s portfolio.First Mercantile Trust Co reduced its stake in DLB by selling 871 shares or 5.32% in the most recent quarter. The Hedge Fund company now holds 15,494 shares of DLB which is valued at $843,338. Dolby Laboratories makes up approx 0.11% of First Mercantile Trust Co’s portfolio. Washington Trust Bank sold out all of its stake in DLB during the most recent quarter. The investment firm sold 42 shares of DLB which is valued $2,281.

Dolby Laboratories closed down -1.1 points or -2.02% at $53.4 with 2,90,164 shares getting traded on Tuesday. Post opening the session at $54.48, the shares hit an intraday low of $53.3 and an intraday high of $54.4999 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, Dolby Laboratories reported $0.76 EPS for the quarter, beating the analyst consensus estimate by $ 0.10 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $0.66. The company had revenue of $277.60 million for the quarter, compared to analysts expectations of $268.04 million. The company’s revenue was up 19.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 EPS.

Many Wall Street Analysts have commented on Dolby Laboratories. Dolby Laboratories was Resumed by JP Morgan to “Neutral” on Oct 4, 2016. Company shares were Reiterated by Dougherty & Company on Jul 28, 2016 to “Buy”, Firm has raised the Price Target to $ 57 from a previous price target of $54 .

Dolby Laboratories Inc. (Dolby Laboratories) creates audio imaging and communication technologies that transform entertainment and communications at the cinema at home at work and on mobile devices. The Company licenses its audio technologies and also develops technologies aimed at enhancing voice conferencing communications and imaging. Additionally the Company provides products and services that enable entertainment content creators and distributors to produce encode transmit and playback content for consumer experiences. The Company designs and manufactures audio and imaging products for the film production cinema and television broadcast industries. Distributed in approximately 80 countries these products are used in content creation distribution and playback to enhance image and sound quality and improve transmission and playback.

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