First Mercantile Trust Co Lowers stake in Dolby Laboratories (DLB)

Dolby Laboratories (DLB) : First Mercantile Trust Co reduced its stake in Dolby Laboratories by 5.32% during the most recent quarter end. The investment management company now holds a total of 15,494 shares of Dolby Laboratories which is valued at $843,338 after selling 871 shares in Dolby Laboratories , the firm said in a disclosure report filed with the SEC on Oct 7, 2016.Dolby Laboratories makes up approximately 0.11% of First Mercantile Trust Co’s portfolio.

Other Hedge Funds, Including , Advisory Services Network reduced its stake in DLB by selling 33 shares or 56.9% in the most recent quarter. The Hedge Fund company now holds 25 shares of DLB which is valued at $1,361.Bnp Paribas Arbitrage Sa boosted its stake in DLB in the latest quarter, The investment management firm added 766 additional shares and now holds a total of 3,667 shares of Dolby Laboratories which is valued at $199,118. 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 -0.53 points or -0.96% at $54.43 with 5,06,785 shares getting traded on Friday. Post opening the session at $54.97, the shares hit an intraday low of $54.25 and an intraday high of $55.02 and the price fluctuated in this range throughout the day.Shares ended Friday 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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